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A Savings milestone

starchyk

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I haven’t been as intense as I should be on BS3... I have been here for over a year and still don’t have a full FFEF. Lots of reasons, but I AM saving, and I am never going back into debt! My FFEF goal is 17,500, which would be 6 months of bare bones expenses. I want to reach 3 months, or 8,750 by the end of this year. 
 

However, I hit a milestone this week: I have just over $5000 in my EF savings account! Whoo-hoo! And looking at my budget I have a total of over $10,000 in my “short term” savings category (which is my EF plus my sinking funds - travel, gifts/Christmas, and big purchases.) realizing that in a true emergency I could draw on the sinking funds to get by gives me such a feeling of security! I also have an investment account for down payment savings that could in a worst case scenario be liquidated- it’s just over $11k right now! So I guess I actually do have 6+months available to me, even if I haven’t named it my EF.

I do still plan to build up the FFEF account to $17,500, because I know I need $ named just for emergencies, but realizing I have lots of options Even while I am getting there gives me a ton of peace. 

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I think you are doing great.  DH and I do what you’re doing—have different savings “buckets” for different purposes.  It keeps us focused on what goals we still need to work on.

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That is great! And honestly once you add a Roth IRA it adds another level of protection although ideally you'll never touch it. Good job staying focused,  the faster you get through BS3 the faster you get to a step where your money can work for you so you won't have to someday!

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starchyk, you are exercising that important "saving muscle" and will reach your goals.   

 

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17 hours ago, kelvan80 said:

 the faster you get through BS3 the faster you get to a step where your money can work for you so you won't have to someday!

Yes!!! You can really start piling up money once you're through Step #3!!  Keep on keepin' on!!

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We have all our sinking funds in one account too. I have a spreadsheet showing how much is for vacation, how much is for car repair/replacement, how much for Christmas, how much for home repair/replacement, etc. but it is good to know that money could be reallocated (less into vacation, more to car repair, etc.) if need be. 

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4 hours ago, delilahdr said:

We have all our sinking funds in one account too. I have a spreadsheet showing how much is for vacation, how much is for car repair/replacement, how much for Christmas, how much for home repair/replacement, etc. but it is good to know that money could be reallocated (less into vacation, more to car repair, etc.) if need be. 

Yup, exactly what we do.

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Thank you all for the encouragement! September is a three pay month, and I just did the budget for tomorrow’s cheque- I will have two months in my EF once I make tomorrow’s savings transfers! And even though I bought a desk (being reimbursed by work, but no idea how long that will take, so it’s budgeted!) I will still have over 10K Total in my savings accounts!

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Thanks for your inspiration.  I too am working on my FFEF, lets flex that savings muscle.  

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