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The Importance of Emergency Funds
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February 15th, 2010Emergency Fund, Family, UncategorizedI’ve woken up to find out that there is a possible emergency brewing in my family. My grandmother had a fall yesterday and she is currently hospitalized. There are some possible complication’s that at this time sounds like a stroke. But, we are not sure at all. I am hoping that she will stabilize.
If this situation gets worse then Bum, my parent, will need to fly out to the “Old Country” to visit my grandmother. And of course, that means I will be the one shelling out the dough to get Bum there since Bumt doesn’t want to dip into the money that is being saved for the first installment on my loan. Translation = there isn’t much saved to begin with.
I’ve about $10k in hand that is easily accessible. If this situation gets worse then I will, without a doubt, shell out for a trip abroad and wait to impart a financial lesson about the importance of emergency funds to my parent (!) later. I checked the flights and right now they are coming in at $1,140.
This is such a delicate personal situation that I don’t think this is the time to cut Bum off to show that I am no longer the safety net. This situation has definitely shown me that if I don’t set up some ground rules then I can easily become an ATM.
Update: 2/19/2010
My grandmother is doing much better and we do not believe that she had a stroke. Thank you for your support.
Tags: "Old Country", Emergency Fund, Family Emergency
10 responses to “The Importance of Emergency Funds” 
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I hope all is well with Grandmother!
Investing Newbie´s last blog ..Valentine’s/President’s Day
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I’m sorry about your grandmother! I think the best thing about emergency funds is that when things like this happen, you can focus on the family and not have to worry about money.
Kasey at Thrifty Little Blog´s last blog ..I dib it! -
I’m sorry your grandmother’s ill, I hope she stabilizes very soon.
I remember spending around $5000 on the same kind of trip a few years ago to see my grandmother. Though it was painful to go and see her in that condition, I’m still glad I went and didn’t have to forgo the trip for lack of money.
Revanche´s last blog ..Happy Valen-(Lu)nar New Year! -
My thoughts to your grandmother & family — I hope she has a smooth recovery. Kudos to you for having the liquidity to be able to go in an instant. Hopefully this will help impress the importance of an importance of an emergency fund to your Bum!
Caity´s last blog ..Confusion -
I hope it’s not a severe stroke!
In family emergencies like this, what can you do but roll with the punches life is swinging at you…
Hopefully, things turn out okay.
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@investingNewbie, @Kasey at ThriftyLittleBlog, @Revanche, @Caity and @Don at Money Reasons
Thanks for all of your support. I am really hoping my grandmother will be okay too. It is good to be a saver and have that emergency fund because it gives you the felxibility to travel without worrying about how things will be paid for.
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Sorry to hear about that.
You’re doing the right thing and thank goodness you have that emergency fund!
Mike´s last blog ..Roth 401(k) and Roth IRA’s – Why the Roth Kicks Traditional Butt -
First of all, I’m sorry to hear about your grandmother. =/
Second, it’s times like these that money is the last thing you want to worry about. +1 for emergency funds.
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I’m sorry to hear about your grandmother’s fall. I hope she has a speedy recovery.
moneyhoneysf´s last blog ..short update on Las Vegas trip -
@Mike, @Dave, @MoneyHoneySF
Thank you! I appreciate your thoughts.
Investing Newbie February 15th, 2010 at 12:02