Lance@MoneyLife&More June 18, 2012 at 5:28 pm

This is exactly why people have emergency funds and if it was unexpected then I’d say it qualifies. It doesn’t make sense to be paying 18% interest on a credit card because you were too proud to use your emergency fund for what it was designed for. So congrats to you for doing the right thing and using your emergency fund for an unexpected emergency 🙂 Debt repayments will be a bit slower but you’ll be prepared in case another minor emergency pops up and your debt won’t increase so you’ll still be making progress. Sorry for the bad fortune but I am confident you’ll be back on track soon.

Fat Guy June 18, 2012 at 8:09 pm

Yeah, I had to convince myself that it is the right thing to do. Now we have to build it back up and keep up with our debt reduction as well.

Thanks for the reassurance!

Tackling Our Debt June 18, 2012 at 5:45 pm

There are certain things that I really dislike paying for and car repairs are one of them. But it has to be done. As you said, at least you had built up your savings and were able to cover it.

Fat Guy June 18, 2012 at 8:10 pm

Yeah, it is difficult to pay for repairs/maintenance for us as well. It’s not like you can see where the money went. I just hope we can build up our savings quickly.

Canadianbudgetbinder June 18, 2012 at 5:57 pm

Ouch, that hurts but it happens. It’s great to hear you had an Emergency Savings Account. We started putting money away in our budget this year for “projected expenses” so that when the bills came in there was money in a separate account for this. We also put money aside for vehicle maintenance each month as well as CAA. I, like you hated going to our Emergency Savings account especially for stuff we knew we would have to pay at some point in the year. Not it’s a breeze that it’s budgeted in and saved monthly! Cheers Mr.CBB

Fat Guy June 18, 2012 at 8:13 pm

That is such a smart idea. We planned to budget $125/month for car expenses, but we just couldn’t set it aside and pay extra toward our debt. Hopefully, that will change in the near future, though.

Jai Catalano June 18, 2012 at 8:56 pm

You are exactly right. It doesn’t make sense to build up the fund when paying off debt and you dug into the fund for all the right reasons. That is why it’s there… You did good even if it hurts.

Fat Guy July 13, 2012 at 6:13 pm

With all of the things that have come up lately, I am glad we made the right decision.

Jessica @ Budget for Health June 19, 2012 at 11:48 am

As much as I would love to put the money in our emergency fund to something more useful, I’m so thankful it’s there. We had 2 surprises this month with our car and had to get a new starter and then a new battery a few weeks later. Thankfully we’ve budgeted for repairs like this but surprises like this are never really welcomed, regardless if it cost $200 or $2000 like yours! Great job having the 911 fund.

Fat Guy July 13, 2012 at 6:14 pm

It sounds like you’ve been through a lot as well. I remember reading about some of your car trouble – I think your father-in-law helped you out? It’s definitely great to be able to use cash to cover repairs.

Gen Y Finance Journey June 19, 2012 at 12:36 pm

I know how you feel. I’ll be working on building back up my emergency fund after a $3000 car repair bill last month. And I will be setting aside money in a separate “car fund” so the next time my car has a huge repair bill, I’ll be able to afford to pay cash for a new-to-me car.

Fat Guy July 13, 2012 at 6:15 pm

Wow, $3,000 would have wiped us out, and we still would have had to use a card for some. We want to be able to set aside additional money for car repairs, but we can’t afford it yet.

TB at BlueCollarWorkman June 19, 2012 at 1:40 pm

My wife actually cried when tax time came around this year and we were blindsided by how much we owed. We had to cannon ball into our emergency fund. It was great that the EF covered it, but it was still disheartening because we’d worked so hard to build up that fund. And then building the fund back up is always hard and makes paying off the mortgage slow down. It sucks.

But, I’ll tell you what I told my wife, at least there was an emergency fund so that the expense could be covered! Using it what it’s for is exactly what you’re supposed to do!

Fat Guy July 13, 2012 at 6:17 pm

You are so right. Having the money set aside is the best part of both of our stories. If we didn’t discipline ourselves to build up the EF, we’d be much worse off.

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