Reply Hey Mom! Learn more about the Gerber Life Insurance Grow-Up Plan!
 
Thread Tools Display Modes
Old 10-01-2012, 09:56 PM   #1
Antebellum
Banned
 
Join Date: Nov 2011
Posts: 1,308
My Mood:
Emergency fund or New washing machine?

Soooo....We have recently started applying Dave's principles to our life and I really want to start our emergency fund. I am not able to put money into it each month because after bills we haven't had anything left. I just recently received 500.00. So in my head im thinking perfect we can put this away for our EF and I won't have to worry so much about car repairs or random expenses. Now, we have four children 6 and under and our washing machine broke about 3 months ago. I dont want another craigslist washer I want a new one with a warranty. I can get one from scratch and dent with the warranty for around 500.00 give or take. We have been using my grandmothers every day and have access to my mothers as well ( they each live next door) but I hate constantly having to bother them and its kind of a pain to drag the laundry back and forth each day, but it's there. So my question is start my 500.00 EF and wait until tax time to buy a new washer or buy new washer and probably have to wait until taxes to be able to start EF? Thanks for the advice ladies!

Advertisement

Antebellum is offline   Reply With Quote
Old 10-01-2012, 10:38 PM   #2
misskira
Banned - User Requested
seller
seller
 
Join Date: Mar 2008
Location: Western Oregon
Posts: 7,162
My Mood:
Re: Emergency fund or New washing machine?

Washer.
misskira is offline   Reply With Quote
Old 10-01-2012, 10:40 PM   #3
acwakip's Avatar
acwakip
Registered Users
seller
seller
 
Join Date: Jun 2008
Location: Quincy, IL
Posts: 2,722
My Mood:
Re: Emergency fund or New washing machine?

I would keep the 500 for an emergency fund. You have access to facilities to launder your clothes. What happens if you spend that 500 and something on the car breaks? Or either you or your SO get ill and aren't able to work. It would be nice to have that cushion should you need it.

If you were spending money on the laundromat every week, my answer would probably be different since it can get so expensive. Also, many washers only have 1 year parts and labor warranties. We bought our washer less than 2 years ago and it has already needed repairs twice. Thankfully, DH is pretty skilled with appliances so he has been able to make modifications to make it work.
acwakip is offline   Reply With Quote
Old 10-01-2012, 10:44 PM   #4
Antebellum
Banned
 
Join Date: Nov 2011
Posts: 1,308
My Mood:
Re: Emergency fund or New washing machine?

Quote:
Originally Posted by acwakip View Post
I would keep the 500 for an emergency fund. You have access to facilities to launder your clothes. What happens if you spend that 500 and something on the car breaks? Or either you or your SO get ill and aren't able to work. It would be nice to have that cushion should you need it.

If you were spending money on the laundromat every week, my answer would probably be different since it can get so expensive. Also, many washers only have 1 year parts and labor warranties. We bought our washer less than 2 years ago and it has already needed repairs twice. Thankfully, DH is pretty skilled with appliances so he has been able to make modifications to make it work.
This is my fear , I just feel like im being a pain having to ome over everyday and use their washer. I stopped using my cloth for the time being because it was too much laundry I just feel like if I don't put the money away then I will regret it.
Antebellum is offline   Reply With Quote
Old 10-02-2012, 04:53 AM   #5
Chefconnie
Registered Users
seller
seller
 
Join Date: Jul 2010
Posts: 370
Re: Emergency fund or New washing machine?

Even though you don't want to I would buy a used one off craigslist. The savings in using your cloth again would be worth it. When you recover a bit financially, then you can get what you want (new) but for now I think you need to settle on practical.
Chefconnie is offline   Reply With Quote
Old 10-02-2012, 06:23 AM   #6
Computermama
Banned
 
Join Date: Mar 2008
Posts: 13,800
My Mood:
Re: Emergency fund or New washing machine?

I'd definitely put it in the emergency fund. I might take a bit out to get a used machine, but I wouldn't buy a new one if I didn't have an emergency fund first. I know you don't want a used machine, and I get that, but for the immediate future that's what I'd do. Then when the emergency fund is at a level I was comfortable with, I'd start saving up for a new machine, and then I wouldn't have to settle for a scratch and dent, I could save for the machine I really wanted.
Computermama is offline   Reply With Quote
Old 10-02-2012, 06:52 AM   #7
smores's Avatar
smores
Registered Users
 
Join Date: Apr 2011
Location: Cincy
Posts: 292
Re: Emergency fund or New washing machine?

Quote:
Originally Posted by Computermama View Post
I'd definitely put it in the emergency fund. I might take a bit out to get a used machine, but I wouldn't buy a new one if I didn't have an emergency fund first. I know you don't want a used machine, and I get that, but for the immediate future that's what I'd do. Then when the emergency fund is at a level I was comfortable with, I'd start saving up for a new machine, and then I wouldn't have to settle for a scratch and dent, I could save for the machine I really wanted.
This is what we did. We actually ended up using our tax return to pay for our new HE FLs, but it was worth every penny of waiting and our EF is still big and waiting for that just-in-case time. Because we could finally afford the washer and dryer, we save $40/month in diapers, and because we bought a nice model, we can resell for around the same value we bought them at (they were on super sale during a holiday sale) if we ever need to while moving or the like. We save money and water from the model we would have chosen, too.

If we had paid for just the cheapest model, what we could afford without planning for it, and bought it in store, it would have been just $300 less than our very nice model and as soon as it was out of warranty, it would have been worth less than half. That wasn't worth it to us, and I don't think you should go that route, either. If I were you, I'd either keep doing laundry elsewhere (and tell them thank you, that you're trying to make good responsible financial decisions to help the kids) or buy a cheap used model off of craigslist and save the rest, and start saving for the new washer/dryer.
smores is offline   Reply With Quote
Old 10-02-2012, 06:59 AM   #8
happysmileylady
Registered Users
seller
 
Join Date: Apr 2011
Posts: 8,715
Re: Emergency fund or New washing machine?

I was all set to say replace the washer. Then I saw that you have access to washers just next door AND that you said "start" your BEF...which means you have none right now, correct.

So, put the $500 in the BEF. You need it there. I know because we haven't had a BEF since July and every single freaking time we put money in we have to take that money right back out because something happens.

However, I wouldn't wait until tax time to get a new washer. I would start working to try to get more money coming in, even temporarily, just to get the money for the rest of the BEF and the washer. Like have a garage sale (yes, even in October, people do come to garage sales. You make less outside of "garage sale season" but cash is cash) and then put half of what you make in the BEF and half in the "replace the washer fund."

We changed DH's witholdings on his paycheck and whatever is coming home now from that (hasn't kicked in yet) will be going into our car replacement fund and then DH also got a raise this week, so the extra from that is all going directly to our BEF. It's best if you don't have to split it, but when you do need something replaced, and I think you do, sometimes splitting it like that is necessary.
__________________
Kim-married to Dan
Mama to Caiti (17), Rae Rae (4), Dani Lee(2), and CJ, born 10/12/12.
Stuff From Kim's Kloset That Special Moment Photography Also come check out Swagbucks with me!
happysmileylady is offline   Reply With Quote
Old 10-02-2012, 07:35 AM   #9
CMamma
Registered Users
seller
 
Join Date: Apr 2006
Posts: 15,580
Re: Emergency fund or New washing machine?

I'd keep for the EF. I've got a couple youngins & we went without a washer for about 1.5-2 years. Started at the coin mat, but it was too pricey. I ended up handwashing during that time. It was a lot easier than I thought & saved tons of $ compared to the laundry mat. I finally got a washer a couple weeks ago. Yeah, it's a cheapy, but we found someone selling it in town for $30. Can't beat that. We will get a better one down the road, but for now this was the best, most economical solution. GL!
__________________
Once... And Again Fabric | Vintage | Secondhand
CMamma is offline   Reply With Quote
Old 10-02-2012, 10:26 AM   #10
mommytoreanne's Avatar
mommytoreanne
Registered Users
 
Join Date: Aug 2011
Posts: 312
My Mood:
Re: Emergency fund or New washing machine?

I have 5 kids and we always buy our washers with the extended warranties. we have had to use it a lot of times with our front loader. I can count the parts that were replaced then then the washer it self. and our last washer before the new one was replaced because the could not get the parts off so they replace the washer. They give you a check for the amount spend on the washer.
mommytoreanne is offline   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Copyright 2005 - 2014 Escalate Media. All Rights Reserved.