The year of increasing the emergency fund

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avocado
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Re: The year of increasing the emergency fund

Postby avocado » Mon May 18, 2015 7:14 pm

partgypsy wrote:It's funny, we keep saying to ourselves, well after x, then it should be smooth sailing. But it seems like we've been saying that for the past 5 years. Maybe this IS the new normal. It would be nice if we could go a year without any huge expenses. I'm not going to hold my breath.

Your experiences jibe with ours. Bumpy seas all around! :D

LMoot
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Re: The year of increasing the emergency fund

Postby LMoot » Tue May 19, 2015 2:20 am

Yes! But think of it this way...at least we had boats in the tough waters, even if it keeps getting trashed.

Every time I find myself feeling exasperated at having to use my savings for unforseen expenses, I think of what the alternative would be; I figure, the expenses will have been there no matter what, so it's a good thing I have the tools (as reluctant as I am to use them) to deal.

partgypsy
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Re: The year of increasing the emergency fund

Postby partgypsy » Thu May 21, 2015 11:29 am

Yes, that even if we had big expenses, we had the means to pay them off. Paying off last of summer program tuition tomorrow :clap: . And I'm grateful we didn't have to go into debt to take care of these things.
Onward and upward!

partgypsy
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Re: The year of increasing the emergency fund

Postby partgypsy » Tue Jun 23, 2015 9:31 am

Well after much reviewing and introspection, applied for financial aid for child to go to the school year version of the summer program she is enrolled in. The situation right now, if nothing else is done, she will be held back for 3rd grade. As she is already old for her grade level, that would not be good for multiple reasons. They also stop teaching reading in 2nd, 3rd grade, so after that she will be expected to know how to read fluently. The tuition is 18.2K. We are eligible for 5-6K assistance, so our balance will be 12.2-13.2K. Though it is huge, and I'm not sure how we will pull this off, I know in my heart this is the right decision. Needless to say, if I don't post often this next coming year, you know why. Hopefully I can put into action things I learned on this and other blogs, to be ninja good with our money to come up with an additional 12-13K from our budget to make this happen.

Apples
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Re: The year of increasing the emergency fund

Postby Apples » Wed Jul 01, 2015 10:38 am

Good for you partygypsy. I have total faith in your ability to tweak your budget for that tuition, because this is probably your most important goal for the year. You are responsibly taking care of your family in the big ways that matter. Financial goals are always secondary to that.

partgypsy
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Re: The year of increasing the emergency fund

Postby partgypsy » Wed Jul 01, 2015 2:22 pm

Thanks apples. I feel a bit disheartened, in that our finances are better that my husband is picking up more work, but as we are on opposite schedules, not ideal for me (more childrearing, less social life or private downtime). So I will look forward to the fact it shouldn't be like this forever, and as time, money permits he can give up shifts selectively for quality of life. And though I still worry about my child, long term, I am at peace with the decision. It doesn't guarantee success (way too many variables), but at least I won't have regret I didn't do it.

partgypsy
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Re: The year of increasing the emergency fund

Postby partgypsy » Tue Jul 07, 2015 11:10 am

JAN INGO 6604 OUTGO 5048 (+1556)
FEB INGO=7366 OUTGO=3283 (+4083)
MAR INGO=5644 OUTGO=4071 (+1573)
APR INGO =5989 OUTGO=7072 (including 2650 summer program, 360 camp) = -1083 (also 15213 for roof taken out of efund and checking)
MAY INGO=5216 OUTGO=5766 (-552) (1287 travel)
JUNE INGO=6677 OUTGO=3702= (+2975)

It looks like we should have extra money, but unfortunately but the excess (plus our emergency fund!) was used for roof replacement. Other additional one time expenses listed above.
Once we get the school bills, will be an additional 1500 in expenses from july-feb. I am thankful for my husband for "stepping up to the plate" to make this financially possible. Husband is doing well but I am a bit weary. I am glad it is summer because at least I get a break from having to get up super early/get the kids ready for school and associated school-related chores.


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