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Two Bits of Big News

September 13th, 2013 at 08:23 am

DH's overtime pay hit the account this morning. I transferred $1000 to the Emergency Fund. Usually I nickel and dime my way along, so it was nice to be able to put a large chunk in for a change.

$6115.32 Beginning EF Balance
+1000.00 Amount Added
-------------
$7115.32 Ending EF Balance

$186.68 to go to meet my September goal. My October goal is $7500, which is a month's net earnings. I can't believe I am so close now.

The other bit of big news is that DH has hit the income point for the year when they stop taking out social security. It was actually met on August 30th. So for the last four months of the year we will have bigger paychecks. That will really help with my savings goals.

Projected earnings are $173K unless he gets more overtime this year and of course the Christmas Bonus total will be added to that. If Christmas Bonuses are 10% this year, he will get a check for $17,300 minus taxes. If it is 5%, he will get a check for $8,650 minus taxes. Either way, DD's first year of college will be paid for and we'll be able to use next year's tax refund for something other than saving for college. If something goes wrong with the bonus, the tax refund will still be enough to pay for her first year of college at the local community college.

7 Responses to “Two Bits of Big News”

  1. SecretarySaving Says:

    Great job!

  2. twest Says:

    You are doing so great with your emergency fund. I remember not too long ago when it was only a couple thousand. You have inspired me to beef ours up a little. We have 5 months of basic expenses saved, but I am going to work toward 8 months. I just know we will feel really secure at that point. Thanks for sharing your emergency fund posts along the way. I believe it was the other day I went through all your old posts because I was thinking your small amounts have really added up. Thanks for your inspiration!

  3. scottish girl Says:

    Wow you are doing amazing!! Smile

  4. Maranatha Says:

    AWESOME!!

  5. creditcardfree Says:

    Great job!! Always nice to add a large sum to the EF.

  6. starfishy Says:

    that's all great news - so excited for you and your family!! Smile

  7. LuckyRobin Says:

    Thanks, everyone.

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