Comments on: The Essential Emergancy Fund http://blog.canadian-dream-free-at-45.com/2008/07/15/the-essential-emergancy-fund/ Wed, 08 Feb 2012 17:31:40 +0000 hourly 1 http://wordpress.org/?v=3.1 By: fred listte http://blog.canadian-dream-free-at-45.com/2008/07/15/the-essential-emergancy-fund/comment-page-1/#comment-6455 fred listte Wed, 16 Jul 2008 21:33:02 +0000 http://blog.canadian-dream-free-at-45.com/?p=470#comment-6455 Don't rely on a credit line. It might be canceled or have the limit reduced just when you need it. Or the bank might fail... Don’t rely on a credit line. It might be canceled or
have the limit reduced just when you need it.

Or the bank might fail…

]]> By: Canadian Dream http://blog.canadian-dream-free-at-45.com/2008/07/15/the-essential-emergancy-fund/comment-page-1/#comment-6441 Canadian Dream Wed, 16 Jul 2008 12:01:44 +0000 http://blog.canadian-dream-free-at-45.com/?p=470#comment-6441 Guinness416, Wow! Now that would have been a huge amount of cash. Good point. Decide yourself what you need. Michael, Really?!? People are that crazy not to cut ASAP and make the money last. Wow. I would have never guessed that. Sarlock, It's also a mind set. Some temporary pain during a down tern can be much better than the worry of running out of money! Tim Guinness416,

Wow! Now that would have been a huge amount of cash. Good point. Decide yourself what you need.

Michael,

Really?!? People are that crazy not to cut ASAP and make the money last. Wow. I would have never guessed that.

Sarlock,

It’s also a mind set. Some temporary pain during a down tern can be much better than the worry of running out of money!

Tim

]]> By: Sarlock http://blog.canadian-dream-free-at-45.com/2008/07/15/the-essential-emergancy-fund/comment-page-1/#comment-6431 Sarlock Wed, 16 Jul 2008 02:58:27 +0000 http://blog.canadian-dream-free-at-45.com/?p=470#comment-6431 It's amazing how low you can get your monthly expenses if you really need to tighten the belt. It's just that most people aren't willing to make the sacrifices required. It’s amazing how low you can get your monthly expenses if you really need to tighten the belt. It’s just that most people aren’t willing to make the sacrifices required.

]]> By: Michael James http://blog.canadian-dream-free-at-45.com/2008/07/15/the-essential-emergancy-fund/comment-page-1/#comment-6407 Michael James Tue, 15 Jul 2008 15:19:52 +0000 http://blog.canadian-dream-free-at-45.com/?p=470#comment-6407 In the few cases where I have observed couples after a layoff (i.e., a financial emergency), they did not reduce spending for quite a long time (well after the severance pay ran out). You're right that people should cut non-essential spending, but by my limited experience, they don't. In one case the husband still had his Blackberry after years of being unemployed and begging for money to put his kids in sports. Few people seem to be rational. In the few cases where I have observed couples after a layoff (i.e., a financial emergency), they did not reduce spending for quite a long time (well after the severance pay ran out). You’re right that people should cut non-essential spending, but by my limited experience, they don’t. In one case the husband still had his Blackberry after years of being unemployed and begging for money to put his kids in sports. Few people seem to be rational.

]]> By: guinness416 http://blog.canadian-dream-free-at-45.com/2008/07/15/the-essential-emergancy-fund/comment-page-1/#comment-6405 guinness416 Tue, 15 Jul 2008 14:05:35 +0000 http://blog.canadian-dream-free-at-45.com/?p=470#comment-6405 Depends on your situation, I guess. I had an emergency a couple of years ago that required three transatlantic flights booked on very short notice (ie I paid through the nose) and a lawyer in another country. Any emergency involving my husband's family could involve the two of us relocating to his country for a few months. Flights, visas, shots would easily cost a couple of months "standard" expenses. And I don't want to be scrambling to raise that. So, my emergency fund is pretty high. Like you I'm not a fan of rules of thumb, everyone should take the time to figure this out for themselves. It probably takes all of half an hour or so of effort. Depends on your situation, I guess. I had an emergency a couple of years ago that required three transatlantic flights booked on very short notice (ie I paid through the nose) and a lawyer in another country. Any emergency involving my husband’s family could involve the two of us relocating to his country for a few months. Flights, visas, shots would easily cost a couple of months “standard” expenses. And I don’t want to be scrambling to raise that. So, my emergency fund is pretty high.

Like you I’m not a fan of rules of thumb, everyone should take the time to figure this out for themselves. It probably takes all of half an hour or so of effort.

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