What the heck is SingleGuyMoney talking about? I'm talking about an Emergency Fund, Rainy Day Account, Deferred Spending Account....no matter what you call it, if you have expenses, you need some kind of savings for a rainy day. Why do I bring this up? I had to use mine today for an unexpected expense.

My good friend had a crazy morning today. At some point, she realized that she had lost her keys. When she went out to the parking lot to see if she had left her keys in her car, she realized that her car had been stolen. Apparently, she dropped her keys next to her car. She was upset not only about her car but also because she had mail in the car with her address. She immediately notified the police to look out for the car. I took her home and we both quickly realized that the thief had been to her home!!!!! Luckily, nothing was taken probably because she has a large dog but the fact still remains that someone had been there. The doors had been left wide open for an unknown period of time. My friend lives alone so she was really scared to be home alone. She is safely spending a couple of nights with another friend until everything cools down.

How does my emergency fund relate to this story? She needed money to change the locks to her home but she did not have the extra money to do so. Usually, I do not loan money to friends but I felt in this situation, it was well warranted. The safety of my friend is much more important than money. I loaned her about $500 to get the locks changed to her home and get a very inexpensive rental vehicle for a couple of days. The rental coverage on her auto policy does not kick in until after 48 hours have passed.

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5 comments

  1. Dimples // October 29, 2007 at 8:10 PM  

    Dang! Talk about bad luck. Your a good friend. I would have done the same. Hope they find the thief.

  2. Patrick // October 29, 2007 at 10:15 PM  

    I'm glad you were there to help her out, and I'm thankful no one was hurt.

  3. Pinyo // October 30, 2007 at 11:43 AM  

    That's terrible. I hope everything works out okay for her. I think you did the right thing. I would have done the same if I were you.

  4. GG // November 5, 2007 at 12:12 AM  

    When you say "emergency fund," what do you mean, exactly? A savings account? An ING? Something else.

    I am on board with the idea but don't know how to put it into practice.

    Advice?

  5. SingleGuyMoney // November 5, 2007 at 1:23 PM  

    @GG - Basically, an emergency fund is a savings account. You put money aside from every paycheck to use for rainy days. That way, you don't need to rely on credit cards.