Tackle it Tuesday – Emergency Savings

September 4, 2007

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Tackle It Tuesday Meme

This week’s tackle doesn’t have anything to do with housework or work work, it has to do with a goal I’ve had for a few months now of having an emergency stash in my savings account. Today I made the final deposit to make my goal of a certain dollar amount that represents a safety net for me, and I’m so proud of myself! It’s enough so that if some emergency comes my way, like needing a major car repair or even a medical event, I can cover it in cash. Whew!

This kind of tackle won’t come every week but I thought I would share. My next major money tackle is to pay off my credit card. If I really buckle down I can do it in two months. Right now I’m not paying any interest due to the fact that I transferred my balance to a new, zero interest for 6 months card. I wouldn’t have this debt right now if it weren’t for the fact that my computer went kerplutz a few months ago and I had to buy a new one, pronto since that’s how I earn my livelihood! But therein lies the problem and the motivation – now if this happens again I have cash to cover that. :-)

Now, it might not make perfect fiscal sense to have savings and debt… thinking purely of the numbers, I might have been better off paying off the debt first and saving later. But this is how I see it: doing what makes you feel safe and sound might be smarter in the long term than just doing what makes sense, number wise. If you feel good you make better decisions and money will show up more easily than if you feel stressed and vulnerable. And if in the meantime I have some emergency, I can use cash to deal with it instead of putting more on the card. Plus, as I said, I’m not paying interest anyway!

So what did you tackle today? The bathroom floor needs help, but that’s so boring. ;)

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2 Responses to “Tackle it Tuesday – Emergency Savings”

  1. Busy Me!! on September 5th, 2007 12:52 am

    Wellllll…. my tackle it was my bathroom, I scrubbed every tile by hand…. with a big scrubbing brush on the floor!!! It feels SO MUCH better to get it done :) Congrats on your hard work with saving…… I would love to have an account like that… perhaps something I should work on…. Happy Tuesday :)

  2. Tiffany@naturemoms.com on September 5th, 2007 3:59 am

    I have been living on a cash only basis for about 7 years now. No credit cards…if we want something we need to have the cash for it or we don’t get it. I remember I once had a laptop on credit with Dell and I ended up paying a fortune for that thing! Now next month my hubby and I are both getting new computers and we are paying cash for them…it is a good feeling.

    BUT we do need to save more so thanks for the reminder. :)

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