Category: emergency fund (page 1 of 2)

So I finished my emergency fund, now what?

For the first time in my life I have reached my emergency fund goal. I actually reached it on Thursday, it’s been almost exactly five years since I started this journey on my blog. 6 years orso since I first started reading personal finance blogs and getting serious about fixing my finances permanently. It has been a long, long road with many ups and downs and… I have $10,000 sitting in several accounts designated as my emergency fund holding buckets, right this very moment

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I have wanted to reach this for so long! It feels… slightly disappointing to be honest. I felt much lighter when I paid off my student loan, this feels very different… perhaps because it’s just money sitting there and I won’t really ‘feel’ much about it until I need to use it for something. Perhaps also because I am waiting for my contract to be renewed and if it’s not, I may need to use the emergency fund to get through the winter unless I find reasonable work soon. (Of course if my contract doesn’t get renewed I will clear off my resume a bit and just take any job I need to take to get by)

It’s a nice accomplishment, with very mixed feelings. I really hope I won’t have to use it any time soon and to prevent that from happening I intend to keep saving in various accounts for other minor and major planned and unplanned life expenses.

My next goal? Build up a buffer in my chequing account. Any time I get money in I’ve been dividing in over my credit cards, debt, spending and savings right away. It’s a habit… oh it’s payday? Let’s see how fast I can get my account to zero again!

Time to start living on last months income.

 

 

25 goals for 2015 – May summary

Cucumber, carrots and radishes sprouting :)

Cucumber, carrots and radishes sprouting 🙂

It’s May! I just love spring and it took so long to arrive here in PEI, it was like the snow was never ever going to melt. I got some seeds started in egg trays in late April and some of the beans and cucumber plants seem to be doing well in their pots now. I need to pick up a lot more soil to fill the pile of buckets I still have to plant. (All the buckets were free from a restaurant, ha!) My lettuces and tomatoes are off to a very slow start and the zucchini just isn’t going at all.. Perhaps I am lacking a green thumb.

On to financial things, I’ve been trying REALLY hard 🙂

Financial

2. Save & splurge on a nice new purse in the spring. Not sure anymore. Saving is more important.
3. Sell my house. In progress.
4. Savings – Emergency $571.59/month. SMASHING success.
5. Savings – Retirement TFSA/RSP  $105.53/month. Done.
6. Savings – Vehicle fund $17.33/month. Done.
7. Savings – Future House  $41.66/month. Done.
8. Travel expense 2015 $1,500 jan – oct. In progress. 
9. Networth of $72,000.  In progress.

My house was taken off MLS for the winter, just went back on and two days later had a request for a viewing. I really need this place to sell before next winter! I’ve had 5-6 showings before last fall so I don’t get very excited about them, but it’s nice to get a response so quickly after going back on the market.

So in May I had to put in the almost $600 bucks of regular contributions to my Emergency Fund, which I did, and I also needed to catch up on contributions I’ve been missing out on the last couple of months due to it being winter, expensive, and spending… and I did it! I hadn’t expected that I actually would, but I did! Contributing factors:

My seasonal job started back up mid-May and that means a gradual drip of a little bit of extra income. I became an accidental landlord and began renting out my house as of this month… as it still hasn’t sold. My after tax take-away from rental income is going straight to my Emergency fund. 🙂 I was also able to collect some money owing from previous work I’ve done AND I was quite careful with my spending, choosing to pack lunch every day, not eat out and try to cut costs where possible. It worked!

All my other financial goals are on track for now, I need to begin thinking of a plan on what to do once I have completed my $10k emergency fund with my job uncertainty, do I keep hoarding cash, do I start aggressively paying my mortgage, what to do? I want to write a post about that too and why it’s so important to me.

I am still running my chequing to almost $0 before every paycheque so in June I renew my focus to cutting out that nonsense. I need to build up a $1k buffer so I don’t have to worry about that darn bank balance overdrafting anymore. The end.

Travel

10. Visit Cape Breton. Haven’t done anything with this yet.
13. Go camping in the Magdalen Island for a week. Haven’t done anything with this yet.

2015-05-25 19.13.04-1

Lifestyle

15. Lose 30 for 30. In progress. 
16. Track food, journal, exercise daily. Done.
17. Go swimming once a week. Fail.
19. Start weighing in weekly by June 30, 2015. Haven’t done anything with this yet.
20. Average steps per day 8,500. Done! 9,310 daily average!
21. Read more: read 30 books this year. Fail.
22. Wear out shoes, don’t buy more, reduce total amount of shoes owed. In progress.
23. Complete the #100happydays challenge. In progress.


My step average
dropped a bit to 9,310 average over the month, I was above 10k daily for April, but still, I’m above the goal I set at the start of the year which is great. I still have not been back swimming but with the warmer weather am walking more, and the dog too. My knee has healed, it bothers me infrequently now, but I still have no desire to pick up running again. I was at the beach twice this week for a long walk with my dog. Overall I feel fantastic! I have been journalling my food and activities, now using my home made Moleskine planner/journal, since Christmas last year and the difference in my mood, stamina and general health is noticeable. Eating well does a body good.  I look better too *wink wink nudge nudge* Ah, yeah. Okay, I’m awkward.

On the job front, my contract is now being discussed (versus just me speculating and worrying about it) Everything is going really well, in fact the best it has ever been but I got the unfortunate news that regardless of my main client being very happy and that they would like to continue the contract with me, the board will very likely still want to put my contract up for tender… so uncertainty remains.

I haven’t been seeing much interesting to apply to. I did do one application and did not get selected for an interview… in fact, my sister got that exact job I wanted working for Air Canada. I was… jealous but also happy for her to have landed a job with benefits etc, she needs it as much as I do. I am currently in the running for another exciting opportunity and have a Skype interview next week, (in Dutch, nonetheless!). I did not apply at very many places in May, just haven’t been seeing anything interesting to apply to. I did make the choice to amend my resume and reword my positions: I am the company owner, I can’t really lie… about that but it was suggested to me to word it differently because hiring managers might be making assumptions about my actually needing work/seriousness/suitability/over/underqualified. Henceforth I have baptised myself general manager for company x. Which… I am, although I am also the 50$ owner of company x, but that is no longer evident from my resume. Maybe this will get me more bites? I also looked up the NOC codes that really do apply to my jobs and streamlined things a bit better, I’ve accumulated more references so all in all… on paper I should be lookin’ alright. 😉

Aaaaand that’s a wrap for May, let’s see if I can get this emergency fund bastard wrapped up by the end of June – actually, wow I just realized i currently have the most emergency savings I have ever had sitting in my account – just over $8k. Ever! Wow!

Summary goals for June:

– Finish Emergency Fund
– Find another freaking job, finally, really
– Build a $1k buffer in my chequing
– keep on keeping on being healthy and stuff

 

25 Goals for 2015 – April summary

2015-03-30 16.11.58

Here we go again! Let’s sit down and take a look. I deleted a few goals that I no longer need to track for the rest of the year.

Financial

2. Save & splurge on a nice new purse in the spring. I’m still drooling over this one.
3. Sell my house. In progress
4. Savings – Emergency $571.59/month. Fail. .
5. Savings – Retirement TFSA/RSP  $105.53/month. Done.
6. Savings – Vehicle fund $17.33/month. Done.
7. Savings – Future House  $41.66/month. Done.
8. Travel expense 2015 $1,500 jan – oct. In progress. I went to Florida!
9. Networth of $72,000.  In progress.

Well, I failed one of my financial goals… my emergency fund contributions were less important than going to Florida for 10 days. But it was awesome! I am now behind $261.24 this month and $200 from last month. That means in May I need to drop $1,032.82 into my emergency fund to keep on target. Um, I might not be able to do that… I will try?

My trip to Florida ended up costing about $1,000 Canadian excluding some clothes and underwear shopping.

Financially for May I want to work on building up a larger buffer in my chequeing as well, I’m thinking a minimum amount of about $1,000, for peace of mind and to really truly start living off last months pay.

Travel

10. Visit Cape Breton. Haven’t done anything with this yet.
13. Go camping in the Magdalen Island for a week. Haven’t done anything with this yet.

Lifestyle

15. Lose 30 for 30. In progress. 
16. Track food, journal, exercise daily. Done.
17. Go swimming once a week. Fail.
18. Complete c25k a second time by April 30, 2015. Fail. (Also I quit this one)
19. Start weighing in weekly by June 30, 2015. Haven’t done anything with this yet.
20. Average steps per day 8,500. Done! 10,881 daily average!
21. Read more: read 30 books this year. In progress.
22. Wear out shoes, don’t buy more, reduce total amount of shoes owed. In progress.
23. Complete the #100happydays challenge. In progress.
24. Finish two bible studies. Done.
25. Keep track of these goals weekly here. Done.

I’m generally well on track with my health goals. I was reading a forum I frequent yesterday and it really made me think twice about the whole kids and family thing. I want to be the best I can be. I’m turning 30 this year, it’s time to take care of myself and I’ve run out of time to keep coming up with excuses. My step average was 10,881 this past month which is great! Hopefully I can keep that up again in May!

I went swimming a few times in Florida but didn’t go swimming at home at all. After twisting my knee after I fell on ice at home and then again at work two days later at the end of March my knee has been bothering me so a second go around of c25k isn’t going to happen. I also realized over the winter that I really enjoy walking and hiking outside. I love being outside! But running was more something I did to get a sweat and a workout in, I never quite loved it. Because of that and the bum knee I think I can cross that one off my list permanently

On the job front, two more no thank you emails, one application with no response and I entered into two other job pools. Didn’t apply for as many jobs as I should have this month. The last 6 months of my job contract start next week… Trying to keep calm and have faith that  all will work out just fine. 🙂

Cottage rentals are picking up even more though, I’m now expecting 150% of what I earned last year with cottage cleaning and renting.  I also decided to rent out my own house as a seasonal rental to cover some of my carrying costs. Any bit will help.

And that rounds off April, May is looking like a busy month, getting my planters ready, prepping my house for rental and my cottage job starts soon, yay!

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