My Story:
I was on my way to church yesterday when I noticed that my 2004 F-150 truck (yes, I am a truck gal–I’m from Texas!) was a bit shaky. I started to think, “Not again, I just had a tune up after this same problem a few months back,” that ended up costing a pretty penny. The truck would shake when I accelerated up to about 40mph and would shake when I was sitting at the stoplight. I started to worry a little. On the way home from church, I noticed that the engine light was on. Uh-oh. I got even more worried. I had never seen that happen before. We are down to one vehicle since we gave our other car away in September. That car was in no shape to drive, and needed to go. We plan to purchase a new or used vehicle here soon within the next month (stay tuned to a HUGE event taking place in March that I cannot wait to tell you about!) But for now, the truck is all we have.
Yesterday was Sunday so I knew I would have to wait until today to take it in to the shop. I always take it to the Ford dealership because I trust them to do right and also knew that I had $33.00 in Owner Advantage rewards saved up to use on whatever it was that needed to be fixed. I knew that I would be paying out of pocket for something, but I didn’t know exactly what. I set my alarm this morning to get up and have myself and my daughter dressed so that I could sit in line before 7am when the maintenance shop opened. Once I got to the dealership I was told that it would be about an hour wait. My daughter and I found plenty to do to entertain ourselves. I bought a new iPhone for my birthday and we had fun playing with some of the iPhone apps. I am impressed with how many learning games are on there! Her favorite right now is the Peekaboo Barn app.
After an hour, the mechanic came in to tell me there was a problem with the battery and a certain coil needed to be replaced. He told me the estimate, which was a few hundred dollars, and I wasn’t surprised. I actually thought it would be more. The work needed to be done, especially to prevent any further damage to our vehicle. I didn’t get upset over the price. I didn’t get upset because 1.) it could have been worse 2.) it was an easy fix and I would continue to be able to drive my vehicle that day after repairs 3.) we had the money to pay for the cost in emergency savings.
My daughter and I waited another hour for the truck to be fixed and then we were on our way home. That was that. It’s a bummer that I had to shell out a few hundred dollars on vehicle repairs, but it would have been an even bigger “bummer” had we not had money in our emergency savings to pay for it. Our vehicle is getting older now and it will most likely require repairs in the future. But, at least I know we have some “wiggle” room for these unexpected events.
Starting Your Own Emergency Fund:
How much do you need in an emergency fund? Examine your situation (your income and your needs) to decide on how much you should save. David Bach, a popular money saving author, recommends saving three months of your living expenses. You want to make sure you build your emergency savings fund to cover just that–emergencies: vehicle repairs, health coverage, and anything else life throws at you! Once you decide on where you will keep your emergency savings, do not touch it! Leave it there for emergencies only! You will be thankful for that fund when you need it.
Do you have an emergency fund saved up? If not, do you plan to start one?
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