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Emergency Savings Redirection

December 28th, 2016 at 06:37 am

Well, I met my goal last month with my own money for my $1,000 emergency savings and my FIL gifted each of us $1,000 for Christmas.

I decided that in my Capital One 360 savings accounts needed to be fully funded.

Car insurance (due in March) = 500.00 (added 242.55 to meet goal) Deposits from my paycheck will be toward September's payment.

Gym annual fee (due in October) = 175.00 (added 118.95) I can cut this deposit in half since the next fee is due in October 2018.

CCW Club Dues and Extras (due in July) = $60.00 (added 53.80)

DS Guardianship and Senior Year = 500.00 (added 406.28) The "fully funded" goal is actually the rock bottom amount I needed. I am sure I will need more.

I will still contribute from my paycheck but I feel secure in knowing that these funds are set aside for the near future.

In the meantime, I still have the $1,000 rock bottom for emergencies.

My hopes are that in 2017, I can be a savings rock star like the rest of you superstars!

3 Responses to “Emergency Savings Redirection”

  1. NJDebbie Says:

    That's a really generous gift! You are doing such great work planning and funding future events and your emergency funds. I'm curious; is your hubby in it too or is this something you are doing on your own?

  2. snafu Says:

    How wonderful of FIL to generously gift each of you $ 1,000. You're doing so well planning for upcoming 2017 expenditures. I hope DH is impressed. As it nearing year end, many of us look at assets like house, car, net income and subtract liabilities like mortgage, outstanding loan, income, savings, investments etc. for a Net Worth sum to compare with the previous year and set targets for 2017. It's helpful to add FICO type credit score to see how creditors evaluate your financial information.

    Do you have an employer sponsored retirement plan? Are there any matching contributions?

  3. Trying to get ahead Says:

    NJDebbie: Thanks! I'm doing this on my own with my own expenses.

    Snafu: Yes I have a 401k that I contribute 7% and my employer matches up to 6%. I have an account with Mint so I get the net worth tally as I go. My FIL is awesome and when I opened the envelope I dropped the F-bomb (LOL). He normally sends $100 apiece.

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