Well I was working on another post for tonight/tomorrow but then life happened. Nothing to bad mind you, but just when you think you have everything in hand unexpected costs creep up on you. Last week it was my tires which I mentioned in last weeks wrap up. $1000 I kept putting off but couldn’t no longer for safety reasons (if it wasnt for wife and kid I probably would have pushed it longer) so you could say I saw that one coming. Tonight my wife’s car broke down, it was old paid off for years and had been declining in performance. So we took it to our auto shop tonight to get it repaired. Estimate given $2150.00
We have to get it done, we are a 2 car family and we cant live on one. Her finances are not that great either. Being a teacher and was essentially laid off over the summer (but brought back day before school) she goes paycheck to paycheck and has student loans and cards as well. We pretty much keep our finances separate, paying jointly for the common bills, but she is my wife so I have to help out (I do right?). She got approved for the Goodyear card for 1k so that will take care of half of it and I will take care of the other half. My dilemma is do I take it out of savings I been have working to build? I mean this is an emergency and thats what its for. Do I use the credit cards I haven’t touched for several months working to pay off? Or do I take an extra draw from the business account.
Maybe I can use this to finally get her to write some content for my niche sites (love you honey)
Its nice that I do have some choices, it hasn’t always been that way. It does put in perspective on why I (you?) should work to build savings, emergency accounts. Even if its putting $20 a week into it, it will add up and hopefully be there when life throws something unexpected at you. If life cruises along then you’ll have a nice chunk of change for retirement! The biggest thing I hate even if I have avenues to take care of them it still puts my plans back a few steps and have to recoup that $1000 some how and get back on track.
Are you working on a savings/emergency fund? At what level would you draw from it or would you consider credit cards for smaller emergencies?