Tuesday, September 22, 2009

When murphy comes he really comes!!!

I just got the quote on my car repairs. The immediate work that needs to be done is over $1200.oo with about $1720 more of work that needs to be done. The total for the work that needs to be done is very close to the amount that I have left on my car loan. The reason why the car wouldn't start is because of a defect in the alarm system which costs $475.00 to fix. I also need a new remote sensor for my key, and two latches fixed in my car. On top of that I need 3 more fan belts. That is all I am getting fixed this week.

Within the month I will be getting a new air pump ( $750), new CV Bots ($667), Colon leak ($278). Finally, I need 4 new hubcaps and my corning lights fixed.

We have all heard of Murphy's Law right, anything that can go wrong does go wrong, sooner or later. Just when I am paying of my car loan, I have all these repairs to make. It doesn't bother me though, yet. If I had over $5000 of repairs to make then it would be a problem!

This emergency makes me wonder about Dave Ramsey's baby steps. Step #1 is to save $1000 in an EF. What if your emergency is more than $1000, then what is one to do. Put the rest of the emergency on credit cards, or payday loans.

Perhaps Dave should think about raising the amount of money in the EF for baby step one to $2000, just a thought.

Until next time, think prosperous thoughts



Anonymous said...

Egads! I am on Baby Step #1 also. I haven't gotten my $1000 (actually $500 according to his income guidelines), but I am saving diligently toward the mark. I am sorry to hear that the Emergency Fund didn't really help you out. :-(

If you're snowballing, you could take the "extra" money you are paying on that one debt and put it toward the repairs and rebuilding the Emergency Fund.

Also, I would say don't overlook used parts. If you have a pick and pull somewhere, I would say try them. You can get parts cheaper. Also, it may be a long shot, but try and see if there were any recalls on any of the components that are giving you a hard time. If so, you may be able to get someone else to foot the bill.

Finally, negotiate. I, as a woman, hate going to get my car fixed because most mechanics just assume that I know nothing about cars (I know enough to get by, they soon find out)and they treat me disrespectfully. But once I tell them that my business can leave through the door as quickly as it came (and I mean it too!) if they aren't willing to be honest with me, they straighten up with the quickness.

And, if you're not in the mood for the dance of negotiation, take a male in with you. I find they are less vulture like when they see a guy come in than a woman.

FB @ FabulouslyBroke.com said...

$1000 is not enough for an Emergency Fund unless you want to live on the edge

That's what *I* saved as an EF but I knew I was risking a lot.

$2000 - $5000 is a better set of savings as an EF, however it discourages people when they see their debt mounting and money in the bank just sitting there.

Psychologically, I'd save $1000 and then put the rest towards debt

but then probs like car repairs cost (sometimes) more than $1k.