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)
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?
Tags: a lot of debt, becoming debt free, budget, Budgeting, compound interest, Credit, dealing with debt, debt journey, emergency fund, goals, how much to save for emergencies, Investing, planning, saving for a rainy day, saving for an emergency, Savings, student debt, student loan