We’re approaching the end of the year so I thought I would take a moment (or three posts) to look back at the savings goals we set earlier in the year. In short, they were to:
• Save enough in cash to have a 20% down payment on our town home.
• Maintain three months worth of expenses in a high-interest online savings account.
• Max out our contributions to our retirement plans in 2008: me 401(k), my wife 403(b).
A look at our second goal…
Maintain three months worth of expenses in a high-interest online savings account. We haven’t met this goal yet. And now that we have a mortgage I feel it is even more critical to get this completed. We actually have a small emergency fund of around $1,000. Our focus has been on the house down payment and some paying down of debt. To make this goal happen sooner, we will begin depositing half of my paycheck directly into our ING DIRECT Orange savings account. At that rate, as long as we don’t touch the money (which we’ve proven we can do), we should be at our goal in 4 months, or April 2008.
I’ll cover the last goal on Friday.
Hi and welcome to ptMoney.com. I'm PT. Please visit often, download my 