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Reply to "How do you pay for a "big ticket" item?"
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[quote=Anonymous]I agree with Singletary's approach. Don't put all your savings in an "emergency" fund because sometimes you need to spend on big ticket items that are not emergencies, like cars, etc. It is much more financially savvy to pay cash for these than take out loans. Slice up your savings into a portion that really goes into long-term "savings" and a portion that allows you to preemptively save for big-ticket items that you do need or want to purchase at some point (cars, home repair, etc.). Allocate monthly or whatever works for you. I go a step father and have a "vacation" fund. Otherwise I would feel reluctant to spend the money, but travel is DH's favorite hobby so I need to make room for it in the budget. My hobbies are more a monthly thing so it's only fair we spend on his too.[/quote]
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