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A Very Nice Thing and a Question

January 3rd, 2007 at 07:46 pm

A good thing happened to me today. I had been told sometime last year that I could be a part of a class action suit against my insurance company because of one of their practices. Since I did not remove my name from the suit I was automatically included.........and forgot about it.
Today a check arrived for $207.24 as the suit was settled. What a nice treat! Now to use it properly.
I have about $600.00 in Step 1, an emergency fund and as my income is $20,000 I could consider that step complete or aim for the $1000 suggested for most Step 1 emergency funds. Or I could use it for the "debt snowball."
Any suggestions? And by the way, I received Dave Ramsey's workbook in the mail today and I can't wait to get into it.

Posted in Uncategorized | 6 Comments »

6 Responses to “A Very Nice Thing and a Question”

  1. denisentexas Says:
    January 3rd, 2007 at 07:48 pm 1167853717
    1167853717

    I haven't a clue what you should do with it but I look forward to reading the answers you get! great little mail for you, huh?

  2. living_in_oz Says:
    January 3rd, 2007 at 08:13 pm 1167855190
    1167855190

    Personally, I would add it to your Step 1 Emergency Fund. I know that Dave suggests $600 for a smaller income, but I never did understand that. Just because you don't earn more money does that mean you'll never have a large emergency? You just never know what could happen... I'd feel more comfortable having the extra in an EF. But that's just meWink

  3. robex Says:
    January 3rd, 2007 at 08:27 pm 1167856034
    1167856034

    I agree with Oz. I wouldn't feel comfortable without $1000 in emergency funds. I think you should do what feels right for you.

    You're almost onto Step 2...good for you!

  4. Ima saver Says:
    January 3rd, 2007 at 08:31 pm 1167856284
    1167856284

    I would add it to my emergency fund also.

  5. marymara Says:
    January 3rd, 2007 at 08:34 pm 1167856468
    1167856468

    I am agreeing with my friends who are "voting" for the $1000 emergency fund. My emergencies tend to be on the BIG side anyway. $500 would just about cover a trip from the plumber and a trip to the garage for my car. LOL

  6. debtfreeme Says:
    January 3rd, 2007 at 08:35 pm 1167856517
    1167856517

    i would put it in the emergency fund with out question.

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