E fund up to 900 and back down instantly but mindset changed!

iVillage Member
Registered: 05-09-2002
E fund up to 900 and back down instantly but mindset changed!
9
Thu, 01-19-2012 - 7:07pm

So I just got to $900 in my efund.

iVillage Member
Registered: 10-28-2009

Great job on the efund! wasn't that an amazing, powerful feeling? To be able to just handle that unexpected expense with your efund? It made it not so much an emergency, huh?

I hear you on the "extra money in the checking account" That is why a budget is so important. so you can tell each dollar how to be spent. You won't have any extra sitting in checking anymore. with the budget, that $500 "extra" would be sent to savings, sinking funds, retirement, a vacation fund ( it can be fun stuff too!), car repairs, an extra payment to a debt preferably.

I have always lived in the paycheck to paycheck mentality. Even now that my debt is paid off, when I get my paycheck, I pay my savings "bill" and leave myself with just enough money for my budgeted grocery and spending money.

iVillage Member
Registered: 05-09-2002
I get so worried I'll forget about an auto draft (even though I don't) that I usually let a few hundred stay in, and then before the next payday, I think, ok, payday tomorrow I'm ok and then I spend some of it. So now, I plan to send all of it to a snowball the morning of payday! To a debt! Like my student loan, more money to our mortgage, etc. I am excited about that, because although I pay over the minimums now, this will help it go away even quicker. YAY!!!
Yes, I am thrilled I can pay the car repair in cash. Was hoping to get the efund to at least 2k before I touched it, but that is ok.
iVillage Member
Registered: 11-14-2008

Oh yeah for the efund! Nice not to charge isn't it!?

When we bought our car, a 2009, VW Jetta new we had a $27,144 loan.Ugh! It was zero percent and we have 5 more payments. I will never do that again. The payment is so high, it just destroys your wiggle room!

We now have a $15,000 truck loan, it started at $20,000 after the down payment. The difference is the payment is much lower and it is the last consumer debt we have. All flakes will go towards it. When we bought the

Community Leader
Registered: 08-25-2006
Thanks for sharing, how exciting!

I also like the idea of a zero based budget (I think that is what is called) because I am like you, and if there is anything extra I will spend it.

A couple years ago my water heater went our right after I got my tax refund. It was a bummer, but it was nice to be able to pay cash.

Part of my challenge is having a SO who handles his finances differently than I do. He is not in debt, but no savings or retirement, either. Go figure....
Serenity
iVillage Member
Registered: 12-31-2010

We are a bit mixed on the car payments.

#Marie
iVillage Member
Registered: 10-01-2008

It stinks how fast that Efund can disappear.

Norma


"Patience is the best remedy for every trouble"- Plautus


iVillage Member
Registered: 05-09-2002
Those car payments are not bad at all compared to my debt and many others so nicely done. :) I can understand not wanting to do it again though. I just found out tonight the part is on back order for my truck...NATIONWIDE. So it might be two weeks to a month before it is fixed now. Wow, for a clutch. Really?! i am disappointed because that means I will be adding a bus ride to my commute and therefore 45 minutes but that is ok. I could cab it but that would cost $15ish dollars per day so I refuse. I will wait in the cold and dress warmly thank you very much. I am not as upset as I expected to be....
iVillage Member
Registered: 05-09-2002
Great points I was actually just thinking the same thing. DH truck has 160k on it and doing great. He bought it used and it is paid off. I bought my Jeep new in 2003 so it is 9 years now. Only 90k on it. But last year 700 in repairs, this year 900. I am starting to think I should trade it in (it is worth about 3k) and lease a Ford Fiesta for $70 a month. I ran the numbers and this would really be the lease payment. I have NEVER thought about leasing before, but I like that size payment. I don't know whether to keep my truck after this or take what I have left in it for trade and do a very inexpensive vehicle. I will miss the 4x4 we live in the Northeast but I really need reliable transportation otherwise getting to work is quite $$. i am not sure what to do at this point. (I don't owe anything on it.) Nicely done on paying cash for your vehicle.
iVillage Member
Registered: 05-09-2002
I know right?! I had literally just looked at my account the day before the clutch went and I was up to $900. And literally that is how much it will cost to fix. Geez!! Oh well!