My e-fund is growing

This is a lovely time of year financially – well, especially so this year, I guess! But besides our new-found debt-free status, my tax return arrived in my bank account today! As predicted, I received $1358 back.

I’ve transferred $1300 immediately to the emergency fund and am leaving the other $58 to cover a few extra things we have to pay for. I’ve actually taken a couple of weeks off work, which will make a dent in our immediate savings plans. But I really needed the break, especially because I need to focus on my studies a bit more.

I haven’t had much time to myself for a long time now and it’s starting to really grate on me – I’ve been feeling like I’m constantly busy, yet I don’t feel I’m doing anything well. Does anybody else ever feel like that?

Anyway, now that we have the financial breathing space for me to take a little bit of time off, I’m doing so. I already feel a lot better, but it also means we have to be a lot more careful with our dollars for a while.

I plan to go back to work in a week or so – we obviously still have our major income (my husband’s salary), so we’re going to be okay in the meantime.

But yay! We have $1500 in our emergency fund! Our goal by the end of 2008 is to reach $5000. That should be achievable but I’m not sure how likely our next goal is. We did hope to fund my next vehicle within 6 months. To clarify for new readers, this final debt we paid off was our car loan, but it’s the vehicle my husband drives. My own car is very close to the end of it’s life, but I’m not willing to take a loan for the next one. I’d like to fully fund the vehicle before I start work in January, because we plan to start saving for our home deposit as soon as I start working. We live in a town where it’s not an option to use public transport, so we will need another vehicle. I guess we’ll see how it goes.

Advertisements

3 Comments »

  1. Dolly Iris said

    Oh! It sounds like somebody needs a new ticker for her new car savings 😉

  2. debtfretter said

    You are so right, Dolly! I just haven’t decided how much to spend – I was thinking maybe a 2-year-old Corolla, something that will last me years and years, but that will take about AU$15,000. Maybe I should go with something cheaper, but I also need reliabilty for when I’m leaving the hospital at 2am! I need to have a think about this, then I’ll get all tickered up!

  3. djmike805 said

    Great post. Emergency funds are very important. Just curious, what institutuion do you hold your emergency fund at?

RSS feed for comments on this post · TrackBack URI

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: