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