Tuesday, March 18, 2008

Savings Updates!

This past weekend I went ahead and transferred some money from checking into our wedding fund and our emergency fund. This month we were able to save $500 into our wedding fund. We were also able to save $800 towards our emergency fund. We decided to save more into our emergency fund because the money we need for closing costs for the house will come from this account. Once the end of the month hits I will know how much we were under budget. Currently it looks like we will be about $300 under budget which we will also put in our emergency fund at that point.

Also this weekend we completed filing my fiances taxes. Once all was said and done she will be getting refunds totaling just over $1,000. We will probably divide this money up between the wedding and emergency funds.

On my run yesterday I was doing some math in my head. I figured up that at our current savings rate we should be able to have about $11,000 in our wedding fund when it comes time to pay off everything we have yet to pay for such as catering and photography. Hopefully along with some help from my fiances parents this will be enough to cover everything and we won't have to dip into our emergency fund to pick up any slack. I also figured that if we save the rest of the year like we did this month that our emergency fund should be close to $25,000 by the end of the year. This is not including any money we can hope to get for our wedding which I'm sure some will go towards this goal. I also did not take into account the tax stimulus of $1,200 we should also be recieving in May. Thus, I was feeling pretty good on my run both physically and mentally. I feel like we are in a good position to end this year off in a good position with our wedding paid for in full and our emergency fund to the point we want it. That will put us in good position to work towards more exciting goals in 2009.

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