Emergency Fund: Just $2,475 left to go!

Right now my finances are on cruise control, moving along at a steady slightly-above-the-speed-limit pace. My paychecks go to two banks, the right saving amounts go to the right account, bills are drafted each month like clockwork, and even my spending is under control with little scrutiny. I don’t have to micromanage it all like I did for my last job. This is a good thing, but I do feel disconnected and less motivated sometimes. I’m not less motivated, but it just feels that way. I was so hard-core about paying off my debt, but that intensity just isn’t the same for my savings.

Because all this is automatic, last night I was looking through all of my accounts and realized that I am way closer than I realized in completing my emergency fund. After this month’s paycheck contributions and the security deposit from my former landlord, I have a total of $7,525! Unless something unexpected happens, I should have a fully-funded emergency account by December.

Personal finance can be really boring and monotonous at times, but the thought that in four months I will have $10,000 of liquid assets sitting in my bank account earning 1.5% interest… well, that is just plain awesome.  :)

(photo credit)

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  • Congrats on being so close to your goal! I often think about “life after debt” and wonder the same thing. Will I be as gung-ho about budgets and frugality and savings as I have been while paying off debt? I like to think that I’ll just divert my debt payment to savings so I can quickly accumulate $10,000 in an emergency fund. But that would take less than a year after my debt payoff date. What’s next?

  • That’s simply awesome!! Congrats!! :) I can’t wait to have 10K set aside for emergency savings!! With 4 kids it takes a bit of time, but slowly & surely!

  • I wish I were in your shoes!!! Congrats on all your success. I imagine being on “cruise control” is a clear indication that you have truely made a lifestyle change. Now you just have to trust that you are making informed decisions.

    I am still in debt, but when I get to life after debt I plan maintain the intensity until I can complete baby steps 3 & 4. After that I will continue to be purposeful about my spending and savings.

    Do you have some big ticket goals that you will be saving for after your emergency fund? Maybe saving for a home or wedding or travels.

  • That’s a very exciting goal! Echoing Red, what will you use that money for after you’ve achieved your goal?

  • This is great news and an inspiration. We are in the early stages of our journey – we will first build a 1-month emergency fund, pay off debt, and then build up 1-year of expenses.

    I can’t wait to get to this point. Be sure to keep us updated on your progress. I love reading about other people’s financial milestones!

  • That’s so awesome! You are getting really close.

    My emergency fund is fully funded, but I still have a mountain of debt. I think it must be more satisfying to have money in the bank after paying off debt, because then the money is truly yours. Congrats

  • I’m on track to save 10k by the end of the year in two separate accounts (both online, but one with a different bank with higher interest and delayed access), but I really would love to be able to see $10k in one of them alone! That would mean a total of about $13k. (No, transferring it all into one, and then back just to see the number for myself would not be the same :P)

  • Lovely! That reminds me to go off and automate another direct deposit, this time into my savings accounts now that my finances are starting to even out a little.

  • Congrats! That is awesome!

    I’m excited to read about how you continue to save for your Emergency Fund and now your Wedding Fund! Love knowing what’s working and not working for everyone out there.