Savings Goals – On Hold


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I have had several commentors ask about savings goals. Right now my focus is on getting 100% completely out of debt. I agree that having a 6 months cushion would be ideal. And will definitely be a goal…after I am debt free!

So for now, my savings is going to continue as follows:

  1. $500 into 3 separate investments account monthly. One of those being a ROTH account. There is currently approx $1,600 in these three accounts combined. I have just increased it from $70 per week to $500 per month this month. This is all kept in my STASH account which has had mixed feedback from BAD readers, but I have to say, it’s made investing and savings so easy for me. And I thoroughly enjoy checking in on my investments and reading up on advice about once a month. Otherwise, I just let it run.
  2. $750 into a savings account – this is technically my emergency fund account. I plan to increase this month deposit at the end of the year or early next year depending on getting all my remaining credit cards paid off this year.
  3. $500 into a separate savings account – earmarked for travel. This is separate and specifically a focus due the anticipated death of my mom and related travel needed.

piggy bank savings

When I look at my forecast spreadsheet, which currently goes through the end of 2025, my 6 months savings amount will dramatically decrease toward the end of the 3rd quarter next year. My debt should almost entirely be paid off. And that is when I will turn my eyes to re-evaluating my savings plan.

 





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