4/23/2014

My Money, My Choices - Level 3, Activity 3

A couple days ago, I wrote about creating the Emergency Fund, today is about automating it.  This one is really simple - just set up an automatic savings programme.  With a goal of $25,000 it's going to take us a loooonng time - but we'll never get there, if we don't get going.

For those of you that were with us a few months back when Jordan took his new job, we didn't have the cash flow to keep our emergency fund automated - now that his job is changing to a higher guarantee we can look at this again..

...but how much should we automate, and how much do we keep flexible for our debt snowflakes?

I'm going to start with 100/month and see how that feels.  How much do you put towards your emergency fund every month?

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2 comments:

  1. Right now my Emergency Fund is close to $6,000... where it will stay until my debt is paid off (then I'm looking at going for $10,000). I stopped automating it and just put "found money" there now. Nothing big, just $25 or $50 per month from Tangerine referrals, surveys I did online, or from Checkout 51. When I was adding to it and I had starting getting my finances in order I was just putting $50 in there per month. Just enough to see it grow a little bit per month.

    I didn't read your other post, but why are you looking for $25,000? That seems like a very large goal!

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    1. Nevermind - I went back and had a look at your post. Can you decrease your LOC payment, or is that the interest/min payment? Generally I think that most people assume just keeping your debt current, not about plugging away at your debt like normal. That's how I came up with my $10,000 amount. I also don't have a car payment, let alone two, otherwise I'd be up there with you guys :)

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