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Starting additional savings.

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by , 01-23-2009 at 09:58 AM (1148 Views)
While i have an EF, after some discussion on the board yesterday, and the uncertain future of our economy, I'm going to increase savings. I'm going to mess up the order of things a little bit, and start on our 6mo EF.

I have Baby EF. $1000 won't go far. So I'm working on it.

My first goal is to put 3 mo of mortgage payments.

Yesterday I opened the Tax free savings account. I transferred $65 into it. Next week I'll add a little more. I have set up a regular $200 contribution to it. In the regular savings, I'm setting up $240/mo to be transferred to it as well. Not a huge amount but a great start.

I'm going to gear up to do a craft sale this spring, which should bring me $1000 or so to toss in there as well.

I do need to look at RRSP for myself. Dh has some. I've been so paranoid with the markets, I think I'm going to do just a small contribution for now, to a guaranteed return as I am just not sure about markets, we had one lose 75% this year! So I'm not to confident. Maybe bonds or something.

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Updated 01-23-2009 at 09:59 AM by mommy4ever



  1. jestagrrrl's Avatar
    Way to go on setting goals for yourself, I wish I had enough left over to start putting into my savings, but hopefully I can put something in after income taxes...
    yay for you!
  2. Debbie-cat's Avatar
    Good for you!! That is the right attitude in knowing that every little bit helps and it adds up faster than you think.

    WTG girl!
  3. omalleyc's Avatar
    Great job! DH & I are doing the same thing for the same reasons. Good luck!
  4. dcompton's Avatar
    I agree that in this economy having a big saving cushion is a priority. I'm stopping the voluntary part of my 403(b) retirement savings for a few months to beef up savings. I hate losing the tax break, but I figure if all goes well, maybe I can catch up some later. Right now - available money is important. I think you're smart to do this.