2012 Emergency Challenge :)

**khaski** · 02-01-2012, 06:31 PM

I'd like to branch out into 2 more funds this year, besides our EF, savings for my next car, savings for hubby's 'fun' car, and vacation savings.....I plan to start a dental fund (no insurance) to handle major work- ds, only 3, just had her first cleaning- she has 5!!!!cavities, they say due to unusually deep grooves in her molars- will cost us over $600 to have filled. We can handle it, I would just feel better to have $1-2k sitting in an account for unexpected crowns or whatever. Also want to start a vet EF- as a dog breeder with 6 dogs, 2 cats, and a pair of gerbils, in the past we've been able to handle everything from the routine bills to a $1700 c-section. But again, I'm the type who'd rather have the $ sitting there instead of having to juggle to take care of the unexpected. I'd hate to touch our EF for things like these because they're not really 'emergencies' but things we should be prepared to have pop up sometimes. I would be delighted to have $800 in each of these fund by the end of the year- our tax return coming up should help a lot. Ideally both would have roughly $1500 before we stopped adding to them.

As for Jan- we added $675 to our EF, $699.14 to my next car savings, $903.30 to retirement, $150 each to vacation and fun car funds. That's $2577.44 saved this month! Being debt-free except the house ROCKS. This month's savings will be much less out of our various incomes as we've got some big unusual expenses this month (2 of dd's fillings- $200+, dog getting health tests to get cleared for breeding-$400, night out $100.....), but our tax refund should make up the difference. For us to meet our year's goals on all accounts we have to save $1875 a month, not counting my 2 new funds. Easy some months, a stretch others, but we're off to a great start!

**Susanscraps** · 02-01-2012, 09:24 PM

I enjoy reading everyones goals! I have now upped my emergency fund to $1250. Slow and steady....

**emily_hope** · 02-04-2012, 12:18 PM

I already have the beginner EF, so I am working on the next step... I've haded $41.60 to my EF this week...

**khaski** · 02-10-2012, 03:53 PM

Added $140 to EF yesterday- but looking at the schedule looks like hubby will have only 1 week w/ OT this month, for various reasons. Also not much coming in the home shop. We are just fine, but I am bummed there's not a whole lot to spare for savings. We are doing our taxes tomorrow, I can't wait to get that magical return # and come home and CALCULATE away! On a bright note hubby has recently delivered a lot of jobs for the home shop, takes roughly a month to get paid on them, but the March budget from his side business is looking terrific. Some months are fab, some are more drab- Feb. is shaping into drab, at least til that tax refund comes in!

**Susanscraps** · 02-17-2012, 02:33 PM

Just added a bit more. Now up to $1400. Had extra hours this pay, should have been able to add more. Darn bills!
How are you doing?

**Susanscraps** · 02-29-2012, 08:48 PM

Where's my savers? I am now up to $1600. it was another slow week at work. Looks a little busier next week!

**HeatSeeker** · 03-02-2012, 03:46 AM

Got a new job making more. Gonna definitely add $20 a week.

**Sumacaroni** · 03-02-2012, 07:21 AM

Oh, I just found this thread - have been posting in the 12/12/12 DR thread but maybe this is a better or secondary place?!?

Anyway, I hear ya khaski, we have at least three different savings goals at this point: vacation, truck replacement, and FFEF. My signature shows our progress in two; maybe I should add the vacation savings, too.

I just added $500 to truck fund, $500 to EF and YES it's awesome being debt-free 'cept for the mortgage!!! Liberation!!!

**Susanscraps** · 03-02-2012, 05:28 PM

Great job HeatSeeker! It will add up!
Sumacaroni, that is impressive! I have several virtual envelopes in my checking account, but am focusing on the layoff fund...just in case!

**khaski** · 03-05-2012, 04:24 PM

Ok, Please do keep in mind our large tax refund from 2010 beefed up these #s quite a bit, but in Feb we added to our various funds:
EF- $1720
next car savings: $1152
retirement-$1370.10
vacation-$518
hubby's 'fun' car fund- $310
emerg. vet/major dental work fund-$700

That's over $5k put away in Feb. from tax refund and hubby's home business! We also put aside over $2k for next year's wood/heating oil, we usually 'pre-buy' our oil out of our tax refund, but not for the prices they want this year!

I swear, we didn't buy so much as a pizza from our tax return.....I get giddy every time I look at those #s. We may be behind from where we 'should' be $ wise approaching our mid 30's, but we'll catch up if it KILLS ME (and if it does, maybe there'll be money for a nice funeral?).

**Susanscraps** · 03-05-2012, 04:56 PM

Way to go Khaski! I will be starting an emergency pet fund next. Never really needed it till last week. Our boxer was bleeding...needed anesthesia to suture two lacerations on her tongue. $901.00. We won't be caught in that situation again!
But our dogs are worth every penny!

**pcaltman** · 03-07-2012, 09:07 AM

I'm in too

EF = $300.07

Had to use some for an emergency surgery

**pcaltman** · 03-08-2012, 12:49 PM

Ugh!!!! a little more for the surgery then planned, but this next pay check should get the EF back up

**Sumacaroni** · 03-17-2012, 07:23 AM

Originally Posted by khaski

I swear, we didn't buy so much as a pizza from our tax return.....I get giddy every time I look at those #s. We may be behind from where we 'should' be $ wise approaching our mid 30's, but we'll catch up if it KILLS ME (and if it does, maybe there'll be money for a nice funeral?).

LOL @ khaski. But I know how you feel, great isn't it? So giddy! I love seeing that we have practically more paydays than bills to pay this month

I did fill out an online application at our credit union to drop our mortgage rate by 2% but haven't heard anything all week. It was awesome when I got a message just before finishing that went something like this: "We have run your credit report and see that you have no other obligations. Please enter any credit payments that you owe besides utilities and mortgage." HAHA! No, sorry, I can't do that because I don't have any

Since my last post, added $850 to EF, $900 to truck fund.
EF = $2350
Truck Fund = $1400

And my Mister said last night, "If it's so easy to save so much, it's a wonder anyone EVER buys on credit." Well, for one thing, it's not "easy" it takes a LOT of patience, discipline and frugality to get where we are today. We didn't see the light until last January but I am glad we did. Congratulations to EVERYONE who is doing this earlier than when they get into their 40's - good for you! You will find peace far earlier in life than we did.