Savings Update – Movin’ on Up!

After my little fumble the other day with a savings account transfer I thought I made, but didn’t, I took a really hard look at everything and I’m ready to give a huge boost to our savings.

Doing this transfer will run our checking account very low, but when the money isn’t there…we do not spend it. We can always pull from the savings account if we need to, but I try not to think about that option too much. Our health insurance premium is due at the beginning of the month and it is quite large ($800 for 2 months). I think we will be able to pay it without taking from our savings due our paycheck timing this month.

I transferred $903 this morning and that brings our savings total to $2,050. We are almost there!

And yes, I do have confirmation of the transfer this time LOL

Posted by Tricia on March 20, 2007 at 8:17 AM in Saving Money | 3 Comments »
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Jen responded:
Posted: March 20th, 2007 at 3:58 pm
Cool! You’ve broken the $2000 mark! It must feel good to have a little “cushion”
Tricia responded:
Posted: March 20th, 2007 at 10:58 pm
Yes, it sure does feel good. I may need to increase the goal amount a little, though, and I’ll tell more about that later.
Martin Lindsey responded:
Posted: March 21st, 2007 at 11:42 pm
Another suggestion is to set up a regularly scheduled transfer from checking to savings. This way the emergency fund grows consistently with each pay check.

Check our my blog, MartyBLOGs (see URL), for my banking series that I posted last week for some helpful hints.