I had 3k in a private bank account I saved working two jobs before my daughter was born for an emergency fund
This year my wife had some major car problems and time where she was out of work so my emergency fund is now like $50
Am I a bad parent for not having this money anymore for emergencies? I feel very financially vulnerable knowing it’s gone. Which seems stupid to me because for 20 yrs before this I’ve never had any money for an “emergency fund”.
Ps. I am working to build it back up but it it’s gonna be a slow build as I can only save ~100mo currently.
All comments and opinions welcome thx.
You had an emergency so you used the emergency fund. In a few months you’ll buid it back.
Try to save as least 3 months of expenses.
Happy new year!
You are not a bad parent or a bad partner for draining your emergency fund to support your family. I would argue it’s the opposite—the emergency fund was used for its intended purpose and you supported your family when they needed it.
Focus on building it back up!
You are not a bad parent, sounds like you had a legitimate emergency which is why you have an emergency fund. Just rebuild it as soon as you can like it sounds you are planning.
I’m not a parent but I cannot see any means by which you’re a bad parent. You saved money, which is a good achievement and gave it to fix a car to help your family. You’re allowed to be disappointed that it’s gone and there may be some tricky times whilst you save up, but don’t beat yourself up.
No, you need a car so you used it wisely. Once your wife gets a job, you can save up that money again.
You used it for its purpose. Now just have to try to build it back up.
What would have happened if you hadn’t had the emergency fund? Would you have needed to take out a loan to tide you over, or faced being late on bills or housing or food insecurity?
Whatever would have happened, you saved the day by having an efund. You should be proud of yourself for that. You were able to keep your family afloat when unpredictable expenses popped up.
I know it’s demoralizing to be back at square one saving money again, but rest assured you’re doing a great job. I think we’d all like to never have to touch our hard-earned savings, but that’s not realistic. That’s exactly what the savings is for.
You used it for its intended purpose. Imagine the situation you’d be in if you didn’t have it to use when you did. Build it back. This time save a bit more than you had. Good job!
You are not a bad parent but only having an extra $100 per month to save is not good. I would find a way to either drastically reduce your spending or increase your household income if you can’t reduce spending. That is not enough wiggle room in your budget for any unexpected expenses. Even one plumber’s bill would put you in the red.
You have my sympathy. It takes me a long time to save up a significant amount of money too, and it’s frustrating to see it wiped out. My only consolation would be to remind myself that I had the money when I needed it, and I don’t have $3000 in credit card debt due to the car repair.
You are not alone. I just spent 10k on a new roof, plumbing and emergency car repairs. I feel vulnerable now that my emergency fund is almost gone. I have to start over.
You’ll save and have that sense of security again.
Best for the new year.
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