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

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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.

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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

Let’s Try This Again: I’m Out of Credit Card Debt for the Second Time

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Thanks to getting an annual bonus for 2015 that finally hit my account (yay!) and a paycheck, I have paid off the last $200 of my credit card debt and have started savings funds!

I suppose I am now officially ‘Single Debt Single Woman’! 🙂  Woot!

“It’s Deja-vu all over again…”

Last year (2015) this time, around the end of February / early March, I had just paid off over $30,000 of credit card debt.  I celebrated and was happy to be reaching large debt milestones. I even had about $2,000 in savings at the time. Things were looking up. Next on the horizon was my student loan debt.   Just days after writing those posts, I ended up in the emergency room, and several expensive doctors visits, diagnostic tests, and one major surgery later, I ended up losing all of 2015 to paying off the incurred medical expenses.

Well, here I am again at the end of February (2016) with my credit card debt freshly paid off and a bit of money in savings. I had been looking forward to an uneventful 2016, but as I mentioned in my previous post, I’m now I’m dealing with stress and uncertainty at work and home this year. It may be superstition, but Read More