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Sunday, April 4, 2010

There Goes the Emergency Fund

[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]

I have just finished setting up my remaining account with Chase on their Balance Liquidation Program this week and the results have been astounding.

It is great to finally be seeing my balances come down on my credit cards. I had also begun to put aside money in my emergency fund.

I had attended a gold party that a friend of mine had and I actually had made some money partying. I had sold some gold jewelry and made $400. That $400 went to start my emergency savings, but that has now been interrupted.

I have put off and put off getting my tires rotated that are now 4 years old and have 72,000 miles on them. A recent road trip however has put them over the edge.

I noticed yesterday that one of the tires has a crack in it and the tread is worn down to the point that the steal belt is visible. This is a blow out waiting to happen.

So I began calling around to prices for the tires and to get the same tires I have is about $200 a piece. Now I have the self sealing tires that have come in handy more than once and that is what is adding to the price.

I don't have to go with the run flats, but they give such a sense of security I am going to go ahead and get them. Thing is I only have the money for two. To me the front two tires appear the worst and those would be ones I would replace. We'll have to save the other two for later I hope.

I guess that is why having an emergency fund is so important. For times when you need money for car repairs and such. In the meantime, back to the drawing board on the emergency fund.

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