Monday, June 16, 2014

Savings First

We made the decision to increase our savings to $10,000 while we continue to make monthly payments to the car of $400. Friday was our payday and today I received the reimbursement for our daycare and medical flex. I transferred $500 from our paychecks along with the entire reimbursement. Our saving account is now at $8198. When I saw that balance, I immediately felt a huge sense of relief so I know I made the right decision.

Should an emergency arise, it is more important for us to have savings than a paid off car. Now I just need to get to $10,000 and start paying on the car. :)

4 comments:

  1. I wish I had your determination at the age you are now. We are so behind for our age and all becasue of poor financial goals. I am proud of you!

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  2. Good choice, especially if 10k savings is your comfort level. I would like to get mine to 3k at some point, then pay the car, then come back and raise it to about 12k, or 6 months' worth of expenses... sounds like a lot, but we've got to start somewhere. You're almost to your goal! So close!

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  3. Good for you! I agree, we have a nice savings account now, but its taken me a long time to get there. I hope to have $20K in there within a years time. It'll be hard, but worth the effort!

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  4. Exactly what I would have done! :)

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