Thursday, May 12, 2011

Savings and Emergency Fund Update

Like most of you, I am a huge fan of having sizable savings. Having at least six months (preferably a year) of expenses provides financial stability and helps you avoid debt. I haven't updated my balances for quite sometime and I thought now was a good time to do so.

Emergency Fund

My wife and I are still dipping into the emergency fund. I have to figure out a way to stop this overspending. Which in part is from the rise in gas prices over the last year or so. Currently this fund is setting at $30. Housing Savings The housing savings is the most successful I would say because of the non-retirement accounts it is the hardest to access. The balance there is currently $1,075.

Sharebuilder

The Sharebuilder account hasn't been added to for quite sometime but has continued to grow overtime....currently the balance there is: $596.44 which translates into a $231.08 (64.31%) increase over my original purchase prices.

Travel Savings

Another fund that tends to get dipped into more then we should. Today I bought medicine with these funds. In the morning I will probably have to use it for gas for the car. Currently there is about $92 in this account. We have a goal of seeing her family later this year in North Carolina. Who she hasn't seen a long time and I have never meet. It is estimated the trip would cost about $1,000, so we really need to start saving up here. Likewise we would like to go back to Kansas and see family again up there. (Perhaps the family reunion in November.) Again with hotels and everything we are estimating another $1,000 that need to be saved. So it is really important that we start building this savings and stop tapping it so that we can accomplish this goal.

Retirement


My personal retirement (401k rollover) is currently setting at $4,747 while the wife's personal retirement (401k rollover) $3,952. These figures were as of March 31, 2011. So there you have it the down right skinny of our wealth building. This blog is about my successes, stumbles and down right failures. Of course there is more successes as I apply what I have learned from the Bible and Dave Ramsey




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