#95 Prepping For Emergencies

A few months ago, the hubs and I decided to separate a certain percentage of our savings aside for an emergency fund.  This would be a fund that we would never touch unless – well – an emergency comes up.  Emergencies such as job loss, medical expenses or huge unexpected costs.  Before we put the offer on the house we had made sure we were at 6 months of expenses.  My 101 in 1001 goal was to get it up to 9 months.

Well, after buying a house, and having insane amounts of costs towards furniture and other house goods, we have still managed to up the fund.  So now we can successfully live for 9 months on zero income if we had to.  Woo hoo!

This doesn’t go without sacrifice though.  We’ve drastically cut back on everyday expenditures, and have tried to minimize the money we put into the house.  Plus I’m now officially paying back my student loans (which means we’re working on THAT goal too!) so we’re hoping to continue our minimal spending to put even more money into our other savings.

Advertisements

3 thoughts on “#95 Prepping For Emergencies

  1. Woohoo! Good for you! We are tapping into ours–we are only at 4 months right now–but still very grateful for that!

  2. Jaye!
    I had to hunt this blog down. I remember reading it way back when wishing that Damion and I could do the same. I know a LARGE portion of our paychecks go to our student loans and house payments. I find it impossible to save – we aren’t big spenders on unnecessary items, the only thing that I would love to cut back on but don’t dare is Damion’s fitness suppliments. I was wondering if you could lay out for us all your budget and how you manage to save so much… Of course you can certainly use fake numbers with real percentages to give us all some ideas.

    • I’ll definitely work on this for you Maria! I’ve thought about doing a post on my budget anyways, so I’ll make sure I work on it asap!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: