I've been trying to think of a way to set aside money for the random stuff you can't really save for annual because it just pops up.... and I also don't really want to have a gazillion sub accounts for all the "what if's" that come with life...
Any ideas???? I'm looking for a system to cover things like:
-Birthdays
-Car repairs
-replacing things that break
-necessity clothing
-Apartment furnishings (ie replacing stuff that breaks and purchasing needs...)
Stuff like that isn't what an Emergency Fund is for... Makes me think I should look back into the 60% solution...
Or Maybe i'll put that raise i get+ any ovetime and the like i get from now on aside in an "anything goes" account.....
poo... I just dunno.
We have an emergency fun and a separate fund we call a vacation fund. Cause we really want to take a vacation next year. You could create something like that. Call it whatever you want and tell yourself you only need $2000 in it at any one time. That should be more than enough to cover the things you mentioned. I know you don't want to set up another fund so you could just earmark $2000 (or whatever amount you deem necessary) in a current fund you have. Hope this helps! :0)
ReplyDeleteFor a while we were thinking about having a 6 mo efund and a seperate 1k "what if" fund.
ReplyDeleteWe didn't create an officially separate account, but my checking is kind of this fund now. It's also the "fun fund" for us.
I forgot to mention that it isn't actually 1,000 either. It's whatever the fun fund is (5% take home pay - fun we've had) and a little extra, about $600 now.
ReplyDeleteWe have sinking funds for these expenses that I keep all together in one account and use an excel spreadsheet that keeps track of what I spent and how much is left.
ReplyDelete