2013 Emergency Fund Challenge - Page 16

KinkyKutie*Shay · #**151** 01-01-2013, 03:56 PM

Thanks for your advice!

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Natural_Gina.G · #**152** 01-01-2013, 05:20 PM

Happy New Years Ladies!
My goal for 2013 is to save at least $2100-$3000. I will deposit $175 into my savings account at the end of each month. I already have a savings account setup that is connected to my checking account, each pay paid $25.00 is transferred into my savings account. I believe my balance is alittle more the $100 at this moment.
If I miss a deposit or I'm unable to deposit the whole $175.00; I will deposit no less then half of that amount.
Any left over money will go into my savings account to help me achieve my target goal.
To help with spending money I will bring left over dinner for lunch and also bring my breakfast to work.
I wish us all good luck in this challenge.

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bjoseph5 · #**153** 01-01-2013, 05:23 PM

My goal is to save $500. Right now that may be a little hard as I don't have a steady income, but I'm praying that I get a job soon so I can start seriously saving up for this challenge. Whatever money I do get will be put into my savings account.

Divacentric · #**154** 01-01-2013, 05:32 PM

Yes!!!! Just having relocated across the countrt, I NEED this challenge in my life!!! :0)

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Lady_M · #**155** 01-01-2013, 05:57 PM

I need this!

Symfony · #**156** 01-01-2013, 09:04 PM

Quote:

Originally Posted by KinkyKutie*Shay

I had originally planned to save $115 per month but I'm changing my goals. I just got a new car (praise God) so my expenses will increase monthly due to my car payments. In order to stay on top of them, I need to save more. I will be planning to do $50 per week. If I fall short, I have to do nothing less than $30 and make up for it the following week by adding on what I missed. Half of it my $50/Week will go into car payment funds and the other half is my personal emergency stash.

I am already two months ahead on my car payments and they haven't began yet, which is great. With the money I save, I will put it towards a quarterly payment so I can keep the payments at least two months ahead.

I hope this all makes sense lol $100 a month for twelve months for EMERGENCY FUNDS mainly. The other $100 is towards my car fund. I will be saving weekly. I can give myself one splurge every two months but I can't go over $100 with any purchase unless I have it. I won't start this until March because I need some new summer clothes.

I am also getting a secured credit card to establish credit for myself. I will have a $300 limit. I can only use this card for gas and fast food. No shopping, groceries, etc. I will just fill up my car as needed. The payments will be $25-30 per month so I'll start this credit card in February.

Good luck to everyone and happy new year!

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Is your car new or used? are you planning to pay it off within the 1st year or two? Your car has already depreciated, so I would recommend researching this option that you have selected... The extra car money is a good option to stay abreast of your payments, one month is a good buffer, but either beef up your emergency fund or a savings account with the extra money...just a suggestion. Happy savings!!!!

BEAUTIFULLIME · #**157** 01-01-2013, 09:51 PM

Quote:

Originally Posted by Symfony

first, remember purpose of the emergency fund account and your immediate access may or may not be an issue--you may need immediate access in the event of an emergency. second, what are your goal(s) i.e are you planning to build it up first and then access it or access for emergencies as you build it? Did you read/research about layering of CDs? Do you want a money market? are you planning to use this account for other purposes --meaning being tempted to dip in the pot, which is why you don't want access? Does the interest rate become an immediate factor? HTH

My plan is to build first I have a savings linked to my checking but because its so accessible it's hard for me leave it alone. I never heard of the layering CDs ill look into that, earlier this year when I looked into CDs the interest wasn't anything unless it was 10,000 so that's why I went with the savings, but this time I was looking into a money market account. I did create a budget so far that's it.

Apatt4975 · #**158** 01-02-2013, 10:03 AM

I wanted to share with you ladies a 52 week financial challenge that I'm following. The challenge is being hosted by sparkwisdom on youtube. Here is the link to the challenge... http://www.udemy.com/52-week-financial-challenge-2013/ It's free.

FocusedDivine9 · #**159** 01-02-2013, 08:13 PM

Hey ladies! I wanted to share this chart that I saw floating around Facebook. Seems very doable for saving in 2013!! I am going to give it a try!!!

2013 Emergency Fund Challenge-307106_543082665702491_1441116400_n.jpg

Symfony · #**160** 01-02-2013, 08:38 PM

now that the emergency fund challenge has officially kicked off, let's ensure that we support each other, share ideas, stay committed, budget, and focus on on cost cutting. I started immediately balancing my check book right at the register when I purchased food.

my AE card did not arrive as planned, so I had to call and find out why I had not received either of the two cards. Also, found out that someone used my debit card and it was still in my wallet--I never use it!!!! so, i definitely want the pre-paid card, so that my hidden monies stay safe and in my account. SO be careful!!!!

I'm increasing my fund to 5k--using CD laying and a newly created money market fund. I will maintain the same plan, but will restrict my living expenses of clothing and add monies from an unaccounted for account that I closed to the new accounts that I will merge at the end of the challenge.

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