DSG Fire Drill!!!!!

iVillage Member
Registered: 09-22-1999
DSG Fire Drill!!!!!
17
Sat, 06-26-2004 - 2:28am
We had a fire drill at work this week, so I thought I'd try a fire drill on the board...

A couple months ago I asked a similar question, and I thought I'd ask it again so that new folks would have a chance to think about this and old folks could see if their answers have changed.

Here goes:

AT THIS VERY MOMENT THAT YOU ARE READING THIS, YOU NEED TO PAY $500.00 FOR SOME EMERGENCY WITHIN THE NEXT 2 HOURS....LIKE MAYBE YOU HAVE A MEDICAL CRISIS OR YOU HAVE TO PAY FOR AN IMMEDIATE, UNEXPECTED CAR REPAIR, OR YOU HAVE TO POST BAIL........WHERE WOULD YOU GET THE $500.00???

Do you have it in your savings? Would you have to use a credit card? Would you have to ask someone to borrow the money? Is there something you can immediately sell? Would you have no way to get the money and be sunk?

The fire alarm is ringing!

Littlesbigs





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iVillage Member
Registered: 09-22-1999
Sat, 06-26-2004 - 2:32am
If this happened to me at this late hour....or any hour right now.....I'd have to pull out the credit card. I hope my answer changes next time we have a "fire drill!"

Littlesbigs

iVillage Member
Registered: 09-26-1999
Sat, 06-26-2004 - 3:56am
Right now it's 11:47 pm Friday, so if it were a true emergency I would just use the cc and transfer money from my savings at a later date. If I couldn't use a cc, then I could use the ATM to get the cash. I'm glad I can say I can easily get cash...I haven't always been so fortunate!

Dion

 

 

 


iVillage Member
Registered: 04-21-2004
Sat, 06-26-2004 - 6:57am
Wow, good question! I would be totally screwed actually! But How do you build an emergency fund when you are trying to pay off your debt? Do you make sure you have an emergency fund first, and then start your debt payment plan?

kelly

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Sat, 06-26-2004 - 9:18am

You know at first I thought *WAHHHHHHHH - I've failed - I'd have to put it on the credit card"


BUT WAIT!!!

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Sat, 06-26-2004 - 9:22am

Kelly - you can do both!

iVillage Member
Registered: 05-30-2003
Sat, 06-26-2004 - 12:46pm
I'd be totally cool with it all!

I'd put the $500 on a credit card, and then hop online and transfer the money from our ING emergency fund.

Then, of course, I'd be grumpy about having to stop the snowball and rebuild our emergency fund, but hey-at least it's there, and that's what it's supposed to be used for.

Once we get a couple more things paid off, I want to have at least $500 in cash really accessible, not just in the ING account.

Lisa

Avatar for fire_bug
iVillage Member
Registered: 03-25-2003
Sat, 06-26-2004 - 12:54pm
I have a check I haven't deposited yet that is supposed to mostly go toward paying off debt. If I had an emergency, I would probably put it on the CC and then pay it off when the bill came.

Amy


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Photobucket
iVillage Member
Registered: 07-06-2003
Sat, 06-26-2004 - 2:59pm
We'd be fine dealing with it, if the emergency required a cc, I would use it and immediately pay it off with savings.

This would be the first emergency we could handle without panicking how we'd deal with it.

But like another poster wrote, it certainly wasn't always this way.

Kassandra

Kassandra

"It is said that life has its peaks and valleys.  The challenge is to accept them equally and experience them

iVillage Member
Registered: 03-27-2003
Sat, 06-26-2004 - 3:58pm
Unfortunately we wouldn't be able to pay it with anything--credit cards are maxed and no savings(wait I have 4.29). We would have to borrow money from my SIL, then it better be life and death.

Dana

Avatar for mymartes
iVillage Member
Registered: 03-26-2003
Sat, 06-26-2004 - 11:33pm
we currently have $4,000 in our joint savings account. thanks to our income tax return this year. we are saving it for a one week vacation to virginia on august 27 and a three week vacation to puerto rico on november 17th.

if we had an emergency, and we needed to pay $500.00, i would take it from savings.

mym

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