Christmas emergency
Question: Mike asks if he can spend his baby emergency fund on Christmas if he knows he can replace it in January.
Dave Ramsey's advice: Absolutely not. Don't have your family down to nothing. That would be financial suicide. If it's the only money you have and you use a little bit for Christmas, that's fine. But using all of it opens the door to disaster. If you need some extra money for Christmas, work an extra job.
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I was tempted to borrow a little from my emergency fund to make a final payment on a credit card (I wanted the card gone but need another $300 to add to the $1000 I had available to pay it off.) I resisted the urge and was glad I did because 3 days later, my car needed $800 worth of engine work! Stay strong and stick to your budget. I paid less than $2.00 in interest on that $300 and paid it off the next month.
# Posted by Dan
| 3/19/08 11:37 AM
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