Savings Goals – On Hold

by Hope

I have had several commentors ask about savings goals. Right now my focus is on getting 100% completely out of debt. I agree that having a 6 months cushion would be ideal. And will definitely be a goal…after I am debt free!

So for now, my savings is going to continue as follows:

1. $500 into 3 separate investments account monthly. One of those being a ROTH account. There is currently approx $1,600 in these three accounts combined. I have just increased it from $70 per week to $500 per month this month. This is all kept in my STASH account which has had mixed feedback from BAD readers, but I have to say, it’s made investing and savings so easy for me. And I thoroughly enjoy checking in on my investments and reading up on advice about once a month. Otherwise, I just let it run.
2. $750 into a savings account – this is technically my emergency fund account. I plan to increase this month deposit at the end of the year or early next year depending on getting all my remaining credit cards paid off this year.
3. $500 into a separate savings account – earmarked for travel. This is separate and specifically a focus due the anticipated death of my mom and related travel needed.

When I look at my forecast spreadsheet, which currently goes through the end of 2025, my 6 months savings amount will dramatically decrease toward the end of the 3rd quarter next year. My debt should almost entirely be paid off. And that is when I will turn my eyes to re-evaluating my savings plan.

Hope is a creative, solutions-focused business manager helping clients grow their business and work more efficiently by leveraging expertise in project management, digital marketing, & tech solutions. She’s recently become an empty nester as her 5 foster/adoptive kids have spread their wings. She lives with her 3 dogs in a small town in NE Georgia and prefers the mountains to the beaches any day. She struggles with the travel bug and is doing her best to help each of her kids as their finish schooling and become independent (but it’s hard!) She has run her own consulting company for almost twenty years! Hope began sharing her journey with the BAD community in the Spring of 2015 and feels like she has finally in a place to really focus on making wise financial decisions.