My emergency fund is currently at $6,000. The next goal will be $10,000.
Financial behavior:
Present: I am paying myself first.
Past: I paid bills first.
Present: I am paying down credit card bills without incurring new debt.
Past: Racked up credit card bills with no concrete plan to pay them off.
Present: I am no longer Bank of Family Incorporated.
Past: Always lent money, or helped family pay bills.
Present: Increase IRA contributions with each raise.
Past: Didn't have a proper retirment plan.
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4 comments:
that's wassup!!! I had to alter my behavior but am going to change them again once I get out of this hole. It's crazy to make one amount of $$ and then your employer cuts your salary by 25% in a single income home taking care of a family that is a HUGE difference!!! so I'm on the road to rebuilding my emergency fund, paying myself first and rebuilding the college funds as I prepare to withdraw next year for my 1st child attending.. sigh
I think it is important to pay yourself first. It's insurance that you will have the funds you need in case life leads to some kind of emergency, etc.
BK - as long as you start paying yourself 1st that is the first step to getting back on track.
Jerry - that ER fund is good for what ifs.
Paying yourself is definitely the way to go! I have always tried to save 10%, give 10% and live on the rest.
I still have to work on the whole Bank of Family thing. Seems that the ones that always are in need know that I believe that family should do for each other and I usually get hit up for the money. I am getting better though.
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