Author Topic: Can you come up with $ 400 in an emergency?  (Read 22650 times)

cassandra and sara's daddy

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It is much more powerful to seek Truth for one's self.  Seeing and hearing that others seem to have found it can be a motivation.  With me, I was drawn because of much error and bad judgment on my part. Confronting one's own errors and bad judgment is a very life altering situation.  Confronting the errors and bad judgment of others is usually hypocrisy.


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erictank

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Re: Can you come up with $ 400 in an emergency?
« Reply #51 on: April 26, 2016, 08:09:30 AM »
I kinda like that idea of stashing a fair amount of cash in the gun safe for safekeeping.  Might have to do that.

I could do $200 cash at a moment's notice, if I've got my wallet.  $400 easy on debit or credit.  Heck, I hide a couple of $20s in the car so I always have money for gas, even if I've left my wallet at home or something.  So $400?  Yeah, not a problem.  I'd dislike having to do it, but I'm fortunate enough to be in a position that I can if I need to.

It was not terribly long ago that a $400 emergency would have been a great imposition.

K Frame

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Re: Can you come up with $ 400 in an emergency?
« Reply #52 on: April 26, 2016, 08:29:52 AM »
I've kept a ready supply of cash in my gunsafe since I got it some years ago (the safe, not cash).

I keep several hundred in case of emergencies, neighbor kids selling girl scout cookies, etc.
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wmenorr67

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Re: Can you come up with $ 400 in an emergency?
« Reply #53 on: April 26, 2016, 08:54:32 AM »
It was not terribly long ago that a $400 emergency would have been a great imposition.

Not that long ago $400 was a lot of money.
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RoadKingLarry

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Re: Can you come up with $ 400 in an emergency?
« Reply #54 on: April 26, 2016, 09:07:27 AM »
Not that long ago $400 was a lot of money.

$400 IS a lot of money, hell $100 is a lot of money.
I've got $400 easy for emergency cash and it wouldn't even be a monthly budget hit but it would squeal from my pinching it so hard when it had to go.
For me though the 1st 4 months of the year always sucks, property taxes, state income taxes, house insurance and my wife always schedules her annual visit to the cardiologist in March and every year the co-pay/deductible gets higher. I just don't get to buy new toys till May/June.
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MechAg94

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Re: Can you come up with $ 400 in an emergency?
« Reply #56 on: April 26, 2016, 10:04:02 AM »
When I first started working, I started putting $100 a check into savings then more later.  In hindsight, I should have saved more.  I had the same disease most youngsters have.  If I had cash, it burned a hole in my pocket and I had to spend it.  There was always a gun I wanted to buy.

Now I have more or less Dave Ramsey's recommended emergency fund and I save a lot more.  I still need to work on saving even more, but I am better at it.  The key for me is having the money direct deposited straight to savings so it doesn't hit my checking account balance.  Better to end up short and pull some money back from savings, then to depend on going the other way.  

The other thing I have done better at is choosing a house/vehicle that fits my budget.  I used to hear people talk about living on 50% of your income.  I realize now that is actually a pretty good target if you can swing it.  
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K Frame

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Re: Can you come up with $ 400 in an emergency?
« Reply #57 on: April 26, 2016, 10:06:29 AM »
Butbutbut I thought Australia was a shining model of perfection?!?



Only if you don't know what the *expletive deleted*ck you're talking about...
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T.O.M.

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Re: Can you come up with $ 400 in an emergency?
« Reply #58 on: April 26, 2016, 10:42:15 AM »

The other thing I have done better at is choosing a house/vehicle that fits my budget.  I used to hear people talk about living on 50% of your income.  I realize now that is actually a pretty good target if you can swing it.  


Oh this in spades.  When we were house shopping, wife and I made around $80,000 a year combined, yet we were approved for a mortgage of $300K.  We bought our house for $124,900.  Yeah, we're not living as fancy as some, but we aren't swimming in debt, and we never got upside down when the bubble popped.  And cars?  We just bought a new-to-us Ford Fusion.  Got a 2015 model for $17,000, and paid cash we had saved for it.  I see people we know buying $250,000 homes and driving $40-$50K cars, and wonder if they have anything available in savings, or if they ever just go out to dinner without racking up the plastic.
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Northwoods

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Re: Can you come up with $ 400 in an emergency?
« Reply #59 on: April 26, 2016, 10:57:47 AM »
With my impending move back towards Seattle/Bellevue parts of the Puget Sound we've been looking at houses in that area. Even going out to a 45 minute commute (no traffic, so really 1hr++) $250k gets you a 750-900sf fixer.  Wish I was exaggerating.  Might find the occasional bank owned property that is OK and bigger at that price but that's it. 

My sister just sold her house in the Greenwood neighborhood a little north of Seattle itself.  Nothing special.  1300sf, 2550sf lot, OK but not awesome neighborhood.  Listed for $499k and got 11 offers the first weekend.  Final sale price was $600k.  And that is very common right now.
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T.O.M.

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Re: Can you come up with $ 400 in an emergency?
« Reply #60 on: April 26, 2016, 01:43:02 PM »
With my impending move back towards Seattle/Bellevue parts of the Puget Sound we've been looking at houses in that area. Even going out to a 45 minute commute (no traffic, so really 1hr++) $250k gets you a 750-900sf fixer.  Wish I was exaggerating.  Might find the occasional bank owned property that is OK and bigger at that price but that's it. 

My sister just sold her house in the Greenwood neighborhood a little north of Seattle itself.  Nothing special.  1300sf, 2550sf lot, OK but not awesome neighborhood.  Listed for $499k and got 11 offers the first weekend.  Final sale price was $600k.  And that is very common right now.

It really is all about location.  My house sounds very similar to your sister's home, but the lot's bigger (roughly 9K square feet).  At the height of the bubble, when we were considering a refinance at market value for extra money for an addition, the house was valued at $195K.  Zillow has it estimated now at just over $200K, but I think that's laughable.
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KD5NRH

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Re: Can you come up with $ 400 in an emergency?
« Reply #61 on: April 26, 2016, 02:00:22 PM »
One of the things I used to do was to have some extra "savings" in various value goods that aren't particularly affected by inflation; a decent rifle I didn't care about, a couple cases of common ammo, etc.  

The idea being that $1000 cash under the mattress or in a savings account might easily go from being a month's somewhat frugal expenses (rent, utilities, gas and groceries, without having to go to beans, rice and ramen) to barely getting through a few days in the timeframe of typical emergency saving, (How often do you reevaluate what your emergency savings would actually cover if all income ceased today?  Most people who actually have an emergency fund seem to set it at x months of current expenses, and once they hit that, never check the numbers again unless a major expense changes significantly in a short period, like rent going up 20% at renewal or moving from a $500/mo rental to a $1200/mo mortgage.) even without hyperinflation, while a good rifle would still trade for a slightly above beater level car regardless of what the cash value of either is at the moment, or cover a small medical bill, (doc knows guns, and even if he doesn't want what you've got, knows what he can trade it for that he does want) or can be pawned for some "right now" cash.  

Most of that was sold during the divorce, but I would like to build it back up once I have the cash savings rebuilt.  It also has the advantage of being able to watch for a killer deal; that $1,000 rifle bought for $500 because someone needed cash still trades as a $1000 rifle, and may be a $1500 rifle after a few years of inflation and/or changes in gun control legislation.  Just look at ammo prices over the last decade or two, and you could almost be tempted to become a day trader in cases of 9mm, .22LR and .223.

RevDisk

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Re: Can you come up with $ 400 in an emergency?
« Reply #62 on: April 26, 2016, 02:13:37 PM »

I tend to have $300 in my wallet. I keep a couple 20's in my car in case of 'forgot wallet'. Used to keep a 20 in my desk at work for emergency gas money, but I have a $10 gas gift card on my wall instead plus coworkers would spot me a $20 without question. Used to keep more cash at home, but stayed away from that generally. Generally, I keep my money in paying off the house, my 401k or investments. $400 is no problem by cash, check or card. $4k would make a significant dent on my card, or I'd have to sell some stocks.

I get the wisdom of keeping $10k in cash in your savings account, but with inflation being what it is, and interest rates on bank accounts being effectively zero...
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KD5NRH

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Re: Can you come up with $ 400 in an emergency?
« Reply #63 on: April 26, 2016, 02:31:58 PM »
Used to keep a 20 in my desk at work for emergency gas money, but I have a $10 gas gift card on my wall instead plus coworkers would spot me a $20 without question.

Haven't had cause to check lately, but WalMart/Murphy were doing $.03/gallon (and a couple times up to $.12/gallon with certain other purchases) off for using a WalMart gift card.  I usually had a card tucked in the trim above the driver side window that I would put my gas budget for the pay period on each payday, and would keep an extra $20-40 on it as emergency gas money.  Not a huge savings most weeks, but ignoring the savings altogether for a few months would add up to "hey, I've got enough for a full tank on here besides the emergency gas money."

T.O.M.

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Re: Can you come up with $ 400 in an emergency?
« Reply #64 on: April 26, 2016, 04:18:15 PM »
Just spent some time talking to a young employee here...she's a year out of college.  I asked her the OP question, and she said that a sudden $400 bill would be rough.  She's got a car, but it's seven years old, and she'd like something newer. No payment, just standard costs (fuel, maintenance, insurance).  She's got some student loans.  She's got credit card bills.  Rent.  Utilities.  She spends a good bit on social activities, meaning out for food and drinks with friends on Friday and Saturday.  She's spent a lot on clothing this year, but that's to be expected going from college to real world, especially when you're working in a court (no jeans, t-shirts, etc.).  She works a second job, which is for a gum and gets her a membership at no cost.  She has maybe $500 in savings right now.  She's a bright girl, and understands she needs to save, but said she can't afford it right now.  Too many bills to pay, too many things to do, not enough money coming in at $18 an hour.
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Perd Hapley

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Re: Can you come up with $ 400 in an emergency?
« Reply #65 on: April 26, 2016, 04:26:30 PM »
She works a second job, which is for a gum...

I had no idea gum was so expensive.
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dogmush

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Re: Can you come up with $ 400 in an emergency?
« Reply #66 on: April 26, 2016, 04:54:24 PM »
Just spent some time talking to a young employee here...she's a year out of college.  I asked her the OP question, and she said that a sudden $400 bill would be rough.  She's got a car, but it's seven years old, and she'd like something newer. No payment, just standard costs (fuel, maintenance, insurance).  She's got some student loans.  She's got credit card bills.  Rent.  Utilities.  She spends a good bit on social activities, meaning out for food and drinks with friends on Friday and Saturday.  She's spent a lot on clothing this year, but that's to be expected going from college to real world, especially when you're working in a court (no jeans, t-shirts, etc.).  She works a second job, which is for a gum and gets her a membership at no cost.  She has maybe $500 in savings right now.  She's a bright girl, and understands she needs to save, but said she can't afford it right now.  Too many bills to pay, too many things to do, not enough money coming in at $18 an hour.

You had me until there.

I guess if her student loans are just stupid crazy.  $18/hr = $36,900 on her first job.  Assuming min. wage and 15hrs/wk on the gym, she's over $40k per anum.  That's decent scratch.  Not rich, but pretty decent.

What are her bar bills for Fri and Sat.  I'm obviously at a differnt place in my life, but if I go "out for drinks" i.e. more then 2, with my wife and I that's a $200 bar tab.

MechAg94

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Re: Can you come up with $ 400 in an emergency?
« Reply #67 on: April 26, 2016, 04:57:58 PM »
Just spent some time talking to a young employee here...she's a year out of college.  I asked her the OP question, and she said that a sudden $400 bill would be rough.  She's got a car, but it's seven years old, and she'd like something newer. No payment, just standard costs (fuel, maintenance, insurance).  She's got some student loans.  She's got credit card bills.  Rent.  Utilities.  She spends a good bit on social activities, meaning out for food and drinks with friends on Friday and Saturday.  She's spent a lot on clothing this year, but that's to be expected going from college to real world, especially when you're working in a court (no jeans, t-shirts, etc.).  She works a second job, which is for a gum and gets her a membership at no cost.  She has maybe $500 in savings right now.  She's a bright girl, and understands she needs to save, but said she can't afford it right now.  Too many bills to pay, too many things to do, not enough money coming in at $18 an hour.
The rub is that at that age, even $100 or $200 a month into savings is a big positive.  The main thing to try to wean yourself off depending on credit cards for emergencies.
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Boomhauer

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Re: Can you come up with $ 400 in an emergency?
« Reply #68 on: April 26, 2016, 05:02:42 PM »
You had me until there.

I guess if her student loans are just stupid crazy.  $18/hr = $36,900 on her first job.  Assuming min. wage and 15hrs/wk on the gym, she's over $40k per anum.  That's decent scratch.  Not rich, but pretty decent.

What are her bar bills for Fri and Sat.  I'm obviously at a differnt place in my life, but if I go "out for drinks" i.e. more then 2, with my wife and I that's a $200 bar tab.

Making $16/hr was enough for my g/f to be able to afford a new car payment plus $900/month rent/utilities if she had to. We live together so we split the costs, but if she had to she could have done it alone on that hourly wage. Paid off car? She'd be stacking paper and be able to pay the car off quickly.

Obviously this is for normal areas and not a pricey town.



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wmenorr67

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Re: Can you come up with $ 400 in an emergency?
« Reply #69 on: April 26, 2016, 05:03:22 PM »
You had me until there.

I guess if her student loans are just stupid crazy.  $18/hr = $36,900 on her first job.  Assuming min. wage and 15hrs/wk on the gym, she's over $40k per anum.  That's decent scratch.  Not rich, but pretty decent.

What are her bar bills for Fri and Sat.  I'm obviously at a differnt place in my life, but if I go "out for drinks" i.e. more then 2, with my wife and I that's a $200 bar tab.

This, I'm making just over $18 an hour and wife is making just short of $11 but not getting 40 hours a week.  Add in my Guard check and we are just around $50K a year.
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MechAg94

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Re: Can you come up with $ 400 in an emergency?
« Reply #70 on: April 26, 2016, 05:04:06 PM »
I tend to have $300 in my wallet. I keep a couple 20's in my car in case of 'forgot wallet'. Used to keep a 20 in my desk at work for emergency gas money, but I have a $10 gas gift card on my wall instead plus coworkers would spot me a $20 without question. Used to keep more cash at home, but stayed away from that generally. Generally, I keep my money in paying off the house, my 401k or investments. $400 is no problem by cash, check or card. $4k would make a significant dent on my card, or I'd have to sell some stocks.

I get the wisdom of keeping $10k in cash in your savings account, but with inflation being what it is, and interest rates on bank accounts being effectively zero...
The main point of the emergency fund is that you don't stop there.  That is just a starting point so you stop yourself from getting into credit card debt every time an emergency comes up.  If you can do that, then you can apply your spare income to paying off debts and long term savings.

I pulled from mine late last year to get some foundation repair done on my house.  I had to replace part of my yard fence also, but that should not have been a surprise.  I was able to pay for it without debt.  I did finally get more direct deposit set up into separate credit union savings accounts this year so the money should be replaced in a couple more months.  Then I need to replace my roof shingles and an A/C might be in the near future.  Regardless, I am in a much better position than I was 10  or 15 years ago.
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MechAg94

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Re: Can you come up with $ 400 in an emergency?
« Reply #71 on: April 26, 2016, 05:06:50 PM »
You had me until there.

I guess if her student loans are just stupid crazy.  $18/hr = $36,900 on her first job.  Assuming min. wage and 15hrs/wk on the gym, she's over $40k per anum.  That's decent scratch.  Not rich, but pretty decent.

What are her bar bills for Fri and Sat.  I'm obviously at a differnt place in my life, but if I go "out for drinks" i.e. more then 2, with my wife and I that's a $200 bar tab.
I have to ask.  Either your drinking some pretty pricey drinks or "more then 2" is quite a bit more than two.   =D

I understand a bit though.  It is easy to spend a lot on a night on the town by the time you get dinner, cover charges, parking, drinks, etc, etc.  Rarely is it just drinks at the bar.
“It is much more important to kill bad bills than to pass good ones.”  ― Calvin Coolidge

dogmush

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Re: Can you come up with $ 400 in an emergency?
« Reply #72 on: April 26, 2016, 05:54:11 PM »
Either your drinking some pretty pricey drinks or "more then 2" is quite a bit more than two.   =D

Yes.  =D

"More then two" is my code for "Get an Uber"

And I drink Single Malt's and/or exoticish rums.  And my friends and I don't go to dive bars any more.  So it's often $10-$14 a drink x1.5 (Wife drinks) Plus tip.

Which is why the Dogmush household goes "out for drinks" semi-annually at most.

cassandra and sara's daddy

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Re: Re: Can you come up with $ 400 in an emergency?
« Reply #73 on: April 26, 2016, 06:03:54 PM »
Butbutbut I thought Australia was a shining model of perfection?!?
Don't believe the hype, even if he does

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It is much more powerful to seek Truth for one's self.  Seeing and hearing that others seem to have found it can be a motivation.  With me, I was drawn because of much error and bad judgment on my part. Confronting one's own errors and bad judgment is a very life altering situation.  Confronting the errors and bad judgment of others is usually hypocrisy.


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T.O.M.

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Re: Can you come up with $ 400 in an emergency?
« Reply #74 on: April 26, 2016, 06:41:12 PM »
You had me until there.

I guess if her student loans are just stupid crazy.  $18/hr = $36,900 on her first job.  Assuming min. wage and 15hrs/wk on the gym, she's over $40k per anum.  That's decent scratch.  Not rich, but pretty decent.

What are her bar bills for Fri and Sat.  I'm obviously at a differnt place in my life, but if I go "out for drinks" i.e. more then 2, with my wife and I that's a $200 bar tab.

She just made her 2nd anniversary and got the raise to $18.  Starting pay was $15 an hour.  Her job is "full time" at 35 hours a week.  But being full time means benefits, and paying for them.  Health insurance.  Professional liability insurance (court pays for base policy, most POs pay for extra coverage).   The part time gym job is 15 hours a week.

She got her degree from a small private university, and even with her scholarships,  she walked out with around $40K in student loan debt...she took out more than the minimum.

As for her drinks, she's got class and style...good burbon, good IPAs or stouts.   No PBR for her.

No, I'm not mtnbkr.  ;)

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