• We’re currently investigating an issue related to the forum theme and styling that is impacting page layout and visual formatting. The problem has been identified, and we are actively working on a resolution. There is no impact to user data or functionality, this is strictly a front-end display issue. We’ll post an update once the fix has been deployed. Thanks for your patience while we get this sorted.

Can you handle a $2,000 USD emergency?

Svnla

Svnla

Lifer
RULE #1 OF HOME OWNERSHIP: "If It Breaks, Fixing It Will Cost $2,000.00"


Know this, if you ever intend on buying your own place.
 
I wouldn't be super happy about it, but I try to keep about $5K in my savings account... figure that would be enough cash that even if I had no other income, I could survive on it for 3 months without having to rack up credit card debt.
 
Also, and I may be an idiot, but how does that put you in the 25% group? Shouldn't it be 50?
 
No, I'm actually in said situation, with a financial aid reversal in the middle of the damn semester after the final dates to withdraw.

It'd be bait and switch, but it's the government so its allowed.

I now owe them $1850 that they never disclosed I would owe before attending college this semester.
 
wouldnt someone who rents, has good health insurance and a reliable car not really have to worry about that?
 
I wouldn't have a lump sum sitting in my account, but I have plenty of available credit I could drop $2000 on and pay off in a couple months. Although, just got a new job, so...might be seeing some money in my bank pretty soon 😀
 
joesmoke said:
wouldnt someone who rents, has good health insurance and a reliable car not really have to worry about that?
Click to expand...
what if your car got vandalized to the point of inoperability and insurance refused to cover it?

let's say, like, all 4 tires slashed and all windows, including the windshield, smashed in.
 
I keep telling people on this forum that $2000 is the place to be in the emergency savings. Yet, many can't get even to that low, low bar. Even this week I made a post about it.

Yes, I can get $2000 in cash today. If it were up to me, I'd keep the savings at that value. But, my wife is terrified of problems, so she keeps 2 years expenses in a savings account of her own. It is sad to see that money not earn much interest (especially with the stock market going up 30% in the last year). But, she is happy and we'll never have money issues.
 
Alone said:
Also, and I may be an idiot, but how does that put you in the 25% group? Shouldn't it be 50?
Click to expand...

Read the article again, the other 25% or so are not sure (dazed and confused with the amount I reckon..heheheheh), and you are correct this was NOT about credit/credit cards.

Only a quarter of Americans said they are certain they would be able to come up with the funds.

Half of Americans say they aren't prepared for a minor financial emergency.
Click to expand...

dullard said:
.......But, my wife is terrified of problems, so she keeps 2 years expenses in a savings account of her own. It is sad to see that money not earn much interest (especially with the stock market going up 30% in the last year). But, she is happy and we'll never have money issues.
Click to expand...

How about put that 2 years worth in a reward checking account? I know that you have to do some works (12 debits or more, online only, DD/ach) but 3% with FDIC insurance is not bad and you can withdraw the money anytime without any penalties.
 
Last edited:
loki8481 said:
what if your car got vandalized to the point of inoperability and insurance refused to cover it?

let's say, like, all 4 tires slashed and all windows, including the windshield, smashed in.
Click to expand...

that isnt that much if you went with cheapy tires to get by with. especially with full coverage, doesnt seem like such a likely occurence to justify 2k sitting around doing nothing
 
joesmoke said:
wouldnt someone who rents, has good health insurance and a reliable car not really have to worry about that?
Click to expand...
No car is infinitely reliable. It is $2000 to replace an engine, a transmission, or just to get another running used car. Unless it is under warranty, that is out of your pocket.

If you have good health insurance, you aren't wasting hundreds and hundreds of dollars each year on low deductibles. Thus, you might have a medical emergency and need to cover a deductible + copay.

Suppose you rent in many locations (where rent is $1000/month) and the place burns down. Now you need a new apartment. Can you come up with first months rent + 1 months rent deposit ($2000 in many parts of the country) by tomorrow or will you spend weeks in a hotel (another $2000)?
 
SandEagle said:
i'm broke as shit. my cc is maxed. no one is giving me extra credit. i blame Obama.
Click to expand...
You're just operating just like the feds do. Everything should be fine. You should be able to do anything you want, buy anything you want. Oh, as long as you have a lender willing to lend. You do, don't you?
 
You must log in or register to reply here.

TRENDING THREADS

Back
Top