save up 3 months worth of salary for emergencies

I think this was one of the first goals I made when I joined this site, 4+ years ago. This would have been impossible in this timeframe without getting laid off and subsequently finding a better-paying job.

But now it’s done. Hooray!

I plan to continue to put money into my emergency fund, to try and eventually save 6 months’ salary. But that is a lower priority than some other financial goals. Of the amount I was saving towards this goal every month, I will now put only 1/3 into my emergency fund. The other two-thirds will go into my 401k (I doubled my salary deduction) and debt repayment, respectively.

But that’s going to add another two months before this goal is complete. Argh!

But at the same time, hooray! I’m grateful to be able to pay cash when something unexpected like that comes up. That’s one of the kinds of things I’m saving this emergency fund for!

Wow. I might actually be able to finish this goal soon. :) I’m amazed.

I can’t believe I started working on this almost 3 years ago. It will have taken a full 3 years before I’m done. That’s a year longer than I estimated it would take, back at the beginning. But wow, it’s still quite an accomplishment, and I’m glad to have that cushion even if it is a year late! Hooray!

Now, what will I do with that budget amount once this goal is reached? I don’t think I’ll keep saving at the same rate. I have some debts to I’d rather pay off; that’s more important to me than creating an even bigger financial cushion.

Well, I’ll worry about that after I get the first 3 months saved.

i’ve put a much higher priority on this rather than paying off debt in the past few months, because of the economy. i work for a really small company, so i feel like i should protect myself better!

That’s behind my predictions, but still nothing to scoff at.

: )

The chances of me saving that much money before my pay checks stop is really unlikely. And at the end of that time I’ll be living on this saving. I should just give up. But I’ll keep it here to make sure I save as much as possible while I still can.

I have to remember my original goal on this one since my salary has increased this year. LOL.

If I use my original goal I’m 71% there.

If I use my new salary as a goal I’m 57% there.

I’m debating how I want to save this. I could start a new savings account, or I could earmark the money in my current account. I’m tending toward a new account, that way I wouldn’t be tempted to borrow against it. Or maybe a cd. That might be better.