Many commenters have asked me about my savings goals. Right now I am focused on being 100% debt free. I agree that a 6 month break would be ideal. And that would definitely be a goal…after I am debt free!
So, for now, my savings will continue as follows:
- $500 in 3 separate investment accounts per month. One of those accounts is a ROTH account. I currently have about $1,600 in those three accounts combined. I just increased it from $70 per week to $500 per month this month. All of this is held in my STASH account which has received mixed reviews from BAD readers, but I have to say it has made investing and saving incredibly easy for me. I thoroughly enjoy checking in on my investments and reading the tips about once a month. Other than that, I just let it be.
- $750 in a savings account – this is technically my emergency fund. I plan to increase this month’s deposit at the end of the year or early next year depending on whether I pay off all remaining credit cards this year.
- $500 in a separate savings account – dedicated to travel. This is separate and specifically set aside due to my mother’s impending death and the travel associated with it.
When I look at my projections, which currently extend to the end of 2025, my six-month savings amount will be significantly reduced by the end of the third quarter of next year. My debt should be almost completely paid off. At that point, I will be looking to reevaluate my savings plan.
The post Savings Goals – Pending was first published on Blogging Away Debt.
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