Just wanted to let you guys know...

iVillage Member
Registered: 07-05-2006
Just wanted to let you guys know...
4
Sun, 08-23-2009 - 8:25am

That I have really been thinking about all the advice I got about getting or not getting a car. My car is officially dead now, not even drive-able in town anymore. DH is actually going to be working out of town for 2 days and I will have no car whatsoever those days. It's a little intimidating to see things in my life falling apart and me having no way to fix or replace them. My washing machine is down as well. It's got me thinking more and more about this so-called Emergency Fund I've been putting money in and taking money out of each month. I've never had more than $350 in this account before I've had to use it. Usually on my mortgage. I'm getting so sick of hand to mouth! Paycheck to Paycheck! It sucks!!!! I need this Emergency Fund really badly! I think I'm going to use this extra money we're going to get from DH's overtime to fund my EF! And I'm almost at the point where I want my washer back before I want a car! Going to the laundry-mat for 5 people is a super waste of money and a huge amount of work!

So, I'm still up in the air about how we're going to rectify our car situation. But I need a fully-funded Emergency Fund before I start the car buying process. It's just too hard to live with no safety net.

Tell me what you think about this....I was listening to talk radio...the money show. I was thinking it was strange that I turned it on right at the exact moment. This man was talking about the newest thing in lending. There's people who will lend you money online for personal loans at lower interest rates than the banks and they don't care so much about your credit score. It's called person to person lending or something like that. He mentioned one website that I remember off the top of my head. prosper.com??? Has anyone heard of this? I also heard so many commercials yesterday for cars at rock bottom prices, but I guess all that ends on Monday! No more clunkers! It would have been nice to have the money to take advantage of all those car deals.

iVillage Member
Registered: 01-25-2009
Sun, 08-23-2009 - 10:34am

I have not heard of these loans, but one of the best money advice I received is before taking a loan, first have a plan on how to pay it off. Regardless what kind of loan, a loan is a loan, eventually it is coming out of your pocket. And life is full of emergencies. Once you have a new or newer car and a new or fixed washing machine, there are always other little disasters around the corner (sorry I cannot sound more uplifting, but it is truly how things are).

What I am trying to say is you will need to budget in money for efund in addition to payment to this potential loan. If you cannot balance it, go back to the drawing board to find out where you could cut or bring in more income. Otherwise somewhere down the road you will find yourself all stressed out again.

iVillage Member
Registered: 11-17-2007
Sun, 08-23-2009 - 1:50pm

Abby be careful Remember the settlement company thing. And the mess it got you into. Have you called the washing machine company yet to see if what went out on the washer is still covered. You know all parts are not cover the same Some

iVillage Member
Registered: 08-04-2008
Sun, 08-23-2009 - 2:56pm

Personally sounds like good rationale on the Efund. Basically you are at the point where your income is not meeting basic needs, which includes the mortgage. You having been here for quite a while and you have been pinching pennies for that long as well which sounds like it is more of an income issue, than a spending issue.

That said there are still priorities that seem like they are confused. Have you looked into attending some type of program like Financial Peace University? Most programs teach you to put your mortgage, utilities, food and medical care FIRST, then pay the other debts afterward. Using the eFund to pay a mortgage signals that you are paying that last.

Can you look on Craig's list to try to find a used washer? We sold a working gas stove last year worth $800 new for $100. Washers are on there all the time for less than $200.
-Marie




iVillage Member
Registered: 06-02-2009
Sun, 08-23-2009 - 9:11pm

Just a thought -- do you belong to a local religious group?

Lila