Yesterday while sitting under the hair dryer, I was scrolling through my phone deleting old images to clear some clutter. I came across pictures that reminded me of some very special moments. One like this one, waiting to depart for a much needed vacation to New Orleans after my miscarriage. I also came across pictures that sadly remind me of unaccomplished goals like Saving An Emergency Fund. Looking back, I probably could be much much closer to my goal if I would have made much better decisions.
One mistake I made was being unrealistic in how high of a bar I set for myself to save. I didn’t have a good history of saving prior to setting this goal. It’s not that I didn’t want to save or was a big spender that didn’t see the purpose of saving. I felt like I didn’t make enough money to save. Now I go and set this goal to save $500 a month. I think I went in over my head. Chile I quickly diverted off the plan. I met my first goal of saving $500 a month. Then, two emergencies came after not working my full time job. Then it happened. I had to transfer the money into my checking account. Here we are well into year 2 of 40before40 and I haven’t met my goal of $5,970 per yeaar. NO WHERE NEAR!
So what do I do now? How do I get back on track? How do I look back again and not regret accomplishing this very important goal? I think what I will do is go slow. Slow is sexy right?! Set smaller more realistic goals. I know getting to the finish line is important for my future. I don’t want to look back again at year 39 and still not have a decent emergency fund.
HERE IS MY NEW PLAN
I will focus on saving $1500 dollars by December 31. That is one month expenses. If I reach the goal before then, yesss if not I’ll be satisfied with just reaching it.
I will go back to recording my weekly progress as I did before. It helps me keep my eye on the prize. Hopefully, I can look back on my weekly check ins and feel proud that I made it to the finish line. Money Diaries will be coming very soon. I’ll track every penny spent and saved to see where I can make adjustments.
WHERE AM I NOW?
EMERGENCY FUND BALANCE AS OF APRIL 2019= $360
SAVINGS GOAL = $187 PER MONTH
TENTATIVE GOAL DATE = DECEMBER 2019