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Baby Step 1 -- getting $1,000 in emergency fund

February 23rd, 2006 at 07:09 am

According to the teaching of Dave Ramsey and Crown Financial, we are working toward getting $1,000 into an emergency fund before we tackle our debt head on. This will keep us from going into further debt if the car needs repair or something.

We've got $250 saved so far. I may be able to put another $200 in the account, but I'm really not sure how much money I have in my checking account -- a lot of unreconciled debit card purchases.

I get paid tomorrow. We're living with my wife's parents for the time being so we have a lot of extra money to get ourselves on track financially. I don't know how much I get paid -- this will be my first full check at the new job and I don't know what the check will look like after taxes and other deductions. I'm excited to find out!

After payday tomorrow, I might be able to put another $500 into the emergency fund. In any case, I think we'll have the it funded in under a month!

2 Responses to “Baby Step 1 -- getting $1,000 in emergency fund”

  1. veronak Says:

    Good for you, I am actually using a combination of Dave Ramseyís thoughts, Suze Orman and insight from another message board. So far since December I have paid off 4 credit cards and paid $600 on another leaving a balance of $1349.00Östill have 5 way too many to go; my EF is at $638.00 ( I get paid next week and will add $75.00), my $20.00 challenge fund (saving for a house) is now at $151.11 and a new car account of $19.48 combining all my accounts I have a total of $808.59

    I am happy but itís very easy getting into debt but it is hard as I donít know what getting out, however, it can be done.

    Iíve moved back home with my mother as well and it is really helping

    Keep your head up because before you know it you will be debt free. I have friend pressuring me I should do this or that but I am paying my debt and not borrowing any money and it feels soooooooooo good

    Good luck J

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