We decided that we would take our measly Emergency Fund and open an account with Amboy. It's not much, but it's a start. I plan on contributing weekly out of my husband's overtime to get it to a minimum of $1,000. This will be my first financial goal.
I know there is debate about paying off credit cards first or having a baby emergency fund. For me, it's better to have the EF. It gives me a better piece of mind so that I don't worry quite as much about finances if I know there is some money if we have a need. I think by having it in this account, we won't be so apt to dip into it to pay for everyday expenses like we would if it were in our regular savings.
October 19th, 2006 at 11:54 pm 1161298451
Tickled that you are setting goals and taking the actions to meet them. Pat yourself on the back for me.
Atta Girl!
October 20th, 2006 at 12:15 am 1161299729
Also, I wouldn't say it's measly. I remember when I first vowed to get back on financial track. I started out by holding a simple $20 bill in my hand and said, "This is the beginning of my future. This is going to be the start of something truly awe-inspiring!" And that's all I had to my name, whilst I sat on the mountain of mess that was my finances. $20 may not seem like a lot to anyone lese, but to me, it was something I've never had before.
October 20th, 2006 at 12:23 am 1161300200
Another observation I read somewhere, "The best way to avoid needing an emergency fund is to have one." Logically, that statement makes no sense, but my experience bears it out.
Anyway, congrats on the new account. May it grow and prosper.
October 21st, 2006 at 12:53 am 1161388409