What is an "emergency?" - Mothering Forums

Forum Jump: 
 
Thread Tools
#1 of 24 Old 08-21-2007, 11:49 PM - Thread Starter
 
mrskennedy's Avatar
 
Join Date: Dec 2006
Posts: 2,689
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
What would/do you use your savings for? And do you think using it for career training is valid/wise? I'm waffling on this... And it's extremely frustrating!
mrskennedy is offline  
#2 of 24 Old 08-22-2007, 12:49 AM
 
phathui5's Avatar
 
Join Date: Jan 2002
Location: Oregon
Posts: 17,474
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 1 Post(s)
1) I would call that "not an emergency" unless you're finding yourself in a situation where you're suddenly a single mom and have to work or your partner is unable to work.

2) I wouldn't take money out of savings for a non-emergency unless you have a good chuck of money in there and will still have enough to cover an actual emergency after you take the money out.

Midwife (CPM, LDM) and homeschooling mama to:
13yo ds   10yo dd  8yo ds and 6yo ds and 1yo ds  
phathui5 is offline  
#3 of 24 Old 08-22-2007, 01:11 AM
 
mightymoo's Avatar
 
Join Date: Dec 2003
Location: Mass. Confusion
Posts: 10,940
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Depends on the size of the fund I'd say. If you are talking about a small emergency fund, like $1000-3000, I would say no. If you are talking about a 6 months of expenses fund in case someone loses a job and the training would increase income (so it could be paid back) then I'd say yes.

Mightymoo - Mom to DD (6) and DS (4)
mightymoo is offline  
#4 of 24 Old 08-22-2007, 09:28 AM
 
EmsMom's Avatar
 
Join Date: Dec 2001
Posts: 1,389
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 10 Post(s)
I really think that emergency fund is for emengencies only. Unemployment would be an emergency so in that scenario, some well thought out job training would be an appropriate expenditure. Car repairs that must be done immediately and paid for immediately. A crown for a tooth. Emergency room. A $3000 vet bill (this is my emergency this week - yikes!). Further, I would avoid spending that emergency fund in any way possible (except credit card debt). Job retraining education might be able to be financed through a loan, for example. If you took out a deferred student loan for the training and then put some money aside to repay it every month (in an interest bearing account), you might be able to repay a big sum right off the bat.
EmsMom is offline  
#5 of 24 Old 08-22-2007, 10:40 AM
 
MissMommyNiceNice's Avatar
 
Join Date: May 2007
Location: Where the grass is greener
Posts: 4,917
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
We jsut had one of these. It was a $600 water pump to keep our car going. Bye bye half of savings!

You would sure feel bad if you were taking training and then suddenly had to stop because you couldn't get there any more because your car wouldn't run. Just food for thought...

Can you get financial aid for your training?
MissMommyNiceNice is offline  
#6 of 24 Old 08-22-2007, 10:43 AM
 
Denvergirlie's Avatar
 
Join Date: Oct 2005
Location: Foothills west of Denver
Posts: 2,070
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
If you have to ask if it's an emergency, then it's not an emergency.

My .02 cents
Denvergirlie is offline  
#7 of 24 Old 08-22-2007, 11:13 AM - Thread Starter
 
mrskennedy's Avatar
 
Join Date: Dec 2006
Posts: 2,689
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by Denvergirlie View Post
If you have to ask if it's an emergency, then it's not an emergency.

My .02 cents
: Doesn't really make it any easier though, just more frustrating.
mrskennedy is offline  
#8 of 24 Old 08-22-2007, 11:15 AM - Thread Starter
 
mrskennedy's Avatar
 
Join Date: Dec 2006
Posts: 2,689
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by hklinefelter22 View Post
We jsut had one of these. It was a $600 water pump to keep our car going. Bye bye half of savings!

You would sure feel bad if you were taking training and then suddenly had to stop because you couldn't get there any more because your car wouldn't run. Just food for thought...

Can you get financial aid for your training?
The training is online, and we're blind and don't have a car. (Imagine the insurance if we tried to drive! !) No fin. aid--wouldn't take it anyway b/c I refuse to pay interest on loans.
mrskennedy is offline  
#9 of 24 Old 08-22-2007, 11:16 AM - Thread Starter
 
mrskennedy's Avatar
 
Join Date: Dec 2006
Posts: 2,689
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by EmsMom View Post
I really think that emergency fund is for emengencies only. Unemployment would be an emergency so in that scenario, some well thought out job training would be an appropriate expenditure. Car repairs that must be done immediately and paid for immediately. A crown for a tooth. Emergency room. A $3000 vet bill (this is my emergency this week - yikes!). Further, I would avoid spending that emergency fund in any way possible (except credit card debt). Job retraining education might be able to be financed through a loan, for example. If you took out a deferred student loan for the training and then put some money aside to repay it every month (in an interest bearing account), you might be able to repay a big sum right off the bat.
Well, we ARE unemployed--living on social security and welfare, which we aren't proud of... We'll see what happens.
mrskennedy is offline  
#10 of 24 Old 08-22-2007, 11:45 AM
 
MissMommyNiceNice's Avatar
 
Join Date: May 2007
Location: Where the grass is greener
Posts: 4,917
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
How much is the training, for what kind of job, and how much is in your savings? Maybe that would help us understand the situation more. If you're on welfare, etc, maybe it IS an emergency...
MissMommyNiceNice is offline  
#11 of 24 Old 08-22-2007, 12:10 PM
 
mammastar2's Avatar
 
Join Date: Dec 2004
Posts: 2,754
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
I don't get why it has to be an 'emergency'? Can't it just be a good idea?

So long as it's properly researched and you know you're going to be able to use it to make your life better, training is always a good choice, in my view. Better than not getting a qualification and continuing to live in poverty just so you have a cushion in case things get even worse...
mammastar2 is offline  
#12 of 24 Old 08-22-2007, 02:31 PM - Thread Starter
 
mrskennedy's Avatar
 
Join Date: Dec 2006
Posts: 2,689
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by mammastar2 View Post
I don't get why it has to be an 'emergency'? Can't it just be a good idea?

So long as it's properly researched and you know you're going to be able to use it to make your life better, training is always a good choice, in my view. Better than not getting a qualification and continuing to live in poverty just so you have a cushion in case things get even worse...
Yeah, I thought of that too. DH and others I trust will support my decision either way, but they're leaving it up to me. Still considering my options here and whether I've missed any...
mrskennedy is offline  
#13 of 24 Old 08-22-2007, 02:40 PM - Thread Starter
 
mrskennedy's Avatar
 
Join Date: Dec 2006
Posts: 2,689
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by hklinefelter22 View Post
How much is the training, for what kind of job, and how much is in your savings? Maybe that would help us understand the situation more. If you're on welfare, etc, maybe it IS an emergency...
Training is $1710, paid in 4 monthly payments with no interest. Savings is about $600, and we have $800 coming in Sept. from a life insurance policy we don't need. That's $1400, and I have monthly freelance work that would cover the rest. All I really need to do is make sure there's enough for the monthly payments of about $428 each.

There's never a guarantee, really. But I think this training is my best bet for work. It's medical transcription, and I'll be able to train online whenever it's convenient and still stay home with DS. They provide a list of at-home employers upon graduation, and I've already researched several and feel that with the training, I could easily get hired by one or more of them.

Without this, we could be living off the government indefinitely, and we certainly don't want to do that, not to mention social security won't be around forever, and any job I'd get would offer insurance, 401K, etc.
mrskennedy is offline  
#14 of 24 Old 08-22-2007, 02:59 PM
 
Stace's Avatar
 
Join Date: Jan 2007
Location: East Coast
Posts: 784
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Financial aid doesn't automatically mean a loan that comes with interest. There are tons of grants and scholarships out there.
Stace is offline  
#15 of 24 Old 08-22-2007, 03:03 PM - Thread Starter
 
mrskennedy's Avatar
 
Join Date: Dec 2006
Posts: 2,689
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by Stace View Post
Financial aid doesn't automatically mean a loan that comes with interest. There are tons of grants and scholarships out there.
This program doesn't take grants. So yes, it's either pay 4 monthly payments of $400 and change, or get a loan with interest.
mrskennedy is offline  
#16 of 24 Old 08-22-2007, 03:21 PM
 
mightymoo's Avatar
 
Join Date: Dec 2003
Location: Mass. Confusion
Posts: 10,940
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
While it sounds like its a good move for you, I'd be concerned about taking savings to zero. If you do freelance work, I would work to save up the money via freelance and then take the course. That way you don't put yourself in jeopardy by having no savings.

Mightymoo - Mom to DD (6) and DS (4)
mightymoo is offline  
#17 of 24 Old 08-22-2007, 04:27 PM
 
MaddieMay's Avatar
 
Join Date: Jul 2006
Posts: 1,835
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Now I know you said no students loans, but hear me out.

Can you apply for a subsidized loan? With a subsidized loan, you don't start paying interest until six months after graduation. You can essentially borrow the money and right before your six months are up, pay off the loan. If you are pretty certain you'd have a job by then, you'd essentially be able to do this very easily and perhaps even be able to pay it off very early.

I wouldn't take your savings to zero.

A supportive military wife and mama to my busy boy and sweet girl.
MaddieMay is offline  
#18 of 24 Old 08-22-2007, 05:28 PM
 
mammastar2's Avatar
 
Join Date: Dec 2004
Posts: 2,754
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Have you checked the employment rates of graduates of the particular program, and what you can expect to make?


Does the program provide placement assistance once you're done?

Are there other similar programs that accept grants?

Have you contacted the prospective employers to learn how they view the training program?

Training = good. Privately run for-profit training programs = caution. Not a red light, but a yellow one.
mammastar2 is offline  
#19 of 24 Old 08-22-2007, 07:30 PM - Thread Starter
 
mrskennedy's Avatar
 
Join Date: Dec 2006
Posts: 2,689
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by mammastar2 View Post
Have you checked the employment rates of graduates of the particular program, and what you can expect to make?
Yes. I even know people personally who graduated from the program.


Does the program provide placement assistance once you're done?
Yes, national, regional and local employer directories; sales letter/resume review; etc.

Are there other similar programs that accept grants?
IMO the similar programs aren't as good, and the school that offers a similar program online--where I need it--has BBB and other complaints against it. They also provide less transcription practice and cost thousands more.

Have you contacted the prospective employers to learn how they view the training program?
Yes, the prospective employers wave their 2-5 years experience requirement b/c they trust and partner with this program.

Training = good. Privately run for-profit training programs = caution. Not a red light, but a yellow one.
It's not a yellow light to me, at least with this particular program.
mrskennedy is offline  
#20 of 24 Old 08-22-2007, 07:32 PM - Thread Starter
 
mrskennedy's Avatar
 
Join Date: Dec 2006
Posts: 2,689
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by Nicole! View Post
Now I know you said no students loans, but hear me out.

Can you apply for a subsidized loan? With a subsidized loan, you don't start paying interest until six months after graduation. You can essentially borrow the money and right before your six months are up, pay off the loan. If you are pretty certain you'd have a job by then, you'd essentially be able to do this very easily and perhaps even be able to pay it off very early.

I wouldn't take your savings to zero.
What's the difference between a student loan and a subsidized loan, and where/how do you apply for one?
mrskennedy is offline  
#21 of 24 Old 08-22-2007, 07:35 PM - Thread Starter
 
mrskennedy's Avatar
 
Join Date: Dec 2006
Posts: 2,689
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by mightymoo View Post
While it sounds like its a good move for you, I'd be concerned about taking savings to zero. If you do freelance work, I would work to save up the money via freelance and then take the course. That way you don't put yourself in jeopardy by having no savings.
The reason I hesitate to wait is b/c I only make $800 in 4-6 months, but that's only when I get lucky. Normally it's much less/month and takes even longer to add up to that. The freelance work I do doesn't pay much and isn't worht my time. I do it to keep money in my PayPal account, b/c PP gets more interest than my bank act.
mrskennedy is offline  
#22 of 24 Old 08-22-2007, 07:39 PM - Thread Starter
 
mrskennedy's Avatar
 
Join Date: Dec 2006
Posts: 2,689
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Just read a bit about subsidized loans, and it says you have to fill out the FAFSA. And it's still federal funding, so a go no. (I don't want a loan anyway, and I've said it before.)
mrskennedy is offline  
#23 of 24 Old 08-23-2007, 08:49 AM
 
Knittin' in the Shade's Avatar
 
Join Date: Feb 2003
Location: near Philly, PA
Posts: 4,637
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
I'd be really hesitant to take savings down to zero without a *guarantee* that you'll be able to get a job at the end. It would suck to pay all that money for the training and then not be able to get work afterwards. a lot of those medical transcription training centers really don't offer any job placement assistance and they make it look so easy - but it takes a lot of gruntwork to find the doctors and companies that outsource their transcription.
Knittin' in the Shade is offline  
#24 of 24 Old 08-23-2007, 09:59 AM
 
LEAW's Avatar
 
Join Date: Aug 2004
Location: The batcave...
Posts: 2,609
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Are you living on SSi or SSDI income?

Because you and your partner both have documented disabilities, I wouldn't hesitate to check out any county programs that can provide funding.

Call your local bureau of vocational rehabilitation - they just provided my friend with technical college tuition. Call the county mr/dd (mental retardation and developmental disabilities) and ask for intake, see if you qualify for services, or if they can refer you to other agencies.

Call your local sight center and ask for suggestions and ideas and referrals.

Call the state school for the blind and ask for their transition specialist at the high school. They have one (by law) and that person can at least steer you toward other agencies that can help.

I'd exhaust all public options before spending my only savings.

Lisa, mama to Lauren, Elliot, angel Marion, and baby due in the fall.
LEAW is offline  
Reply

Quick Reply
Message:
Drag and Drop File Upload
Drag files here to attach!
Upload Progress: 0
Options

Register Now

In order to be able to post messages on the Mothering Forums forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.
User Name:
If you do not want to register, fill this field only and the name will be used as user name for your post.
Password
Please enter a password for your user account. Note that passwords are case-sensitive.
Password:
Confirm Password:
Email Address
Please enter a valid email address for yourself.
Email Address:

Log-in

Human Verification

In order to verify that you are a human and not a spam bot, please enter the answer into the following box below based on the instructions contained in the graphic.



User Tag List

Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page


Forum Jump: 

Posting Rules  
You may post new threads
You may 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
Trackbacks are On
Pingbacks are On
Refbacks are Off