Single and Settling In

Single life has its own unique challenges, personally and financially. Hear how these bloggers are making the single life work for them.

Needing an Emergency Fund, How About Just a Fund!

  • Comments 6

It took me about two years to adjust to living without credit cards, getting myself on a tight budget and sticking with it.  Now, life has thrown me a bit of a curve ball! To be fair, becoming engaged is a good curve ball, but it definitely requires an adjustment.

I have known my future husband for over fifteen years. Our relationship has had its ups, downs, in's and out's; but it took all that for us to finally realize that we were meant to be together. The reality is, combining incomes is great, combining lifestyles will take some work. My fiancées history with his finances is not terrific by any standard. We are combining our incomes and in the conventional sense he doesn't have debt, but he is fighting some long standing credit issues.

We want a small and casual wedding but the challenges are just as big as a large traditional wedding! What about that emergency fund that experts say we should have? I am always frustrated when I hear the emergency fund advice. In my shoes right now, any extra funds would be amazing in the face of wedding expenses; let alone a nice stacked emergency fund! 

A lot of people are in the same boat. What should we "in-debtors" do? There is a mixed bag of advice out there; pay off your debt first, save first, don't forget about an emergency fund and we are trying our best to follow each tip, but it is impossible to do it all. So my new budget planning begins.  

I have tried to establish a savings account that doesn't go below a certain amount. This is difficult to do, but I have been able to maintain this account thus far. I would now like to take one of my accounts that I set up for special projects and change it to a wedding account. The plan is review each month's expenses and designate how much of any leftover money can go into savings and to the wedding. Some months this may be more than others, but the key is to add a tiny bit too each account each month.

What I intend to do for my emergency account is place any extra cash, whether it be $5 or $100 in here. No matter if it is a savings account, an emergency fund, college savings or wedding fund begin to save right away! My wedding is in December 2010, which gives me 11 months to save! By starting early I hope to withstand the curve balls and hope that nothing can sneak up on me! It is about planning sooner rather than later. How do you plan for a big event in your life? Do you have an emergency fund?  

These are my thoughts and again, I feel strongly that two heads are better than one, so please chime in with your thoughts or advice!

  • Thanks for sharing,

    God's speed on your wedding fund, and also, on your wedding day. It can be done without credit cards. you are an example.

  • Thanks for the well wishes!  it will be an interesting year - I look forward to sharing what works and what doesn't!

  • Yes, thank you for sharing.  I too am saving, just for the sake of having a fund......I put away $25 on each payday into an ING account, earning a little over 1.3% interest per month, and any other cash and change I happen to have in my possession, I put in a money bag at home (more liquidity if necessary).  If the bag gets somewhat full, I put it in my checking account and transfer the money to far so good.  I wish you the absolute best working toward saving for your wedding.  Best wishes to you and yours.

  • An ING account and a money bag at it.  Great ideas and proof that every little bit becomes a lot.  I am amazed at how much I can get when I save all my change at the end of the day - after a few weeks or even a year....nice little something for a rainy day!

  • You people just don't learn do you?  You're in a financial disarray just like every other person in this program.  Your irresponsibility got you here.  Now you're foolish enough to think you're responsible enough to get married an manage a household?  LOL, how funny!!  How about this....DON'T GET MARRIED.  Or, if you're so inclined to mess up someone else's life just as you have your own go ahead and get married but DON'T SPEND.  You don't need to pay for anything except the marriage license and medical tests.  Go to the court house and get a legal marriage.  This way you prove to yourself and your soon to be spouse that you're capable of doing the responsible thing.  You're not a celebrity so get over it.  You want a marriage with all the frills and fancy sparkles?  Marry a movie star.

  • I am on a Debt Management Plan, and I know that for me, being on a budget and working toward my debt-free lifestyle leaves very little room to put aside money for an emergency.

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