Emergency Fund Challenge 2009 Update

Posted on: July 9, 2009 by Matt

Last month I decided to give myself the gift of a rebuilt emergency fund by setting up a public challenge to get it back to the base of $1,000 by the end of the year. My reasoning for the amount was that $1,000 is the recommended starter fund from Dave Ramsey’s The Total Money Makeover, an attainable goal as well as an amount that makes me feel somewhat safe should something unexpected come up. When I kicked the challenge off I had $108 in my savings account, currently my progress has been a little slower than I had hoped for but is progressing just the same.

So for my current status I have $259 in my emergency fund account – an increase of $151. In addition I have also increased my health savings account from $0 to $99. So my total savings for the past month is about $250 but some of that went into savings for health care as I am planning to get a doctor’s visit in by the end of the year (it has been about 12 years since I have had a physical).

I am also hoping to jump start a couple of extra income steams by the end of the year in order to add to my savings and debt repayment plan. Currently I am working on:

Blog income via ads and adsense.
Writing EHow articles: 8 published so far and about $5 in earnings after one month. I have not devoted much time yet but am encouraged.
Selling stuff on EBay: I have a handful of things that I could sell without really even noticing. Why not get rid of some clutter and make a few dollars?

In addition – my final car payment will be next month and that will free up an additional $400 per month for me to work into the budget. I am really excited about having another debt repaid and crossed off my list!

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