Double Debt Single Woman

[-$86,895] A Huge Debt, a Small Pay Raise, and a New Spending Plan for 2017

Posted on January 31, 2017 by Double Debt Single Woman

I finally, FINALLY, found out my new compensation numbers today, after my promotion a couple of months ago. First, a bonus.

Year End Bonus: ~$4,300

I got a 2016 annual bonus! When it hits my account in a couple of weeks, this is where it will go:

Emergency Fund: $1000

Health Maintenance: $1750

I expect doctor visits, diagnostic tests and treatments this year relating to some chronic health issues. I’ll be paying out of pocket (HDHP). I may also need some dental work this year. Hopefully this will be enough.

Opportunity Fund: $1250

Most of this will be saved for gifts and travel to see relatives during the 2017 holidays. I didn’t get to see them during the holidays last year.

Checking Account: ~$300

I’m not entirely decided about what I will do with any money that remains. I’ll likely keep it in my checking account to cover unexpected or annual charges.

2017 Salary Increase

Guys… (Sigh)… I tried. Read More

[-$86,743] Why I Want a One Year Emergency Fund

Posted on January 14, 2017 by Double Debt Single Woman

In my 2017 Goals post I mentioned that my ultimate goal for my emergency fund was to save 1 year of living expenses.

You may wonder why I want so much in savings. I’m single. I don’t have any dependents, and I live rather frugally. Simply put, I want more because what I have saved so far doesn’t align with my goals.

My current 2.5k mini-emergency fund is a needed life line, a life preserver, should something unexpected, yet minor happen in my life. The life preserver doesn’t look pretty, nor does anyone using it; but that’s not the point. The life preserver has only one job, to keep your head above water until you’re out of danger. It does not provide comfort or space/buffer from the danger.

This level is savings is fine for some, particularly those who have a relatively low amount of debt compared to their income and who will be out of debt in a relatively short amount of time (less than one year). This is where my savings are now, and I’m seeing that this is not enough. Read More