First Short Term Goal: $10,000 in Cash Savings
Current Date: July 7, 2008 | Current Savings: ~$2,500
Target Date: October 31, 2008 | Target Savings: $10,000
But you said this blog was about eliminating debt!
It is but there needs to be some kind of security blanket to ensure that if there is an emergency, I do not have to resort to credit cards. We actually had the cash savings up to about 12-13 thousand but we learned a hard lesson in tax this year and then needed to pay 2,000 in emergency vet bills for our dog.
Why $10,000?
It is a nice round number to target for now. It isn’t enough to sustain us if one of us loses our job but it can be very helpful in most emergencies. In the future, I would like to target 3-6 months of living expenses in our savings account.
Photo Credit: Coin Site
