by Tricia
We recently received a minor windfall when we surrendered a whole life insurance policy. The timing of that check ($1,300) enabled us to hit the halfway mark with our debt. For the past few days I have been debating what to do with the rest of it.
I finally decided to go ahead and use some of it to increase the amount in our emergency fund to $2,500. That was the amount that we were aiming to have in there some time ago, but we never made that goal. For now, we will leave our emergency fund at $2,500 and concentrate 100% on paying down our debt.
There is still some money left from the insurance check. My son’s recent unexpected visit to the doctor gobbled some of it up (he’s okay – the doctor thinks he caught a bad bug going around). We will probably put a few hundred more towards our credit card debt and keep the rest around for a little bit. That will give us some breathing room for Christmas-time.
I still can’t believe that we actually have thousands of dollars in the bank at this very moment. I can get used to having money stashed away like that. It gives you a sense of security knowing it is there if you need it.
Congrats Tricia! I’m still setting aside my $50 a pay but I’m no where near my goal. As always you’re an inspiration to people like me.
Congrats! That must be an awesome feeling! Way to go!!
Wow–congratulations on reaching that goal! That’s quite the accomplishment!
Congrats! I’m still hovering around the $1,000 mark with my emergency fund, though slowly building it. Well done!
Excellent! Just as we have unexpected expenses, we sometimes have unexpected windfalls. I think you made a good decision with the insurance check.
Half your debt is paid, and now you have an emergency fund – you’ve come a long way! You should take a moment and sit and enjoy the feeling 🙂
yay for savings! what a great way to end the year.
Congratulations! It is nice to know there is always a cushion.
That’s great! And having extra money for Christmas too–perfect. 🙂
Congratulations, Tricia! Have fun with the extra money – that’s important too!
Good deal to have that extra money around. I have a hard enough time trying not to think about my 1k EF for things we should cash flow.
Congrats Tricia! As Jen said, it usually unexpected expenses that pop up but the unexpected windfalls are GREAT. It’s also good that you put it to good use.
Woo Hoo!!!
You are truly an inspiration to me! Three or Four months from now I hope to do the same.
Congratulations
That is Wonderful news! Congrats 🙂
There was an article on MSN Money a few months ago that said ‘why everyone needs to have $500 in the bank’. A small stash a.k.a the emergency fund makes it easier to sleep at night.
Congrats on the accomplishment.
Tricia, that’s gotta be a great feeling of accomplishment to get that emergency fund fully funded! I’m still debating what I consider a fully funded emergency fund myself… I have more than six months in there now, but I’m not sure if cutting that down a bit would be wise.