You guys, we did it!! We’ve finished saving up our emergency fund!
This is a such a good feeling. We may not be rich (definitely not) but finally having a decent emergency funded finally makes me feel a bit more secure financially.
This was one of my main goals for 2018:
Last year I focused on debt and paid off my car loan so in 2018 it is all about saving money. In addition to saving up the amount we need for a baby we want to re-establish a stronger emergency fund. I’m aiming for about $10,000 right now and will adjust as needed once we get there and see how it feels. The goal is just to have enough for basic expenses like our mortgage, utilities, food, etc.
We set the goal of $10,000 because that was enough to make us feel comfortable in covering most major emergencies that could happen. It’s a big enough number to feel secure but not so big that we feel like we are missing out on investing by having the money earning a small percentage in savings.
We previously had $10,000 saved up as a couple a couple years ago. Since then we have:
- bought a house
- paid for a wedding
- paid for a baby birth
- paid for multiple hospital visits
- bought a car in cash
- paid off a car loan
So clearly we’ve been busy with our money beyond trying to save! I’m pretty proud of the fact that we have cash-flowed and paid for all of those items above without using any extra debt.
Now that we have so many huge expenses out of the way and our emergency fund fully funded we are able to work on some new things, like saving up for vacations and planning home improvements.
This is the third goal of the year we’ve knocked out and I couldn’t be prouder of us! It’s been a challenge to focus on the ultimate goal with so many distractions, from unexpected expenses to dealing with postpartum depression and anxiety.
Now the rest of the year will be focused on finishing out my last goal (growth on YouTube) and also adding a few more goals centered around health and wellness now that I am back at it in the gym and wanting to live a healthier life for the little one!
I feel like this year is totally our year and going so well that I can’t wait to see what the second half brings!