Family Balance Sheet

MARCH 26, 2021

In the same week, I woke up one morning to an icy cold shower and the discovery that our hot water heater was broken beyond repair. Unemployment and reduced income are considered emergencies, and so is a leaking roof, a broken hot water heater, or a dead car battery. Create a separate savings account and call it your Emergency Fund.

Emergency Fund 130

Emergency Fund Building 2007 Credit Cards 130

Family Balance Sheet

FEBRUARY 22, 2011

In 2007, we used about 6 months worth of living expenses and our savings came very close to drying up, so saving one year's worth of living expenses might be more wise for us. An emergency fund is really a necessity account. Your wants and dreams are secondary and need to be saved for separately.

Emergency Fund 127

Emergency Fund 2007 Personal Finance Debt 127

Family Balance Sheet

FEBRUARY 11, 2016

In the same week, I woke up one morning to an icy cold shower and the discovery that our hot water heater was broken beyond repair. Create a separate savings account and call it your Emergency Fund. Be diligent about how you use this account. A few years ago, our van needed four new tires to pass inspection.

Emergency Fund 100

Emergency Fund Building 2007 Credit Cards 100

Family Balance Sheet

OCTOBER 13, 2014

Several years ago, our other vehicle needed new tires to pass inspection and our hot water heater stopped working. Surely unemployment, reduced income or a business downturn is considered an emergency, but so is a leaking roof, a broken hot water heater, or a dead car battery. An emergency fund is not a spending account.

Emergency Fund 100

Emergency Fund Finance Organic Organization 100