starting an emergency fund

iVillage Member
Registered: 05-17-2009
starting an emergency fund
21
Sat, 08-01-2009 - 12:19am
Im new to this board, about 28k in debt. Im working with CCCS to get rid of it. I need to start saving up just for an emergency fund in case anything needs to get fixed around the house or anything else.We are just bARELY making ends meet. I thought about selling on ebay. Has anyone had any luck earning on ebay?

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iVillage Member
Registered: 11-17-2007
Sat, 08-01-2009 - 12:28am

Not me I have the worse luck when it comes to EBAY.


Best thing to do is just start a change jar That is what I did many years ago. Change does grow.


Mary Ann


But now Ebay will give you 4 listings a month free. So you can try a few

Avatar for colomom99
iVillage Member
Registered: 03-28-2003
Sat, 08-01-2009 - 9:56am

Good morning, You might want to try Craigslist instead depending on where you live. Here in the Denver area it is very active. I was intimidated by Ebay so I tried selling on Craigslist and have had very good luck. No shipping hassles. You have to price somewhat low (higher than a garage sale) or they will sit on the list for awhile and I always just want to get rid of whatever it is I'm selling. I've sold furniture, a rug, a camera and a canoe within a day of listing. I've found/bought a ton of things off Craigslist including our cat and dog! I'm pretty addicted.

Jenny

iVillage Member
Registered: 08-04-2008
Sat, 08-01-2009 - 1:36pm

An emergency fund is the most important thing in any financial plan, especially in this credit tightened environment. I didn't get my debt moving until the eFund was in place at $1,000, then I stopped relying on all credit cards, using cash for groceries and spending, with the eFund for those unexpected car repairs (over $2.400 so far this year.) My personal eFund is now at $751 and will be back to $1,000 by my birthday in September.

I have sold technology items on Ebay, like a Blackberry or computer items, but not household items, as it will cost you more to ship and fees than you might earn on the item. For those things Craig's list can be much better.

I like selling books on Amazon and pricing them at the second lowest price listed for used books, I usually sell them in a day or two that way. I just sold my Dave Ramsey book last week within 24 hours of listing. Also books only require media mail at $3.12 each.

Good luck and good job in realizing the importance of an emergency fund.

-Marie




iVillage Member
Registered: 11-14-2008
Sat, 08-01-2009 - 8:18pm

Oh yes, an efund is very important. You will be surprised at the peace of mind you feel once you have it in place(even half). This tool allows you to stop charging and change your life.

Have you thought about a garage sale to get you started? Can you or your significant other get a 2nd job with a couple shifts to give you a little breathing room? What about expenses? Can you cut out cell phones or cable. I know it isn't easy but it is supposed to be simple. You either need to cut back or have more coming in.

If you post your income and expenses here some of the ladies are really good at giving suggestions as to what to cut back on or how to move things around. Good luck.


iVillage Member
Registered: 07-26-2009
Sat, 08-01-2009 - 8:51pm
I am starting the change jar method too---I just have a rule now that I don't spend any of my
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iVillage Member
Registered: 02-09-2000
Sat, 08-01-2009 - 10:58pm

The problem I have with the change fund is that I rarely carry cash (I'm less likely to spend with the debit card)


I've been thinking of changing my ways (no pun intended), though and maybe using "the envelope method" for some things - groceries, maybe?

iVillage Member
Registered: 04-12-2007
Sun, 08-02-2009 - 6:58am

That's funny (not ha-ha, but funny-interesting), you tend to spend less with a debit card and I tend to spend more.

iVillage Member
Registered: 11-17-2007
Sun, 08-02-2009 - 11:22am

You can also do like Bank of America does.


Add a few cents to each purchase in your check book record.


Say you buy something for 23.76. Write it down as 24.00


If it is 23.35 make it 23.50. Then when you balance your statement change back to the real figure. What the difference is becomes an efund.


Just write your self a check for that amount. When it gets large enough then open up a saving account.


I used to do

iVillage Member
Registered: 02-09-2000
Sun, 08-02-2009 - 9:23pm
I guess I hesitate to use mine 'cause I'm always afraid DH will use his, too, and we'll end up in the negatives
iVillage Member
Registered: 02-09-2000
Sun, 08-02-2009 - 9:27pm

Say you buy something for 23.76. Write it down as 24.00

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