Monday, November 1, 2010

Emergency Fund = COMPLETED!

Happy Monday everyone!

I just had to give myself a little pat on the back - my husband and I saved and saved and saved the past few months - having a little one on the way will definitely do that to you! And within 6 months, we've saved up 6 months of living expenses! Our emergency fund is done! This is literally 6 months of exactly how we live right now; I think if we scaled back more on expenses, our fund could probably last for 8 months if we needed it to. We have it in ING's Orange Savings Account, so it's liquid, plus we're still earning 1.1% interest - it's not much, but every little bit helps!

Our saving journey is not over - we're putting money aside for our estimated hospital costs of labor and delivery, starting a college fund for the bambina, and putting aside other money for general kid expenses. And I know I've been saying this for almost a year, but we're going to start a Roth IRA before the year is over! What a way to start November!

How about you guys? Any goals you've achieved recently? Do you have enough in your emergency fund?


  1. NICE JOB!

    Ugh - I am envious. We have about 2 months of expenses in our emergency fund. We're also trying to save about $15,000 to buy a new car simultaneously, because we don't want to have a car loan.

  2. Congrats!!!! We have our emercency fund fully stocked. We are the same way with a Roth...we WILL open one up for each of us this year!

  3. Congrats, that is great! I just paid my car off, so now I can use that payment to save for other things. I have been thinking I need to set up a few ING Savings accounts: one for wedding expenses and one for an emergency fund.

  4. Thanks ladies!

    Newlywed - I think that's so smart to save up to pay for a car in cash! Just think - no car payments every month can mean automatic savings that would have equaled a car payment! :)

    Becky - good luck to you and starting your Roths and bravo for having your e-fund squared away!

    Meghan - paying off a car is such a big deal! Good work! And I love ING - it's so nice to be able to label your different accounts.

  5. that's awesome! we definitely need to ramp up our savings...but we're focused on paying off the debt first

  6. Wow! I am so impressed with your saving abilities! How did you get started? My husband and I have talked about saving for children but feel its really overwhelming. We don't think we can afford to have kids any time soon.

  7. Newlyweds - good for you for paying off debt! That is a MAJOR step!

    Lindsay - it just really takes dedication and sacrifice. I think starting with something is an important first step, even if it seems like it's not much ($50/month) - in a year, that'll be $600. So many people feel like they can't save anything, but saving something small grows into something bigger and bigger (thanks compound interest!). I also find that saving is addicting - I challenge myself to save more each month than I did before. I turn it into a competition with myself. :) Just find a strategy that works for you and stick with it.

  8. That is SO great! Congratulations!!!

    We have about 4-5 months saved, but some of that will be coming out for our move in a few weeks.