The first step to replenishing our emergency fund went smoothly. Jordan's two year secured credit card was released of it's 'security' at the end of November. We transferred that $500 directly to ING and we're well on our way to having a stash of cash.
This need to rebuild our emergency fund quickly goes back to the peace of mind I wrote about in my doing it all post last week.
I found out that I'll be getting a Profit Sharing/Christmas Bonus of $775 (less taxes). That will be deposited on my December 10, 2010 pay - so we'll do a swift transfer of that money into the Efund as well. That should bring us to about $1,000 by the end of the year.
In the new year, we'll add any tax refunds we get (which there will be some from RRSP contributions and Jordan's school expenses) as well as Jordan's beneficiary cheque (I'll explain more on that when it comes in).
I'm hoping that by...say April - we've got our $2,500. It feels like a long time to wait for peace of mind - but it'll be worth it once we have it straightened out.
Emergency Fund - Replenish Plan
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That's more than you first thought, eh! Good for plans!
ReplyDeleteNicely done. :)
ReplyDelete@ Mom - the profit share is wayyy more than I thought I would get. I was thinking it would be closer to $200!
ReplyDelete@ The Financial Catastrophizer - Thanks!
Good job. April is generally when we get our income tax returns as well.
ReplyDelete