save $1000 for emergencies

It’s not really about the money, but I never want to be in a situation where I can’t cover unexpected expenses, whether it comes from medical bills, a dying car, or some sort of natural disaster. $1,000 is a good starting point for feeling more secure. So far I’ve only got about $50 bucks saved – it might not sound like a lot, but it’s a start!

I met with a financial counselor on Saturday. She suggests that I use the extra check I get this month to go toward the $1000 emergency savings. That is what I am planning on doing. So, hopefully, by the end of this month, I will be a lot closer to reaching this goal!

Well, really, step one is to get to $1000!!! But for me, it’s a stepping stone to the real goal: have a three-month emergency fund.

I think this is essential.

The issue? My income varies month-to-month. I’m a small business owner, I nanny approximately 18-25 hours/week, and I have a third job at Publix for 10-15 hours/week.

My monthly budgeting solution was to work in percentages. First, set aside $x,xxx.xx for steady bills like mortgage and utilities. Whatever’s left is doled out on the percentage basis. xx% to savings, xx% to fun, xx% to charity, etc.

Well, the xx% that’s going into savings is obviously funding my “three-month emergency fund.” But how do I figure out when the mission’s been accomplished?

I THINK what I’m going to do is take my three BEST months, add them, and work toward that goal…because I don’t want my emergency fund to only cover bills. Part of the goal here is to be able to maintain my current lifestyle if needed for three months.

I am pursing a new position so this may become easier.