Thanks, ladies.
As an adult, it's been rare that I've been ABLE to save very much, save a tax refund here and there. This house is much bigger than my house in MD and has more that can go wrong. Plus, the taxes--don't even get me started! So now that I have the opportunity, I'm taking advantage. My savings account even earns me a TINY amount of interest--we're talking 12-15 cents a month--but every little bit helps!
Jen M.
Emergency Fund Challenge for 2016
Re: Emergency Fund Challenge for 2016
Sage Alley: My green/simple living blog:
http://sagealley.blogspot.com
http://sagealley.blogspot.com
Re: Emergency Fund Challenge for 2016
I had not thought about an emergency fund for a while. Thanks for the subject. I did a bit of research and the traditional idea is to put aside enough to cover normal expenses for 3-6 months. To determine the amount suggests a good budget. I thought hubs could handle the budget making process since he is intense on entering expenses into the computer. That was a mistake. A budget does not automatically flow from entering data, I found out.
So how do you determine how much should be an emergency fund. Budget, guess, something else?
So how do you determine how much should be an emergency fund. Budget, guess, something else?
Re: Emergency Fund Challenge for 2016
I think it largely comes down to knowing your own budget and your own tolerance for belt tightening.
This week, I acutally SAVED about $72 on sales and coupons, but I did not have that much to put into savings. I got my $60 paycheck on Saturday, and I put that into savings instead. Even though money DOES come out to help cover bills, I'm feeling good about my savings rate this year.
Jen M, WV
This week, I acutally SAVED about $72 on sales and coupons, but I did not have that much to put into savings. I got my $60 paycheck on Saturday, and I put that into savings instead. Even though money DOES come out to help cover bills, I'm feeling good about my savings rate this year.
Jen M, WV
Sage Alley: My green/simple living blog:
http://sagealley.blogspot.com
http://sagealley.blogspot.com
Re: Emergency Fund Challenge for 2016
Building a draft budget for 6 months should be manageable. If you start tracking now, in 6 months you will have some idea. We pay real estate taxes and house & car insurance bills twice yearly. Track utilities and groceries and doctor bills/co-pays. In an emergency you would cut back on non-essentials like gifts and clothing purchase. So just track the essentials. I have been tracking expenditures since 2010 or 2011. Each year's budget is a copy of the prior year with modifications for things coming up that I know about.
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Re: Emergency Fund Challenge for 2016
I have to step this up now! I just read the simple dollar and they had some nice ideas (nothing new) to help focus on money saving goals or any goals really. this being said I do have 5K saved for the built in generator, dh feels it is a waste of money. so I am now on the fence about it. cj
Re: Emergency Fund Challenge for 2016
I took $5k from savings today to cover my taxes and the replacement of the roof on my house in MD, as well as for this month's bills; however, that is not stopping me: I'm putting $73 back in: $13 in coupon/store savings, and my paycheck from last week ($60.) On the face of it, it might seem silly, but I feel that putting something back is better than making no effort at all.
Jen M, WV
Jen M, WV
Sage Alley: My green/simple living blog:
http://sagealley.blogspot.com
http://sagealley.blogspot.com