Loading…
24
My car's alternator died the same week I finally built a $1,500 emergency fund
Of course the thing goes out 3 days after I hit my savings goal, and the shop in Dayton quoted me $620 for the repair. I paid it from the fund instead of putting it on a card, which stung but also kind of proved the whole point. How do you all decide what counts as a real emergency versus something you should just cash flow?
2 comments
Log in to join the discussion
Log In2 Comments
the_mary7d ago
The $620 repair was an emergency for sure, but I'd push back a little on the idea that paying it from savings "proved the point." What it really proved is that you had cash on hand, which is great, but an alternator dying is one of the most predictable car repairs there is. That's not a random disaster, that's just car ownership. Batteries, tires, brakes, alternators, those things wear out on a schedule you can roughly guess, so a lot of people would say you should be setting aside a small car fund every month on top of your emergency fund. The real emergencies are the ones you truly can't see coming, like a job loss or a medical bill or your furnace dying in January. A car repair you knew was coming eventually is more of a sinking fund thing. Still, you did the right thing paying cash instead of swiping a card, so don't feel bad about it.
4
ellis.grant7d ago
Taking that further, a car fund should cover tires, brakes, and that timing belt too, so the real emergency fund stays untouched.
2