Thursday, October 04, 2012

Making new savings goals

I have a savings plan that I posted on my other blog. It's a pretty easy plan that should be easily attainable, especially since I've received an increase in pay! Now I need to come up with a long term savings plan.

The majority of the extra money that I'll be making will go directly into savings. Some of the money will go towards upcoming expenses (like health insurance) and some will get incorporated into my monthly budget. This way, I don't have to cut anything, I can increase some categories and still save at the same time.

I still need to come up with a long term plan though. I need way more money in savings to have a healthy emergency fund. The money from my new salary earmarked for savings will go into the long-term fund. The money that I'm currently saving will go into my short-term fund. My eventual goal is to have 6-8 months worth of expenses between the two accounts. Needless to say, that's a 3-5 year long goal because I'm not going to save that much money overnight.

I'll just plan on getting my short-term goal in check and go from there.

1 comment:

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