Monday, July 31, 2006

 

Savings Goals and Savings Challenge Update

The bulk of my savings is in my regular bank attached to my checking account. This is because in case of emergency I want super-quick access vs. having to wait to get my money out of my Emigrant account. But because of going on vacation this month, I realized I should also be setting aside a little each month as a Fun Fund for vacations, date nights etc. I decided to set aside $300 of what I have in savings as my fun fund, well then we went to a casino for bf's birthday and the fun fund is down to $97 but at least there is still some left. :) We decided a Fun Fund was necessary because if you don't go out and have fun every once in a while, things start becoming a drudge. Fun is good! I'm funding the fund with whatever is left over in the discretionary at the end of the month, which for July will be $76 to add to the $97.

My short term goal for my savings is to have one month of expenses in the quick-access account as an emergency- emergency fund, $3500 (I rounded up). Once this goal is met, I will move on to the next goal which is to have the rest of my emergency fund ($6500) in my Emigrant account making money for me. My total emergency fund goal is 10k. I need to get one of those cool goal-meters for my sidebar.

Savings Challenge: I added $65.80 to my $20 start, this was based on what my grocery receipts said I saved. Bfriend said if I wanted to be really accurate I should take the receipt from the Grocery Outlet and go online and actually compare it with Safeway to see if I really saved the $35 the receipt said I saved but for now I'm just going to go with what the receipt says. I've also decided to budget in $65/month for savings challenge so that I don't have to worry about not having money to set aside for the challenge. If I don't meet the $65 I'll put it in savings anyway just not as challenge money.

I think thats all for now.

1 Comments:

Anonymous Jane Dough said...

Sounds like you have a good system going. I agree that a "fun fund" is important. Not only does it give you permission to spend on things that make you happy - but it also helps you know how much fun you can afford...

5:18 AM  

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