Saturday, August 29, 2009

Cash sources beyond an Emergency Fund

Moneymonk had a great on cash sources besides an emergency fund. Her second source for money was family and friends, must be nice to know that you have family and friends you can depend on. I would never be able to ask my family and friends for money in an emergency which is why I feel I need to have the biggest emergency fund possible, trying to get it to around 30,000 by December 31, 2010.

There was a time when I could depend on friends, a couple of close friends of mine gave me $2000 during college to make sure that I could register for classes, and my dad took out a plus loan for $10,000. To this day I still regret having to ask him to do this.

My goal is to save as much as possible and increase my income as much as possible so that I will never need cash sources beyond my emergency fund. As it stands right now these are my cash sources in case of an emergency.

1.Emergency Fund
2. Credit Cards
3. 401k

What are your cash sources in an emergency.

2 comments:

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kPg said...

Gosh, it's so hard to put up your own emergency fund, right? You have to have the right amount of discipline to be consistent with your contributions, and your reasons for building the fund should be enough to keep you motivated. Is it advisable to start small when putting up an emergency fund? And by small, I mean saving up your loose change and stuff like that. Well, that's what I'm gonna do for now.