Have six months of expenses in savings
Career & Finance: Debt Management

Why do you want to do this?

Given the trials of our personal finances over the last few years, I am realizing the importance of an emergency account. I was also inspired by another member's goal and decided to take the plunge.

What three things will you need to make this happen?

Allocate a specific amount of money each month to contribute to our savings account.

Adjust month spending to cover the allocation.

Setup automatic monthly transfer to our savings account for the amount allocated. This part makes the savings easier because I don't have to remember to do this each month.

What is the biggest barrier to your achieving this?

Adjusting our monthly spending. Given my wife's current employment status, our monthly income hasn't been as consistent as in year's past. While difficult, this is not impossible and means we may have to give up a few things we enjoy to ensure that we accomplish this goal.

1/17/2011 7:16:13 PM

Yay! It makes me feel awesome that you're doing this.

Let's do this thing together. Looking forward to celebrating your progress!

1/17/2011 7:22:00 PM

What a smart thing in this economy. How many of us were thisclose to financial disaster in the last few years!? I refuse to ever be in that position again. This is totally the way to go. So where do we start?

1/17/2011 7:22:42 PM

Scott, This is a great goal. I once heard the expression to pay yourself first. Part of that is putting away the cash to handle short term needs. Lets have a great next few weeks and we can get a start on paying ourselves first. 

1/17/2011 7:31:12 PM

 Although I am following both you and Bill on Life list, I just cannot give up my convertible goal in exchange for this sensible one.  However, I do applaud both of you and look forward to seeing you in Boston.  Good luck to you Scott, I will be watching your progress.  Your idea is a good one!

1/17/2011 7:42:49 PM

 Hi Scott, this is such a great goal.  Right now, we've only managed to build up a three month buffer and there is certainly some peace of mind that comes with that.  Six months would be better.  Love that you've put this kind of thinking into your goal.  Following this goal now too and looking forward to your progress updates.

1/24/2011 9:50:03 AM

I transferred my first $500 into savings last week! It feels great to have taken the first step towards a financial cushion. The next step is to setup a monthly automatic transfer.

1/24/2011 12:48:02 PM

That is AWESOME, and I want to be the first to say congratulations! ^o^ It's tough to do that first big chunk, but it also feels really satisfying, right?

The automatic tranfer, as you know, is my salvation, so I am 100% behind you supporting you taking that next step! And don't forget that whatever transfer amount you start out with now, you can always change it later as your circumstances change, too. So don't be afraid that you have to get everything perfect the first time. I've adjusted mine a couple of times.

You should definitely pat yourself on the back for this!

3/8/2011 6:00:45 PM

 Yay!!  Congratulations to you!  That's a fantastic first step.  Ok, so that was back in January, has there been a second step too?  Keep us posted and way to go!

5/29/2011 7:33:34 AM

Just checking in because updating my savings goal made me think of you. How are you? Any more steps taken on your goal? Did you get to set up that transfer?

6/30/2011 2:51:26 PM

Ok. Admittedly I have not setup auto transfer BUT I have been good about transfering lump sums when the funds were available and have been able to slowly add a bit of funds here and there. At this point I am about 1/3 of the way there. Slowly making progress!

7/1/2011 10:09:43 PM

Hey, good for you! ^_^ 1/3 of the way there is huge progress, I think. You started at zero, and now it looks like you're on track to achieve the goal in less than two years! I think you must be going at a really solid pace, which takes committment. That's pretty inspiring to me--I have to take another look at June now and see if I can carve out a little more.

7/4/2011 10:03:13 AM

Awesome, that's fantastic progress.  Thanks for updating.  Very exciting to read this.  Looking forward to your success story too.

 

Member Resources

As you progress with your goal, share the resources you find helpful with others who can also benefit from them.

 

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