Well, it's official - we have completed Baby Step 3! 6 months of emergency funds ($30,000) saved. It feels great!!
The money is definitely tempting to my husband (who wants new windows, new patio furniture, to remodel and expand the house . . .) but there is no way I'm giving up this security! Luckily our short term savings is starting to grow now too - up to $5,000 already. So, we should be able to get him some of the things he wants soon.
I have to admit that this whole process has turned me from a spender into somewhat of a saver. I actually feel a little reluctant to even dip into the $5,000. It is so hard to prioritize what to spend the money on. I just want to be conservative and spend our funds wisely.
Now we can finally begin (much too late!) to focus on saving for college for our 3 daughters. Our oldest is already 13 and will be going to college in just 5 short years. Not a lot of time to save the hundreds of thousands that will be needed.
Isn't it crazy - just as soon as something is crossed off the list, it's time to work on the next step! It's like the finish line is always moving!
But, I have to admit, when we began this process 3 years ago - being where we are today seemed almost impossible. I am so grateful to Dave Ramsey and all my PF Blogger friends for showing me the way and encouraging me to stay on track!
I am truly blessed!
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11 comments:
Well done Jennifer, thats really amazing. I know what you mean about not wanting to touch the money; we have about £11k saved and we're never touching it.
How much do you plan {want} to save for college funds? :-)
That's a huge accomplishment. Congrats.
Holy crap! You guys are awesome. Congratulations!!!
Awesome!!!!
No worries about college, start pretending that they are going now and send mos. tuition to a savings account. We've put one daughter through, another has a year left. Our two youngest are one year apart, so as soon as we are done with our second daughter, we are sending her tuition directly into the next one's savings. Remember, state schools are WORTH it! No need for private school or private tuitions which generally are DOUBLE the costs. My daughters went to college for under $15,000/year.
It must feel so good to have that money available should Murphy pack up his family and settle into your home. Of course, the chances of that happening are so much less now that you've got that money saved. Congrats.
Also, ditto what Sharon says. You don't need a name college as an undergrad, and actually going to a state school can make more scholarships available at a name graduate school. I got a full ride to an Ivy League grad school primarily because I was from the Pacific NW and had gotten my undergraduate degree from a state school.
Congratulations! $30,000 is a huge amount :-)
I think I need to revisit Dave Ramsey's principles!
Holy moly that's great! My hubby and I are on step two so far, and I'm jealous!
Good job! Celebrate your accomplishment! You have come a long way.
That is so awesome!! We will complete baby step 2 in August! I think it will take us another year to complete baby step 3, but our finances have changed so much already. It's a great feeling.
Congratulations!
You are doing such a wonderful job! Can't wait to be on Baby Step 3!
I wanted to pass on an award for your blog! You can find it here:
http://daveramseyroad.blogspot.com/2010/06/two-blog-awards-in-two-days.html
Thanks for the inspriation!
Hi,
Thanks for sharing this post with us. It's really an amazing post. Keep posting the good work in future too.
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