2008 $20 challenge:
$ 645.00 - 4/1
$1,500.00 - Overtime
15.00 - Rebate/Cash
$2,160.00 - Balance 4/16
Well, I got my "overtime" bonus for the past year. It really wasn't much - I expected more. But that's the thing about bonuses - you take what you can get.
Since this last tax season was like 1/10 as stressful as last year, I think I can live. (I am thinking about the 9 months before that though which were hell).
I am adding the entire amount to the mid-term fund, as planned. If I add $15 (my $10 rebate plus $5 of the cash sitting in my checking account) than my mid-term fund will hit $2k even. So that's what I am going for.
Dh was going to deposit my check for me today, and I will transfer the money over to savings tomorrow, first thing.
Earn me some interest!
So, phew. Considering I just paid out about $4k in bills, I am relieved to get some cash inflow this month. I worried I may not get it until May.
I expect $800 from the IRS in June and we are still adding interest to this (around $75/month).
I am thinking of diverting BM's preschool tuition to this fund through the end of the year. We can hit retirement in 2009.
Ideally we would have the following at year-end then:
$12k Emergency Fund
3k Medical Fund
5k Mid-Term Fund
Enough in the mid-term fund to replace dh's car if something happened, and to do some minor work around the house.
Until then, I am afraid I am still a tad stressed. IT's nice the emergency fund would cover such "forseeable" things. But it's not what I have the efund for. So it isn't very pleasing to me to think I could always tap my efund and then have to just build it back up. Then it's just a neverending treadmill.
$20k is some magic number to me. Before kids we always had a decent amount of cash to fall back on. At least $20k. It's a psychological thing... We moved backwards a few years, then forward. It will feel good to make progress from where we were at age 25. We're still not quite there. In limbo land with this whole kid/one-income thing. But it's so close I can taste it - forward momentum - true forward momentum...
Well, on 1/1 my mid-term fund was a big fat -0-. So $2k is sounding pretty sweet about now. I must admit. Just a long ways to go...
2008 $20 challenge: