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Archive for August, 2008

Emergency Fund Goal MET for 2008!

August 13th, 2008 at 11:34 am

We started thinking about saving for EF late last year. We didn't know at first if we could accomplish something that was never really think about UNTIL I became a member of this site. After many discussions with DW, we agreed (actually convince her) we should have EF in case of emergency. So we set our personal goal for 2008 to save $12K by 12/31/08. We were both skeptical at first since most of our disposable incomes are spent on eating out and entertaiment activities. We just needed to try something different to hold on out-going cash normally. But then after several of months of trial (we restricted ourselves from eating out, brought from home prepared lunches 3 to 5 days a week), we began seeing our EF starts to grow as you can see. By June it became a reality that can we actually achieve our goal even before our planned family vacation July (thanks to the stimulus checks BTW). It's all about the budget so long we were prepared to stick to this, we knew we can do it. So I'm very happy to say as of today, we have MET OUR GOAL and even BEAT EXPECTATION this year.

Emergency Fund Balance as of
01/29/08: $4661.00
03/01/08: $5935.00
03/27/08: $6950.00
05/01/08: $8225.00
05/30/08: $9250.00
06/13/08: $10207.62
07/08/08: $11233.95
08/13/08: $12322.65

We don't plan to stop now. We will continue to save at this rate ($1K per month on average) approach for the remainder of the year, except we will stop funding our EF so we can fund our other priorities (like x-mas gifts, daughter 3rd birthday party in December). Also my wife plan to visit her family in the Phillipines early next year. So we need start saving for that as well. If I calculated correctly, we should have enough cash saved without using our CCs to pay for up coming events.

We'll restart funding our EF again begininning January 2009.