Comments on: My little Freedom Fund is growing up http://www.wellheeledblog.com/2008/10/15/my-little-freedom-fund-is-growing-up/ Savvy Living Through Personal Finance Tue, 27 Jul 2010 21:06:20 +0000 hourly 1 http://wordpress.org/?v=3.0 By: Jessica http://www.wellheeledblog.com/2008/10/15/my-little-freedom-fund-is-growing-up/comment-page-1/#comment-2626 Jessica Tue, 04 Nov 2008 06:33:56 +0000 http://wellheeled.wordpress.com/?p=1009#comment-2626 I am soooo proud of you! We are the same age and this amount of savings is unheard of in us 20somethings. Unfortunately my living expenses run about $3,000 dollars ( I really need to double check what are necessities) so I only have a little over 1 months worth of savings. My goal for next year is to have at least 3 months worth. I wish I could do 1 years worth. I am soooo proud of you! We are the same age and this amount of savings is unheard of in us 20somethings.

Unfortunately my living expenses run about $3,000 dollars ( I really need to double check what are necessities) so I only have a little over 1 months worth of savings.

My goal for next year is to have at least 3 months worth. I wish I could do 1 years worth.

]]> By: Moneymonk http://www.wellheeledblog.com/2008/10/15/my-little-freedom-fund-is-growing-up/comment-page-1/#comment-2625 Moneymonk Tue, 21 Oct 2008 23:22:22 +0000 http://wellheeled.wordpress.com/?p=1009#comment-2625 You are doing better than most 20 somethings You are doing better than most 20 somethings

]]> By: Moneymonk http://www.wellheeledblog.com/2008/10/15/my-little-freedom-fund-is-growing-up/comment-page-1/#comment-2624 Moneymonk Tue, 21 Oct 2008 23:20:30 +0000 http://wellheeled.wordpress.com/?p=1009#comment-2624 You are doing better than most 20 yr olds You are doing better than most 20 yr olds

]]> By: rhealitycheck http://www.wellheeledblog.com/2008/10/15/my-little-freedom-fund-is-growing-up/comment-page-1/#comment-2613 rhealitycheck Thu, 16 Oct 2008 23:27:54 +0000 http://wellheeled.wordpress.com/?p=1009#comment-2613 Sadly I live quarter to quarter (graduate tuition) and only have about ~2months saved up as contingency but that also means I don't have overwhelming debt for grad school. Part of the reason I choose to spend more up front on grad school is that even with the faltering economy I have a fairly stable job at a large firm that gives me a little more contingency and time to act should anything bad (*knock on wood*) happen. Sadly I live quarter to quarter (graduate tuition) and only have about ~2months saved up as contingency but that also means I don’t have overwhelming debt for grad school. Part of the reason I choose to spend more up front on grad school is that even with the faltering economy I have a fairly stable job at a large firm that gives me a little more contingency and time to act should anything bad (*knock on wood*) happen.

]]> By: Does your efund calm your fears? « Stacking Pennies http://www.wellheeledblog.com/2008/10/15/my-little-freedom-fund-is-growing-up/comment-page-1/#comment-2616 Does your efund calm your fears? « Stacking Pennies Thu, 16 Oct 2008 16:58:04 +0000 http://wellheeled.wordpress.com/?p=1009#comment-2616 [...] or less than those of us who are money obsessed focused, yet have cash in the bank? Well-Heeled has collected $21,200 cash, and is grateful, but still anxious about what may come. I wonder what amount in the bank [...] [...] or less than those of us who are money obsessed focused, yet have cash in the bank? Well-Heeled has collected $21,200 cash, and is grateful, but still anxious about what may come. I wonder what amount in the bank [...]

]]> By: Cassie http://www.wellheeledblog.com/2008/10/15/my-little-freedom-fund-is-growing-up/comment-page-1/#comment-2615 Cassie Thu, 16 Oct 2008 16:29:58 +0000 http://wellheeled.wordpress.com/?p=1009#comment-2615 I am aiming to save 6 months worth (15,500) to begin with. Once I reach that goal, I'm going to try for a year's worth. I would be content with that. I am aiming to save 6 months worth (15,500) to begin with. Once I reach that goal, I’m going to try for a year’s worth. I would be content with that.

]]> By: Little Miss Moneybags http://www.wellheeledblog.com/2008/10/15/my-little-freedom-fund-is-growing-up/comment-page-1/#comment-2614 Little Miss Moneybags Thu, 16 Oct 2008 14:27:20 +0000 http://wellheeled.wordpress.com/?p=1009#comment-2614 I have about four months of expenses saved up as an emergency fun, as well as maybe another two months in "sinking funds" (money for travel or gifts or other goals that could be used for an emergency fund if necessary). I haven't been adding to it regularly in a while, choosing to focus on other savings goals, but I would like to bump it to a full eight months' worth of expenses and then max out my Roth IRA (I've got my 401k contributions up to 10% with a 6% match from my employer). I still remember the weight that lifted off my shoulders when I deposited the final $1,000 to reach my emergency fund goal. I have about four months of expenses saved up as an emergency fun, as well as maybe another two months in “sinking funds” (money for travel or gifts or other goals that could be used for an emergency fund if necessary). I haven’t been adding to it regularly in a while, choosing to focus on other savings goals, but I would like to bump it to a full eight months’ worth of expenses and then max out my Roth IRA (I’ve got my 401k contributions up to 10% with a 6% match from my employer).

I still remember the weight that lifted off my shoulders when I deposited the final $1,000 to reach my emergency fund goal.

]]> By: QL girl http://www.wellheeledblog.com/2008/10/15/my-little-freedom-fund-is-growing-up/comment-page-1/#comment-2617 QL girl Thu, 16 Oct 2008 14:07:14 +0000 http://wellheeled.wordpress.com/?p=1009#comment-2617 Since my DP fund is just sitting there, I'm sure I have about 3 years worth of expenses (I live at my parents home though, so I don't spend much). Once I move that DP fund will disappear though, and leave me with more expenses, and about $5k in savings (if it happened now. That's maybe 3 months?). I'm now considering nixing the 20% DP plan when I move and keeping some in my emergency fund instead. (I'm thinking $12-20k in total.) I think 6 months will allow me to keep from panicking, but 1 years' worth of expenses is what I'm going to aim for. Since my DP fund is just sitting there, I’m sure I have about 3 years worth of expenses (I live at my parents home though, so I don’t spend much). Once I move that DP fund will disappear though, and leave me with more expenses, and about $5k in savings (if it happened now. That’s maybe 3 months?). I’m now considering nixing the 20% DP plan when I move and keeping some in my emergency fund instead. (I’m thinking $12-20k in total.)

I think 6 months will allow me to keep from panicking, but 1 years’ worth of expenses is what I’m going to aim for.

]]> By: SavingDiva http://www.wellheeledblog.com/2008/10/15/my-little-freedom-fund-is-growing-up/comment-page-1/#comment-2618 SavingDiva Thu, 16 Oct 2008 13:46:33 +0000 http://wellheeled.wordpress.com/?p=1009#comment-2618 I'm almost at 6 months ($6k). I'm going to leave my emergency fund at $6k and focus on saving for other goals--travel fund, bike fund, clothing fund, car maintenance fund, etc. I’m almost at 6 months ($6k). I’m going to leave my emergency fund at $6k and focus on saving for other goals–travel fund, bike fund, clothing fund, car maintenance fund, etc.

]]> By: twenties money http://www.wellheeledblog.com/2008/10/15/my-little-freedom-fund-is-growing-up/comment-page-1/#comment-2619 twenties money Thu, 16 Oct 2008 12:47:06 +0000 http://wellheeled.wordpress.com/?p=1009#comment-2619 That'd be great to have 20 grand stashed away. Right now I am pushing to just have 5k by years end. Next year I am hoping to grow that to about 12k. It is taking me an awfully long time because I am married and have a child. Every time I save a little up it would seem something happens and the account balance goes back down. I really just keep my fund for emergencies like house, car or medical. Although my job is not exactly 100% secure I am 100% positive that even if I were fired today, I could have a new job with a new company by this evening. That’d be great to have 20 grand stashed away. Right now I am pushing to just have 5k by years end. Next year I am hoping to grow that to about 12k. It is taking me an awfully long time because I am married and have a child. Every time I save a little up it would seem something happens and the account balance goes back down.

I really just keep my fund for emergencies like house, car or medical. Although my job is not exactly 100% secure I am 100% positive that even if I were fired today, I could have a new job with a new company by this evening.

]]> By: Stephanie http://www.wellheeledblog.com/2008/10/15/my-little-freedom-fund-is-growing-up/comment-page-1/#comment-2620 Stephanie Thu, 16 Oct 2008 04:33:57 +0000 http://wellheeled.wordpress.com/?p=1009#comment-2620 Way to go! It's really amazing how every little bit can add up to a lot. I set my saving on autopilot and transfered money every month to my emergency fund. Without even paying too much attention, I had around a years worth of expenses saved! It came in handy when I got laid off earlier this year...and I think having around a year's worth is a good way to go, especially in this economy. It makes the job search not seem so urgent if you know that you're not about to end up on the streets. Way to go!

It’s really amazing how every little bit can add up to a lot. I set my saving on autopilot and transfered money every month to my emergency fund. Without even paying too much attention, I had around a years worth of expenses saved!

It came in handy when I got laid off earlier this year…and I think having around a year’s worth is a good way to go, especially in this economy. It makes the job search not seem so urgent if you know that you’re not about to end up on the streets.

]]> By: SP http://www.wellheeledblog.com/2008/10/15/my-little-freedom-fund-is-growing-up/comment-page-1/#comment-2621 SP Thu, 16 Oct 2008 04:13:38 +0000 http://wellheeled.wordpress.com/?p=1009#comment-2621 Yay! Congrats on your cash fund! Everyone worries, but those with some cash and their finances in order must worry a little less. I was writing a comment responding to your question, but it was getting really long, and I haven't blogged today... So I'll just make a post. :) Yay! Congrats on your cash fund!

Everyone worries, but those with some cash and their finances in order must worry a little less.

I was writing a comment responding to your question, but it was getting really long, and I haven’t blogged today… So I’ll just make a post. :)

]]> By: Single Ma http://www.wellheeledblog.com/2008/10/15/my-little-freedom-fund-is-growing-up/comment-page-1/#comment-2623 Single Ma Thu, 16 Oct 2008 03:40:04 +0000 http://wellheeled.wordpress.com/?p=1009#comment-2623 Congrats! Accomplishing a goal gives you such a liberating feeling, doesn't it? Do you max out your Roth and 401k? Now that your efund is complete, will you focus on other goals or keep adding to the efund? What about non-retirement investments? You have to keep thinking big and raising the bar. Congrats again! Congrats! Accomplishing a goal gives you such a liberating feeling, doesn’t it? Do you max out your Roth and 401k? Now that your efund is complete, will you focus on other goals or keep adding to the efund? What about non-retirement investments? You have to keep thinking big and raising the bar. Congrats again!

]]> By: Money Maus http://www.wellheeledblog.com/2008/10/15/my-little-freedom-fund-is-growing-up/comment-page-1/#comment-2622 Money Maus Thu, 16 Oct 2008 03:17:59 +0000 http://wellheeled.wordpress.com/?p=1009#comment-2622 Congratulations! That is an amazing accomplishment. Your savings-savvy is an inspiration. :) I am (very) slowly growing my savings. I would like my emergency fund/savings to reach 1 year. Based upon my current budget, this would be $15K. Congratulations! That is an amazing accomplishment. Your savings-savvy is an inspiration. :)

I am (very) slowly growing my savings. I would like my emergency fund/savings to reach 1 year. Based upon my current budget, this would be $15K.

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