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My dad insisted we put $50 a month into a separate emergency fund for car repairs.
We did it for two years, and last month our transmission went out in Phoenix. The $1200 we saved covered the whole bill without touching our main savings. What's one piece of family money advice that actually worked for you?
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cora5186d ago
Wait, you only saved for two years and that covered a whole transmission? That's wild, ours cost almost double that last year. Your dad was seriously on to something with that specific amount.
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kelly6386d ago
Yeah, "almost double" hits hard. We had a similar shock with our water heater last winter, completely wiped out our emergency fund. It's brutal when you think you're prepared and the real cost is just way higher.
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betty_wells6d ago
Oh perfect, the classic "surprise, it's actually way worse" home ownership special. Nothing like watching your emergency fund vanish because a very important metal box decided to die. You save up for the thing they tell you it costs, and then reality shows up with its own, much bigger price tag. Really makes you feel like a financial genius.
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