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EF Status

December 7th, 2011 at 04:50 am

The 49ers won on Sunday. Yay!
Added $10 to the EF.
New balance $2126.

I am not going to make my $5k EF goal this year. *sigh* I'm slightly disappointed, but hey I've got next year, right?

I checked the amount I deposited to the EF in the past year and the total was $7302! Used cash out of the EF for car repairs and dental work and car insurance. If we could have kept the money in there I would have met my goal and then some, so I know it's do-able. Smile

Posted in Saving Money | 7 Comments »

7 Responses to “EF Status”

  1. creditcardfree Says:
    December 7th, 2011 at 12:29 pm 1323260978
    1323260978

    I think it's great. You did save the money....it was just needed for necessary but unexpected expenses. Keep up the good work.

  2. HouseHopeful Says:
    December 7th, 2011 at 12:41 pm 1323261719
    1323261719

    Have you thought about starting a sinking fund in addition to the Efund? I am just asking because I think its important to distinguish between true emergencies and unplanned, but not unexpected expenses. Which are things like car repairs, car insurance, ect.

  3. creditcardfree Says:
    December 7th, 2011 at 01:39 pm 1323265177
    1323265177

    That is a good point HH. I call ours a slush fund.

  4. EarlyRetirementJoy Says:
    December 7th, 2011 at 02:27 pm 1323268042
    1323268042

    We also break out our once a year expenses (insurance renewals, registration renewals, medical deductibles, etc.) over 12 months and accrue accordingly. By breaking them down and accruing monthly, they actually appear and feel more financially manageable than dealing with them as bigger, once a year expenses. I would likewise and support and encourage that an EF is really for out-of-the blue, unanticipated items rather than regular 12-month items.

  5. EarlyRetirementJoy Says:
    December 7th, 2011 at 02:29 pm 1323268166
    1323268166

    But, also, hooray for making forward progress! It's always about progress, never about perfection. :-)

  6. MonkeyMama Says:
    December 7th, 2011 at 04:57 pm 1323277043
    1323277043

    That's awesome!

    Our EF is officially about 1/2 of our cash savings, but I just lump the whole thing in EF, anyway. In a worst case scenario, the whole thing is an EF. On the flip side, I am uber organized and mindful of having a slush fund, medical savings fund, long-term savings fund, and an emergency fund. But doesn't mean I have never paid an insurance bill out of another fund. I certainly have - sometimes you just have to make it work. (I believe in planning ahead, but am not too hung up on perfection - which I think is key - flexibility may be more important).

    I had a similar year in 2010, and so this year we didn't touch are cash savings for NOTHING. Obviously took some luck. But I realized the more cash we saved the more I Was over-commiting to expenditures. So this year I just pretended like I was dirt broke. IT worked pretty well. (& in January I am buying a lot of stuff. LOL. I promised dh a garage door opener, for one. So I hope we don't just spend it all in 2012, because you know what if there are things we put off and then everything breaks? Feels like a tightrope, sometimes).

  7. Looking Forward Says:
    December 8th, 2011 at 10:17 pm 1323382654
    1323382654

    Right now I just lump cash savings and money I've set aside for yearly expenses in one account. I figure in a *true* emergency I would use whatever cash I needed even if it was earmarked for the car insurance, or a home repair, etc..
    Currently the only annual expense I am saving for is that once yearly auto insurance payment. Things like auto registration renewal I cash-flow in the month I pay it. Maybe one day I'll break that down and save monthly. Home insurance and property taxes come from the impound account.
    For now it's more simple for me to only have one cash savings account.

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