I thought this lil tid bit deserved an entry of its own. My emergency fund has increased from 25% ($2500) to ($3300) 33%. Yep, that's an increase of over $800 bucks. Woo-Hoo!!
I guess you're wondering how I save. I simply have $500 bucks from each of my checks directly deposited into my ING. Yep, that money is automatically deducted bi-weekly. I also add any surplus money I may have left over into this account as well. This is how I do it: Let's say I get paid Monday. I also have $312.99 in my checking account BEFORE I get paid. Well, that $312.99 is moved into my ING account and I begin iving off my 'NEW' money...my freshly deposited check.
I am loving the compounded interest. Now to date, I have only earned $4.94. But this month I have earned $7.73. I opened this account a lil over 2 months ago and I am anxious to see how much interest I gain over a year. Once I reach my Emergency goal amount, I will continue to add to it. It's somewhat addicting watching your money grow. Grow baby, grow on!!
Tuesday, September 25, 2007
Emergency fund has increased!!!
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8 comments:
Wow! That's great! One day that will be me saying that :O)
D.C.
Yeah Yeah Yeah....enough with your bragging......LOL Nah sis this is great, I like the idea of moving whats leftover and into the ING....I will be able to do that one day too...;0)
d.c 2 - you will be there befoe you know it girl. It just takes discipline and time
Yall come back- you can and will be able to do this. I see it happeneing in the near future.
Uh oh.
*singing
Who balling? Who balling? What!!
I like the idea of moving new money to ING. I do the direct deposit to ING for savings. I have no extra money left, since it all goes to credit card debt repayment.
I was looking at your side bar...is your EF doubling as your down payment savings? Sorry...I'm new to the blog and trying to figure things out!
saving diva- no I already have my down payment money saved. I am simply tryin to save an additional 10K and decided to name it my EF money. I dont know what I will do with this money. I just like to see it grow LOL!!!
Tired of being broke- if I had credit card debt, I would definitely do what you are doing. Keeep paying those bills off!!
Tired of being broke - let me take that back. I DO have CC debt, but I am paying it back slowly. I am using the 0% on interest on my CC to my advantage. Although I am not using the card to make purchases, I am using the card to build credit history. My $1300 balance will be paid off within a few months and I will have improved my payment history. Some people like this idea and others dont. It seems to be working for me.
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