My friends, we have finally reached our goal of savings in our emergency fund! High fives all around! This goal sure took its sweet little time getting here… here’s a rundown of the last few years’ unexpected expenses as we’ve tried to save for this goal:
March 2010: Debt paid off! Woohoo! Started savings for the emergency fund.
August 2010: Got engaged! Used a portion of my savings for wedding deposits, etc. The rest of our savings that year went to pay for the wedding.
April 2011: Got married!
May 2011: My car broke down. Bought a Mazda for $12,000 financing some and using savings for the rest.
July 2011: J’s car broke down. Womp womp. Used our emergency savings to buy a $2,800 Honda Civic.
December 2011: Paid off Mazda!
January 2012: Found out J had a small student loan to pay off.
March 2012: Finished paying off the loan.
June 29: J’s car needed a new radiator.
July 15: Finally, finally reached our savings goal!
So what’s next? We’re now going to start saving for a house and increase the amount we contribute to our Roth IRAs. We aren’t sure how long we will need to save for a home, but would love to move in somewhere in the next two years. Ideally we would save 20% for a house deposit, but in this market we could feel comfortable with 10% since the rates are so great. Afterwards, we will increase our emergency fund whenever we have a house and kids, but for now this is more than we should need for any unexpected event that we may face.
But I have to remind myself not to hurry on to the next goal and bask in the accomplishment that we finally made it to this giant (to us) financial mark. Yipee!
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PS – What is your saving goal right now? Are you focusing on paying down debt or saving? How long did it take you to fund your emergency savings? How long did it take you to save for a house?
Hooray!!! Way to go, Gin & Jeff!! :)
Congrats!! That is so awesome =) I can imagine the security having such a big buffer gives you — I’m jealous!!
PS. love the GIF ;)
Woohoo!!!!! Congratulations! So proud of you guys! That’s a huge accomplishment!
Congrats!!! That must feel so great….enjoy!
Congrats…that’s so exciting! Our story is very similar to yours!! We made our goal before our baby which is even more exciting!
Congratulations! That is so exciting. I can only imagine how happy you guys must be. I have quite a few savings goals (I’m a little goal crazy) and they are going pretty well.
Kindness is the best accessory,
Rebecca
I have only been reading for a few weeks but I love your blog. You keep me so motivated!
My current goal is to pay down debt – I don’t have a lot, per se, but my goal is to have zero. Right now, however, my focus is just don’t add to it. Summer can be so expensive. (But so fun!)
Next step? Emergency savings. I can’t wait to feel the high I’m sure you’re feeling right now.
Congrats on reaching your goal!
As far as saving for a house, have you looked in your area online or gone to open houses to see what’s on the market? That could start giving you a good estimation of housing prices and what you could reasonably save up for in the next two years. Open houses are also good conversations starters about what you absolutely must have in a home, what you emphatically do not want, and places where you’re willing to sacrifice/give in.
That’s amazing! Congratulations! I’m going to be happy when ours hits $1,000 next month!
Congrats! That’s wonderful news. What a long way you’ve come.
Congrats! That’s a huge accomplishment. It goes to show if you just keep on keepin on, things work out!
I know I’m late to the party, but congratulations on this big financial milestone!!!