Even though I have specific goals on what I want to save for, and that motivates me, I really understand that no matter what you nickname the ING account or what you’ve purposed certain funds for, it’s all the same money. Up until this point, I haven’t had my emergency savings fund in a separate account – it’s generally the sum of my Money Market account as well as what I have in my account with my employer’s credit union. I know it’s not ideal, but that’s just how it worked out initially. Now – whether it’s the financial chaos or what I wake up to on CNN everyday – I’ve decided I have to reach my Emergency Fund goal as soon as possible, that’s the most important priority. So I’m going to work towards getting my B-school savings account up to $9,000 so that I can call that my emergency savings fund, finally meet this goal, and keep moving forward with my other goals. Sadly, I don’t think I can do it without seriously ratcheting up my savings. As it is I have $4,800 invested in b-school savings, I’m saving about $175 a month all told, including interest and direct deposits, but if I ratchet that up to $350 a month, I could add another $1500 before the end of the year. And, I’m selling a bunch of my stuff on Craigslist because I’m moving in with the Guy…. So I’m committing that all of that money will go to the Emergency fund.
Which will all feel great….
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2 comments:
I like labeling my accounts differently because I tend to save more money. I won't take money out of my "vacation fund" because I know I will enjoy using this money for vacation. I have a problem with emptying my savings for things I don't need.
Completely agree! I think you hit on the main point buried behind the post... that you have to use the account nicknames and allocations the way it helps you save MORE.
I feel like I'm getting too wishy-washy with my "emergency fund" so I'm knocking it out with everything I have.
Welcome to the blog! I checked out your site, and I'll be following along....
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