Today, we met our first Emergency Savings goal!
Our long term goal is to have the suggested at a few months salary in an Emergency Fund, but at $11,000 that is terribly daunting, so we decided to chop this one into little bite-sized chunks. The first goal was $500, and today, we made it!!!
Admittedly, we would have reached this goal sooner, but we’ve had so many major car repairs this year – the irony being that this fund is exactly for things like that…
What put us over the top of this goal was the referral/sign-up bonus at my credit union – they have a $25 for you/$25 for your friend deal and so one of my friends referred me. Originally, I was only expecting the $25, but the manager was so pumped to get me to sign up that he told me that it was the last day for me to get $100 and my friend would get $25. This was great incentive to me (besides the 5% earning rate on the savings account) and I signed up. But when the referral bonus was paid 3 months later, it was only $25. Today I went down to make my monthly deposit and asked about it and they fixed it right away (Yay!) and now we’re over $500!
What is the next goal, you say? I believe that would be $1,000. I think it’s going to take us a few months, so let’s say by February…it can be our Valentine’s present to each other. 🙂
Do you have an Emergency Fund? What is your savings strategy?