Saturday, February 27, 2010

Considering focusing on Saving

I'm considering focusing my energy on making sure my emergency fund is at $10,000. I am very close to $6000 and I can save $4000 in two months. I am so proud of Chitown of Windy City Blues for completing her short term savings goal and it has pushed me to focus on my savings for the moment.

So 10grand it is. I just have this feeling that it is probably good to save as much as possible before the wedding. I don't want to be stressing about emergencies during the first year of marriage. We are also thinking about moving out of our part of the duplex, renting it out and moving into an apartment. We are going to need extra savings for that.

In fact, I am going to stretch and move my savings goal up to 20grand by the end of the year. The way it looks we will fall somewhere close to 17 and 19 thousand in savings by the end of the year, so why not make it $20000.

Thankfully, I'm a pretty frugal person by nature.

until next time, think prosperous thoughts



Chitown said...

Thanks YBP!

How do you go about saving so much? $4,000 in two months is awesome.

I was able to fund my $10,000 Efund with my annual bonus and tax return, not through regular savings contributions.

YBP said...

well i work two jobs but i keep my living expenses very low.

I paid of my car and now only carry liability insurance

I own a home, but it is a house with a basement apt which I rent out for over 700. my part of the mortgage is 302.00 every month. So my living expenses are under 1000.00.

I used to not have credit card debt, but since I put my mac desktop on card that is the only debt I have... besides the mountain of student loans that are in deferral for right now(i wanted to start paying them off before the go into repayment next feb.