$3883.91 Balance Forward
+___4.94 Interest Added
$3883.91 New Balance
Viewing the 'Emergency Fund/Coin Jar' Category
$3883.91 Balance Forward
$4594.27 Balance Forward
+__31.50 Deposit Added
$4625.77 New Balance
$15 was left in the grocery budget from last payday and I had $16.50 in rolled coins, so I swept that into the EF.
The monthly interest on my accounts hit. It was a total of $4.54. I added it to the Emergency Fund.
$4589.73 Balance Forward
+___1.10 CU #1
+___0.01 CU #2
$4594.27 New Balance
$405.73 to go to hit my mini-goal of $5K and $35,405.73 to go to hit my ultimate goal of $40K.
Take two. I used my side bar to update my total, but that is the wrong amount since I haven't been able to update my sidebar properly in a while. This is the right total for the EF, it was off by $1000. I deleted the other entry since it pretends to let you edit it, but it doesn't actually take, because nothing ever works around here for long and it certainly is still not working today.
$4572.23 Balance Forward
+__17.50 Rolled Coin
$4589.73 New Balance
$3572.33 Balance Forward
+1000.00 Deposit Added
$4572.23 New Balance
$427.77 to go to hit my mini-goal of $5000 and $35,437.77 to go to hit my big goal.
$3569.33 Balance Forward
+___2.90 Interest Added
$3572.33 New Balance
This is interest from C1-360 and CU#2. CU#1 only does interest quarterly.
I got my Google/AdSense payment today. After taking out 10% for tithing I transferred the rest to the EF.
$3569.33 Balance Forward
+__99.95 Deposit Added
$3699.28 New Balance
This leaves me with $300.72 to go to hit my next mini-goal and $36,300.72 to go to hit my ultimate goal.
$3541.33 Balance Forward
+__28.00 Amount Added
$3569.33 New Balance
The $28 is what was left in the grocery envelope and the household envelope, before I refill them today. I have $430.67 left to go to hit my mini-goal of $4000 and $2979.91 to go to hit my larger goal of one month's income saved, which would be $6549.24. I know people generally only save expenses and not income for their EF, but for us, we need to save income due to the fact that if there is a job loss again, we will have to pay an extraordinary amount for an insurance plan above the month's normal expenses because of our daughter. When we get to 3 month's income saved I will feel good again, but even better when we have 6 months in the bag. Although I'll probably just round it up to $40K in the long run.
I have decided to start saving whatever is left in the grocery envelope at the end of the two week period and depositing that into the Emergency Fund as I am a little concerned about what happens if we do have to pay that medical bill that I think crossed in the time period between out of pocket max being paid and submission. It's not much, but it it is a little bit and makes me feel like I am being proactive. I will also be dumping all of my change at the end of two weeks and rolling it for deposit. I try to use the change as I go, but I don't always if there is a long line behind me.
$3524.83 Balance Forward
+__16.50 Deposit Added
$3541.33 New Balance
$3520.83 Balance Forward
+___2.70 C1-360 Interest
+___1.30 CU #1 Interest
$3524.83 New Balance
Amber was asking on her last post about how much is too much to save in your sinking funds and was it necessary to do that when you had an emergency fund, after listening to some speaker who did not think they were. My answer got so long I decided to just make it into my own post.
As for the sinking funds, they are very necessary. To me the emergency fund is for true emergencies, not the expected expenses that can come up over the course of a year or two. Emergencies like a tree falling on your house, flooding taking out the bottom floor of your house, a car accident that puts you in the hospital due to an uninsured motorist, your car engine just dying for no discernible reason, or losing your job and not being able to find work for six months (or longer). Not for the things you can really plan for.
What a person might do is sit down and figure out how much they really need in each fund. As for the house repair fund, I'd work towards having enough in there to replace your roof. It may be several years before you need to, but those are very expensive. You probably need to eventually have saved up $7 to $10K for that, which should also cover lesser things like painting, faucet or toilet repairs, deck or porch repairs, etc. Maybe more if you want to be replacing your carpets or windows at some point.
The amount in your car maintenance fund should probably be figured by how old your vehicle is and whether or not you have any large repairs that might be coming up. For me, my van is coming up on 8 years old and will likely need new brakes when we hit 50,000 miles, which is 5000 miles away. It is also probably going to need new tires at about the 60,000 mile mark. So I am working towards saving up about $2000 for that over the next two years. We don't put that much mileage on the van. We might need to replace a belt or a fuel pump along the way as we haven't had to so far.
I have an Appliance Fund in case one of those things go out. How old is your fridge, your dishwasher, your stove, and your washer and dryer? Having the money to go for that is a good idea if your appliances are old.
And of course having sinking funds for your car insurance, sorority dues, HOA dues if you have that, and any other six month or yearly expenses is just smart planning.
Having enough in a medical fund to pay your deductible for the year is a tremendous relief. To not get smacked upside the head with emergency medical expenses and have to worry about shelling out a bunch of money you do not have is life-altering. It is so much better than having to scrape for 3 to 12 months to get it all paid off and is worth it's weight in gold.
It is all about being prepared so these things don't destroy your finances. So figure out what works for you. Do not listen to pundits who are there to make a quick buck and may not have the facts and figures to back them up. Use common sense and logic and listen to people who have been there and who have done that instead.
$3516.95 Balance Forward
+___1.30 CU #1
$3520.83 New Balance