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Big, Fat, Tax, Bummer

April 5, 2013

Beautiful Beach

We ended up having a huge tax bill, and we were pretty devastated when we realized that almost a whole month of extra principal payment would be gone.

If we could do a flashback to about two years ago, we would have been in full panic mode.  Where would this money have come from if our emergency fund didn’t exist?  We would have been in a bind, figuring out how to pay.

The awesome thing about having our emergency fund is that it doesn’t allow us to get in a bind, in a panic or in survival mode.  The emergency fund has got our back. Although it sucks having to pay $6700, it ends up being only a big ,fat, bummer.

After reading Dave Ramsey’s books, we decided that it was worth that sense of security to save up 3-6 months of our personal expenses. It saves us, every time!

Questions for you: Do you have an emergency fund?  Why or why not?  Has it helped turned a crisis into a mere situation?

3 Comments leave one →
  1. April 5, 2013 7:30 pm

    That’s a great idea! I was fortunate to not have to pay in to the IRS this year, at the same time I had a huge car problem! I really need to talk to my hubby about saving for an emergency~

    Prabal Gurung for Target Giveaway!

  2. Ellen permalink
    April 6, 2013 5:42 am

    We follow Dave Ramsey’s principle’s too and have 8 months in an emergency fund. We have been following him for about 4 years now and it’s made a world of difference in our lives. A few years back we would have panicked at that amount, now we plan ahead. We owed on taxes this year too.. bummer.. but not an issue. We feel fortunate that we have found him and his principle’s because it’s made such a difference in our lives and how we view our money. I keep trying to share it with who ever will listen without being annoying. lol

  3. Shocked permalink
    April 9, 2013 10:51 pm

    Can you let us know what you screwed up so badly with your taxes so that we don’t make the same mistake?

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