I live, write, and garden in the PNW with my husband of 27 years, disabled daughter, college-aged son, and my 84-year-old mother. We have paid off $250,000.00 worth of debt (if you include the interest) in the last fifteen years and as of 6/12/2020 are 100% DEBT FREE!!!!$16,322.85 Starting Balance
+__,221.67 Deposit Added
--------------------
$16,544.52 New Balance
I have passed the half-way point on my second mini-goal of 2016, which is to get the EF from $16K to $17K. $455.48 to go. I was hoping to have met that by the end of April, but with DH's paycut going into effect at the end of the month, I'm not sure I will. It might be the end of May.
One of the things I am debating is whether or not I should keep saving for the down payment or if I should just start shoveling everything into the Emergency Fund and if the contract is won at the end of June, then just transferring the money to the Down Payment Fund then.
It all goes into the same bank account. I know it is just a question of where to put it on the spread sheet, but I have told myself I will not touch the money in the DPF until we are ready to buy a house, unless it comes down to needing it to live on. I guess it is a mental thing.
Well, and then there is the mental thing of only touching the EF if there is an Emergency and not really even wanting to do it then. So if all goes well I still may have a psychological problem transferring the money to the DPF from the EF. I don't even know what that is. Maybe a little of my OCD coming through?
Maybe I need to set up a short term holding tank, from which I can easily move stuff later. I shouldn't have to play these kinds of mind games with myself to funnel money to the proper location. Anyone else go through these things or am I just sort of on my own there? I know it is rooted in the financial insecurity we had in the past, but I really thought I would have gotten over it by now having been out of consumer debt for almost a year.
Emergency Fund Update and Musings
March 12th, 2016 at 09:06 pm
March 12th, 2016 at 10:10 pm 1457820633
March 13th, 2016 at 12:22 am 1457828528
The short term holding might give you the most security and control.
If it were me, I would keep doing the same thing. Adding to your DPF. Make note of the balance of the account as of now, and then if in June you see the contract coming to an end, consider if you would like to transfer the recent deposits to the DPF back to the EF.
I think staying positive towards your goal is important until you know there is an actual storm on the horizon. I would probably tell someone else with little to no EF differently, but you are in a good position, LR.
March 13th, 2016 at 02:21 am 1457835671