Plenty more boring posts to come!
The consensus of the comments on the post from yesterday speaks volumes. It will be business as usual here at A Dime at a Time. I think Hubs was a tad surprised at how many of us do enjoy reading and talking about numbers! His loss, our gain. Now maybe he will leave
us me alone. I guess it is a good thing he doesn’t comment, or at least not on the blog that is! Lol.
So then, how about some more numbers? The one thing I haven’t spent a lot of time focusing on is our liquid savings. Since the term “liquid savings” can mean different things to different people, I view this as money we have readily available in our bank accounts, NOT including our primary checking. I don’t factor what we have in our checking as that money is there to pay the bills. While we do keep a small cushion in our checking account, I additionally do not factor that in as liquid savings.
Before delving into what we actually have, I’d like to share an article I found on the subject. Here is the link: Liquid Savings of working households ages 50-64. While I would never go by what just one article says, it did give me some food for thought regarding the whole liquid savings/emergency funds topic.
Before Hub’s unexpected surgery we, of course, did have money in liquid savings. I wish I could say as I knew exactly how much we had, but I honestly don’t! Yes, it is one of those “head hung in shame” realizations. The reason being is that along with our regular savings account (which before Oct we rarely touched) we also have what I refer to as a “slush fund.” The slush fund is money we keep in our local credit union. It is an account I use mostly for cashing paper checks. Thankfully Hubs payroll checks are direct deposit. Neither my part-time job or my seasonal job offer that option, so local credit union it is.
Since we primarily use cash for our day-to-day spending, this slush fund has worked out well. Depending on how much my check is and also what we have budgeted, this account can, however, fluctuate. I do my best to only keep what cash we need with the remainder going into our account. Thankfully, except for a couple of times, there has been enough to save a little extra. Adding a few dollars here and there certainly adds up!
While this slush fund is working out well, I realize that I need to do a much better job at keeping track of both our regular savings and this slush account as these are both, in fact, liquid savings. I think in doing so, it will also serve as encouragement to save more. We are currently trying to beef up our savings not only for potential emergencies but also for a roof repair/replacement late next Spring.
As for the numbers (pathetic as they are) here they are: As of today, we have $410.24 in our slush account and $925.25 in our regular savings. While not a lot, this is what remains from weathering the storm last month. It also does fall within Dave Ramsey’s recommended baby emergency fund of $1,000, although we decided from the get-go that we were not comfortable with such a low amount. In some small way having over the recommended amount for a baby emergency fund does somehow make me feel a smidge better.
Now it’s time to get personal…you had to know that was coming! For those of you who feel comfortable sharing, how much do you keep in liquid savings? If you aren’t quite where you want to be, what is your goal? Keep in mind that A Dime at a Time is a judgment-free zone. Polite, constructive criticism is always welcome, bashing is not. We are all at different places on our journey, and that is perfectly okay!