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Emergency Fund Update and Beef Fund Almost Met

May 14th, 2021 at 05:43 pm

$15,880.55 Starting Balance

+__,244.67 Amount Added

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$16,125.22 New Balance

That means I have $6,107.64 left to save to hit 6 months of expenses, which is my next goal.  That will put the EF at $22,232.86.  I'd like to make that by year's end, but I think it is going to be closer to February unless DH gets quite a bit of overtime or a really good Christmas bonus.

Ultimately, though, I have a goal of 6 month's take home pay, not just 6 month's expenses.  That would be a little over $36,000, which is an additional $13,767.14.  That's likely take an additional 18 months, so around 2 years and 2 months from now I should hit that, barring OT or raises.  Raises are unlikely as they have a wage freeze going on at DH's work.  He hasn't gotten one in over 2 years.  Normally this is a place that gives yearly merit raises, but Covid hit hard.  It could be another year before they unfreeze wages.  They have started to rehire some of the people that were laid off, so that is promising.

I am $31 short of the highest estimate on the beef costs, based on a 750 to 850 pound hanging weight.  With the $2000 I had set aside previously added to the money I've been scrimping out of the grocery budget I am almost there.  I need $3638 total and after the $179 I saved out of the last grocery envelope, I am at $3607.  And from my experience, farmer's always estimate high, but the hanging weight actually tends to be lower.  So it is more likely it will be closer to 750 pounds than 850 pounds.  I've also reserved my beef.  I am getting a whole with a butcher date of either late July or early August (he's got two dates for two different sets of steers).

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