What I'm Saving For

**AmyBoz** · 07-06-2006, 08:26 AM

Hi all!

I was in bed this morning, thinking about our money and I decided that I was going to start saving my cash in a little bit different way than I usually do. Right now, I put any extra cash in a container and just save a little in case we want to go out to eat one night, or something like that.

What I'm going to do differently now, however is this. I'm going to have 3 envelopes where I'm going to save. (A modified Dave Ramsey) One will be designated for our family vacation next year. The second will be for birthday/Christmas gifts. And the third will be for a trip that I am planning with a friend of mine late in 2007. I'll still keep the extra tin where I put money in case we want to go out, but won't be adding to it as regularly as I was before.

Our EF is dh's stock plan at work. Should anything happen, we can cash that in and be okay for a few months, so I don't need to worry about that right now. Dividing the cash 4 ways does stretch it thin and means that each envelope gets less, but I know what happens when I put the money in the bank...it goes toward bills. This way, I make sure it stays aside for it's purpose. Obviously, if bill paying becomes a problem, the cash goes to the bank because that's where it's needed, but for now, I'm going to try my new method.

**Mojjo** · 07-06-2006, 08:28 AM

I'm using the Christmas and Vacation clubs at work so I can't even see the money...it's a direct deposit. But I find I feel better about Christmas and going away if it's well funded over the course of a year.

**Darlene** · 07-06-2006, 08:44 AM

Sounds like a good plan & nice things to be saving for. Wishing you good luck!

**PrairieRose** · 07-06-2006, 10:37 AM

Sounds like a great plan!

**miss_thrifty** · 07-06-2006, 10:39 AM

sounds like a great plan.

**bee9984** · 07-06-2006, 10:59 AM

We are always trying something new as well......I like Dave Ramseys baby steps and it seems to be working. Although our emergency fund isn't up to what it should be now, lots of Murphy visits last month.

We are still plugging away. We do have our retirement plan but we don't want to dip into that, only if it were a life or death situation as we would be taxed heavily. I find with having a minimum $1000 that is a good start (we have to get back up to that) as most emergencys whether insurance deductables or emergency dental visits etc .....the $1000 should cover most.

We opened up an ING account this past month and once we reach the $1000 in there I want to do up some sub accounts for Christmas, vehicle, wood etc.....can't wait! We will still be trying to get our emergency fund fully funded but we need a freedom account as well. We have been paying things as they come in like we just had to pay $628 for our property taxes.....we do this 3 times a year now instead of getting our mortgage company to do it.....I just couldn't see them getting any more interest on our money.