Saving for an Emergency Update

This is just a quick update from my previous saving for an emergency post. As mentioned in that previous post, one of the first things I want to do after being debt free is to save $10,000 in an emergency fund.

What I didn’t mention in that post was that I have given myself a deadline of March 31st, 2016. I want to be done in the first quarter of 2016 so I can use that money to invest…finally.

Here is where I am at so far:

Previous balance:                                                                       $2,500.00     (Feb 1, 2016)

Interest + Other Additions:                                                         $159.47      (during Feb 2016)

Windfall Income Expected (Tax Refund)                             $4,964.34     (March 2, 2016)

Total Amount Saved                                                                 $7,623.81   (March 3, 2016)

Goal:                                                                                            $10,000.00  (by March 31, 2016)

Shortfall:                                                                                 ($2,376.19)

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As you can see I only put in a little over $100 in February, because of two expenses that came up that was not quite in the budget:

4 wisdom teeth extractions: $700 (deductible portion paid by me)

New cell phone:                         $350   (I bought the new Asus Zenfone outright to avoid a contract (I don’t like contracts. I know, I know, I probably could have waited for this expense, but to my defence, my previous HTC phone was almost 4 years old. Yah it was pretty bad).

I really want to get this thing funded. In March 2016, I hope to put in an additional $1,959.89, which would bring my shortfall down from ($2,376.19) to ($416.30).

I am hoping to make the $416.30 shortfall with some side hustle work, including:

  • Completing tax returns for close friends (I have been doing this for years now)
  • Tutoring (this is where I think I will make the most money. Tutoring normally brings me anywhere between $25-$30/hour, which is nice).

It’s going to be tight, but I think I can do it. I need to somehow balance my work with my side hustle income streams, with a course I am taking in the evenings once a week & all the studying that goes with that. Time management is always an ongoing struggle for me. Not that I waste time, but I want to do too many things at once (ok, and maybe sometimes I waste time).

Final updates will be made at the end of March 31, 2016. Posting this information keeps me accountable and focused to getting it done. I hate funding an emergency fund cause the money just sit there, so I can’t wait to get it over with.

Anybody else savings up for an emergency? How do you manage and stay disciplined?

Categories: Savings

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2 replies

  1. Congratulations on your commitment to save money. I waited a little longer than I should have but saving money much sooner but in the end it allowed me to retire! It is so worth it. I still save however, and I’m very thrifty!

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