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Our Bill Pickle

real life with (very) real debt

$1K is still not enough for an emergency fund

October 28, 2021

$1K is not enough for an emergency fund, especially if you're in debt. Here are three reasons why you should save a bigger emergency fund.

My thoughts about personal finance have evolved and changed over time, but one thing has stayed consistent: I don’t think $1K is enough for an emergency fund.

Saving an emergency fund was the first things we did when we started paying back our debt. It was the move that made the most sense: the emergency fund created a cushion in our budget that helped us avoid accumulating more debt when unexpected situations arose.

But when I saving, I quickly realized there are very different opinions about the “right” amount to have in your account when you’re in debt.

One popular idea is to have a $1K emergency fund while you pay back debt. I get the logic: keeping your emergency fund small means more money is available to pay off debt. More money to debt means you pay off the debt faster. Makes sense, right?

Maybe for some. But I never bought into the idea that $1K is enough for an emergency fund. I didn’t believe it at the start of our journey and I still don’t believe it today.

Here’s why.

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Posted by Tara 4 Comments
Filed Under: Budgeting Tagged: debt, debt-free community, debt-free journey, emergency fund, financial goals, saving money

4 things you need to know before starting the debt-free journey

January 16, 2020

Four things you need to know before starting your debt-free journey

Are you starting the debt-free journey this year?

If you’ve answered yes: congratulations! Committing to the debt-free journey is a big decision. It won’t always be an easy journey, but I do believe it’s worth it.

I also think there are a few things you should know before you get started.

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Posted by Tara 2 Comments
Filed Under: Debt Tagged: debt, debt avalanche, debt snowball, debt-free community, debt-free journey

Hi, I’m Tara!

Welcome to Our Bill Pickle, a Canadian personal finance blog. Here, we share the good, the bad and the ugly about real life with (very) real debt.

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