Emergency Fund
Tuesday, April 7, 2009 8:32 AM Posted by In Debt Dee Labels: debt snowball , Emergency Fund
We just received our tax return and I've applied $800 of it towards our emergency fund. That brings our total to $1,047.59! Yay!!! It feels good to have it fully funded so now we can concentrate on paying down our debt instead of building up the fund. I'd be a little more comfortable if it were closer to $2,000, so I'm thinking that I'm going to apply 10% of our debt snowball to the EF every month to keep building it little by little.
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Congrats on starting your emergency fund. I thought I would pass along a really helpful tool that I use. It's called feed the pig. It's a government run site that helps you calculate how much you need for an emergency fund. I'm telling you this because your emergency fund needs to me much more then where you are at right now. It ends up being that you need either 6 to 8 months worth of money based on your recurring bills. They also have some helpful debt reduction tools over there that can help you work on saving and earning. Good luck on your journey. I hope the site is helpful.