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Emergency Fund Update

August 8th, 2013 at 06:36 am

The propane bill came today and was only $49.91. I set aside $100 a month for propane and the propane fund was at $300. So I took the excess $250.09 and transferred it to the Emergency Fund.

$5632.26 Beginning EF Amount
+_250.09 Amount Added
-----------
$5882.45 Ending EF Amount

My goal for the month of August was to get the EF to $5800, which I have now flown past, so I am revising my goal. I want to hit $6000 by the end of the month. That is $117.55 to come up with. Since there are 4 more Thursdays this month so 4 $10 auto deposits will be made to savings, making $40 of that covered.

I added $3 in ones to the coin jar today, so I have a total of $16 in ones, so that makes $56 and I only need to come up with an additional $61.55 in the next 3.5 weeks. I think that is doable.

4 Responses to “Emergency Fund Update”

  1. scottish girl Says:
    1375956873

    You can do it! Smile

  2. NJDebbie Says:
    1375966888

    You will be at the $10K before you know it! Keep up the good work.

  3. Miz Pat Says:
    1375979373

    You rock. I have a question. Have you budgeted properly for propane costs when its cold?

    Out where I live, our winter costs are minimal, but heat in summer can be catastrophic on my budget, so I budget $100 a month for electricity but in my budget for yearly savings (Christmas, car registration, insurance), I save $800 for the electric bill. If I don't spent that money (and this year, it looks like I will), I put that into savings.

  4. LuckyRobin Says:
    1375993127

    Miz Pat--Yes, I budget for propane based on the top cost of it each winter when we were living there. We pay quarterly and it is usually $200 in the fall, $400 to $450 in the winter, and $200 in the spring, with about $50 in the winter. So I just put in $100 a month in savings and when the summer bill comes, anything that is left in the fund goes to something else and I start over saving $100 a month. The summer bill is the only one where the excess money is sent to something else. Otherwise it builds up as needed for the winter payment. Actually since no one is living in the house and we just keep the furnace on from November through April to keep the pipes from freezing, it doesn't even cost that much, but I keep the money there in case of price spikes. This year it was on in spring and summer some because the painters needed it to dry the walls.

    The only thing on propane is the furnace. Our electric is everything else, and since it is hydropower, it is not as pricey as in other areas of the country. Also we have a wood stove for heat that we used during the day, so the furnace only came on at night if the fire went out or it cooled off enough to kick it on.

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