Hitting my Emergency Goal Amount!

Photo Credit: Geomangio via Compfight cc
Photo Credit: Geomangio via Compfight cc

I love it when I reach a goal and I feel great that I made it there! Then it’s onto my next goal to see what else I can accomplish! In terms of financial goals I just hit the amount I wanted to have for emergency savings and it feels great! I have a good number of short term and longer terms goals that I’m trying to hit one by one but now I can cross one off my list. I’m going to carry the momentum forward and continue saving to reach other goals!

It wasn’t that I didn’t have an emergency fund before but I wanted to beef it up and make it a nice fat emergency fund. Last year after buying a house I realized that I needed to have a bigger emergency fund in case anything went wrong. Fingers crossed of course and knock on wood that everything always goes smoothly. With house renovations and a few house fixes under my belt already after only a few months I know that things aren’t always smooth sailing. I have a lot more to consider when it comes to money and possibly a lot more to pay for when it comes to my house!

This is a good time to re-evaluate my goals and see how well I’m doing. Plus what else should I save for now since my money isn’t going into an emergency fund anymore?

Continue to save
Well the saving technically never stops but what I’m saving for changes. Emergency fund is now nice and fat so I can turn to other things like a honeymoon fund and a new kitchen. Technically for the honeymoon we’ve already paid for a portion of it but we still need to pay for the cruise and save some fun money. Our kitchen is also the original from more than fifty years ago and could use a total renovation. New appliances, cabinets, counters and possibly even some restructuring! That’s definitely something we can’t just drop money on right away and need to save up for.

I’m continuing to slowly put away 10% every month but if I have extra savings I could potentially put more into investments. Since I’m at the very beginning of starting this it could really help ramp it up and become a viable side income faster!

Extra mortgage payments
Not a fun option at all because this is such a long term goal and seeing the light at the end of this tunnel will take time. Every dollar extra we put towards the mortgage definitely helps us in the end and especially in the first few years since it chips away at the principal and the interest can’t pile up as much. Might as well put a little extra before we have kids to help us in the future.

Extra car payments
I really don’t have too much motivation since our loan is at 0%, but if we do pay this off early that’s a lot of extra freed up money that we can put towards something else! It is also a much smaller amount than the mortgage. If paid off early the only debt we would have is the mortgage.

Oh yes I do believe in rewarding myself a little when I’ve worked hard to reach a goal. Whether it be a nicer dinner than usual or allowing myself an impulse buy I’m for the indulgement. To be able to reach my financial goals I’ve been pretty frugal and budget friendly. Allowing myself to do something a bit out of the ordinary is something I look forward to after hitting a goal.


Were you able to hit any of your goals lately?

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