Saturday, May 30, 2009

Child Share update, and My emergency fund

Child Share is up to 75,000 from the LA Marathon! WOOT WOOT
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Current Emergency fund:

Since I actually noticed that I started living on only half my income (I didn’t realize I was saving a whole paycheck for goals and the house until I did my budget a little while ago…), I wondered how far my current emergency fund would go if I just eliminated my ability to save. My current Emergency Fund is $7,000.00 and my monthly expenses are: $1,331.67 (to live just the way I am right now)

I could get through 5.257 months. If I were to have a 6 month emergency fund at my current budget (the I don’t own a condo budget) I would need an additional $990.02. If my roommate skipped out on me, my expenses would go up to $2,031.67 and my emergency fund would only last me 3.445 months.

So I’m somewhere in the 3 ½ to 5 month emergency fund range.

Not bad! Next year I’ll be beefing it up to 8,000.00 to cover a full 6 months for me.

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