4/23/2014

My Money, My Choices - Level 3, Activity 3

Posted by with 2 comments | in ,
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?

 Check out the My Money, My Choices program by clicking here.

Related Posts:

  • My Money, My Choices - Level 2 Complete Now that we've got the spending tracking going well, and posting those updates to our spending journal (I'll do monthly posts for those summarizing), I've marked Level 2 Complete!  This step doesn't actually ever end… Read More
  • My Money, My Choices - Level 3, Activity 2This activity is to set up an Emergency Fund...which Jordan and I have...but is it being used properly?  This is what Gail says an emergency fund is for: Needing new tires is not an emergency. Nor is a new roof, that re… Read More
  • My Money, My Choices - Level 3, Activity 1This activity takes us through calculating our personal savings rate.  Gail tells us that there is basically two different types of savings. Long Term - Retirement Planned Spending - Emergencies, Kids School Funds, Vaca… Read More
  • My Money, My Choices - Level 3, Activity 4The fourth activity in level 3 is getting set up on a company pension plan if you're not already on one - thankfully I am but unfortunately, Jordan's company doesn't have one. Mine is a defined contribution (not defined be… Read More
  • 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 … Read More

2 comments:

  1. Alicia @ Financial Diffraction23 April 2014 at 09:13

    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!

    ReplyDelete
    Replies
    1. Alicia @ Financial Diffraction23 April 2014 at 09:17

      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 :)

      Delete

Hi! Thank you for stopping by and leaving a message.

Subscribe to: Post Comments (Atom)

Links ♥

Followers