Wednesday, September 5, 2007

Savings Progress

Updated the Savings Progress in the right side bar today.

We paid for our air fare and hotel for our trip to Disney - $1,800.00. We still have $2,125.00 left in savings for the Disney trip to cover park admissions and food, etc.

Our savings for future monthly expenses is also down to $1,500.00 now because we needed to transfer $2,500.00 into checking to cover expenses for this month. This should be okay though because my husband is expecting a very large commission at the end of this month so that should replenish some of this savings that we will be able to save for other months when there is a low (or no) commission.

Our Baby Emergency Fund remains at $1,000.00. We will keep it at this level until we have finished Baby Step 2 (paid off all our debts except for our home mortgage). At that point we will begin to save our Fully Funded Emergency Fund of 3 to 6 months of living expenses. (For any of you who are unfamiliar - this is all part of Dave Ramsey plan for financial peace.) Because my husbands income fluctuates and because I have a need for a high security fund, we will aim at saving 6 months of living expenses which will be about $30,000.00.

But one step at a time. For now we will continue on the path to paying off our debts!