As the editor for Get Rich Slowly, my daily existence is spent learning about, reading about, and sometimes writing about personal finance. I can't say I'm an expert. Like many, I'm in the process of mastering my finances. But being immersed in the subject as I am has definitely opened my eyes and changed the way I handle my finances for the better.
So as I began to write this article today, I laughed as I considered what my answer would be to finish the sentence “2015 is my year to…” It's funny to be taking my own advice so to speak; but ever since I wrote this Ask the Reader article about balancing multiple sinking funds last August, I've been talking to my husband about opening a high-yield online savings account for our emergency fund. I know it is basic — but I am convinced that having savings is one of the most important things you can do for your finances.
I remember the first time we funded our emergency fund with $1,000 and the relief I felt just knowing we had that cushion. From that point forward, funding our emergency fund became one of our highest budget priorities. It didn't take long for us to sock away the next thousand or the next, and it took much less time to spend it on the emergencies that came our way. We are currently rebuilding our emergency fund again, and I am very interested to switch to an online bank with a higher interest rate (even though the rates are still so low) and earmark funds for particular goals in our spreadsheet.
It's not the only way I would end that statement, though. J.D. Roth explained that part of his financial journey was to develop “… solid financial skills while working to get out of debt …” and to turn them into habits. That certainly describes my experience, and I feel that I'm on the brink of the next stage of personal finance. So I think 2015 is my year to move into the next stage of personal finance, which, having reread J.D.'s article, could explain why I'm so animated about saving.
“As I say, this second stage is fun. It's exhilarating. I get a thrill out of seeing how much money I am paying myself instead of paying to other people. I enjoy imagining what my savings will allow me to do in the future.”
So Readers, how would you finish the statement: “2015 is my year to…”