Building the Big Emergency Fund
I usually wait until the first of the month to send out the big honkin’ debt payments. Since February 26th marked our DEBT FREE (but the mortgage) day, we have now swung our focus to building the big emergency fund. I didn’t have the chance to do anything on the first of this month … heck I didn’t even get a post up! Something about six straight hours in the chem lab, then another two hours in lecture for my other class, will just kill any plans for the day.
Yesterday wasn’t much better, except I did get a couple posts put up, then evacuated the house for another two and a half hours of chem lab. I went to bed at an amazingly early time last night, so woke up at zero-dark-thirty this morning with my dog breathing in my face. I’ve been up for six hours and am on my fifth cup of coffee, so if this doesn’t make much sense that is why.
Also, I feel a bit excited as I just got back from making our first big payment into the money market account that will eventually hold our big emergency fund! Just like writing out big honkin’ debt payments felt really good, writing a check to put $1350 into my savings money market account feels absolutely GREAT! Not to mention how exhilerating it feels to almost double our savings with one huge deposit.
While it’s true I have had that much money in an account before, I’ve never had that much with the intention and ability to KEEP it in an account. Before this there were always bills to pay, and I knew the balance would be going down as we paid them. Now, it’s a different story. Now, that account is its own separate little thing, totally disconnected from the accounts we use to pay bills. Now, that money isn’t going anywhere :) The big emergency fund is going to sit there and grow (unless the Fed cuts the rates to 0% but we won’t go there this morning!).
For those of y’all still working to subdue the debt monster: keep on fighting that good fight! On the other side of that mountain of debt awaits a truly wonderful feeling - the awesome feeling of finally knowing you get to KEEP YOUR MONEY once the debts are gone. The feeling of security when you start to build up that big emergency fund. The relaxation deep in your gut when you get more than that first month’s worth of expenses sitting in the account and know down in your bones that life is really turned around financially.
It feels WONDERFUL!
