Monday, February 23, 2009
I completed my taxes over the weekend and when I receive my tax refund, I will transfer part of the refund money into my emergency fund bringing it to approximately $3,000. Since my goal for 2009 was originally $3,000 in my emergency fund, I will raise my goal to $5,000 for 2009, which is a little more than two months of living expenses. Once I have about three months (about $7,500) of living expenses, I can focus more energy on other savings goals like my car fund and a trip out of the United States in 2010 to an undetermined location (but contemplating London or Spain). I wanted a car so badly in 2008 but I now realize that I'm lucky that I have a lifestyle where a car is a want and not a need, so it can wait until I have more of a savings cushion.