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by Hope

I received a lot of great feedback on my longer term savings plan a month or so ago. Specifically about how having all my “buckets” on my Ally account may make me more susceptible to dipping into these funds. And that made complete sense to me.

So I’ve reallocated my Ally account to be my long term savings account only. And left 3 buckets there. (I didn’t remove any money, just moved everything I had been putting in the various buckets to the Emergency bucket.)

Savings Plan

Here’s my buckets on this account, goals and hoped for timelines:

Goal #1: $10K in my emergency fund. I should hit this next month or October latest.

Goal #2: $45K by April, 2027 toward a home. Or rather toward land for my next home. My dream is to build a small home, cash flow it. And by build, I mean with my own two hands plus some help from family, kids, etc. My sister has the same plan. But this initial money will be used to buy the land in cash, paid in full. No debt.

Goal #3: $30K by April, 2029 toward a new car. I don’t see any reason my car should need to be replaced before than barring anything catastrophic. This is in preparation for paying cash for my next car.

Sinking Funds Where?

I have a bunch of other savings categories in my budget. Now I have to figure out the best vehicle for those. Suggestions? (And yes, I am working on a revised budget now, will share for feedback in the next week or so.)

The commenters were spot on in making the recommendation for me to split these longer term savings buckets from those that I will need to dip into more often. But there do I keep my other buckets? I would love your thoughts on that.

Hope

Hope is a resourceful, solutions-driven online business manager with over two decades of experience helping clients streamline operations, manage projects, and grow their businesses through digital marketing and technology.

But life has a way of rewriting your plans.

A year ago, Hope made the decision to move in with her aging parents full time – a season she wouldn’t trade, even as it came with its own financial and emotional weight. Earlier this year, she lost her mother, and is now walking the tender, disorienting path of grief while learning what “forward” looks like from here.

Hope came to the Blogging Away Debt community in 2015 as a single mom raising five foster and adoptive children. She’s written through job changes, financial setbacks, and the bittersweet transition to an empty nest. Her kids are finding their footing in the world now – and so is she.

Rooted in faith and fueled by the same perseverance she’s brought to every hard season, Hope is ready to face her finances with fresh eyes and an honest pen. She believes that clarity, courage, and community can change the trajectory of anyone’s story including her own.

She lives in Austin, TX with her dad, loves adventures with her dog Addie, and is figuring out, one step at a time, what this next chapter is meant to be.