If You’re In Debt, Why Have A Cash Emergency Fund? | I've Paid For This Twice Already... http://www.paidtwice.com/2008/05/12/if-youre-in-debt-why-have-a-cash-emergency-fund/#comment-26867 lulugal11 Mon, 12 May 2008 19:15:06 +0000 http://www.paidtwice.com/2008/05/12/if-youre-in-debt-why-have-a-cash-emergency-fund/#comment-26867 For me the idea of the emergency fund is to get into the mindset of savings. Right now I can only afford to put $10 a month into my fund..but I started off putting in only $3. I found ways to cut more and more and since I was already in the habit of saving the gradual move up to $10 monthly was not difficult. I think most people do not realize that you can build your fund and pay off debt at the same time. I am doing it and although my fund now stands at a little over $100 (I had to cash it out one time to take care of something) it still feels good to know that if the sky fell I had $100 I could easily get my hands on. For me the idea of the emergency fund is to get into the mindset of savings. Right now I can only afford to put $10 a month into my fund..but I started off putting in only $3. I found ways to cut more and more and since I was already in the habit of saving the gradual move up to $10 monthly was not difficult.

I think most people do not realize that you can build your fund and pay off debt at the same time. I am doing it and although my fund now stands at a little over $100 (I had to cash it out one time to take care of something) it still feels good to know that if the sky fell I had $100 I could easily get my hands on.

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