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Emergency Schmergency

September 14, 2022 In the (continued) days of #yolo, who really wants to think about something negative that could come. It’s like insurance – you don’t want to pay for it, but you also want a safety plan in case of an unexpected life event. So, while we technically both have an emergency savings, it is where ALL of our savings has been and we’ve never really sat down to decide what is the base amount that we should be keeping in our individual accounts as a base amount. Spoiler alert – it’s not so cut and dry to figure out just how much to keep in there and/or set a savings amount for.For us, perhaps we complicate this a bit as we have separate accounts for our individual bills and then also a joint account for our house and all household related expenses. For our joint savings account, since we bought our house in 2019, we have always kept a base amount in that account which is for our homeowner’s insurance deductible and a little extra cushion for other increases (i.e., tax bill), but our individual emergency savings accounts have been harder to sort out. To assist with this, our coach recently gave us an to read that would assist us in deciding how much of our individual savings we keep at $X for an emergency account, which will then allow us to strategically place the remaining funds, as well as additional future funds, towards our debts and/or investments.So how much do you save? Some say at least six months; others say no more than three as you are losing interest that could be earned elsewhere; and for the extreme’s, a whole year! Honestly, we feel a whole year’s worth is just silly and doesn’t fit our situation, so we’re going to focus on whether you should save for three or six months? We’ve compared the different scenarios side by side below:So, where do we land with all this? As we’re both visual people and this involves some ‘talking it out’, we’ll talk out why we chose the categories we did.Well, shucks – we have a tie breaker. From here, it’s really about comfortability and doing what you think makes the most sense for your household. While we do have some high expenses, six months seems to be a wee bit too much. As Alisa’s debt is a lower than mine, and she also has a part time job, she will keep four months of expenses in an emergency savings account, while I will do five. Come back next week to read about where you should keep your emergency savings. You might also be interested in Whew and wow! This has been quite a challenging and eye-opening process! It has been very hard to do this project as part of a couple when both of us appear... During the week of November 23, we wrote about how we were going to look into options for cost-saving measures. One of those measures was to analyze any... This past weekend, we took our annual trip down to Chicago, which was also paired with a trip to the theater. With being in Project Money, have been more... Something that stands out lately are the number of outlets competing for one’s time, attention, and especially our hard earned money. I don’t know about... If it wasn't so cold out right now, we might not believe that the end of the year is fast approaching, but alas – it is! With that, we have been starting... Initially, we weren’t sure exactly what to write about for this week’s blog post. However, the subject came to us this past weekend as we were reviewing... Many of us enjoy hosting parties with friends and family for seasonal activities and Holidays but don’t want to break the bank doing so! For me and Krystal... I don't know about you, but I, Krystal, grew up in a pretty cold house during winter. We lived in a rural-ish area where natural gas did not run, thus... One thing we’re still working through is being a bit more proactive about unexpected house costs. Sure, we have small savings account for house expenses...
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