Monday, March 10, 2008

Emergency Fund. . . . Thank you God

What's the first step in a sound financial plan? Answer: An emergency fund. I sure am glad my family has one. Unfortunately, today I got to use it.

I took my beloved 1998 VW turbo diesel Beetle into the shop today because it was sounding funny and not running the best. It has 101,000 miles on it. I dropped off the keys in the night drop, my wife picked me up and off to work we went. (We both work at NewPointe.)

The first call from the shop wasn't to bad. New glow plugs $275 parts and labor. I thought doable. About a 1/2 hour later, ten the other shoe dropped. The second call came, I need to replace the catalytic converter. Ouch! I'm looking at a total bill of $1,400. (Other than normal oil changes and the deer that hit me, this repair is all I've put into my car in more than 2 years.) Much cheaper than a car payment.

Anyway, I told the shop, no problems with the repair bill. Let's get my car running good. I thanked them for their work and asked them to give me a call when they are finished.

Do I like pulling $1,400 out of my families emergency fund? No way. But I'm very thankful that I have it to pull out. Because in the past, a car emergency also meant we had a financial emergency. Now I get to just fix the car then work on putting the dollars back into my emergency fund over time.

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