The Money Mustache Community

General Discussion => Throw Down the Gauntlet => Topic started by: xclonexclonex on July 31, 2016, 01:47:13 PM

Title: Goal - Save 6 Months of Income
Post by: xclonexclonex on July 31, 2016, 01:47:13 PM

I have decided to embark on the journey to save 6 months of income in cash. My monthly take home pay is $3,692.45. So that's a total of $22,152.70 saved by the end of the goal.

To make this process a little easier, I worked in a reward system into the process. I divided the goal into 12 phases. Each phase will involve saving $1,846.23. After completing each phase, we are going to celebrate in some manner, be it a night out in the city or pizza and movie at home. Nothing too fancy.

I haven't quite decided how we are going to celebrate once we finish the final phase. I want to do something special...I will make up my mind along the way.

There are a couple of questions still left unanswered. When do I intend to finish phase 12? How can I prevent using this on something? Obviously if I were to lose my job, or if there is a medical emergency, I will end up using this money, but at this point, I can only hope for the best.

I understand that setting goals without a target date is not good practice, but I don't know what the future has in store for me. I do have other systems in place that will ensure that I am not over spending. I will be able to set target dates by September 1, 2016, because I had already allocated the August paycheck on other goals.

http://imgur.com/a/mDMP3

I will post my progress here.

Title: Re: Goal - Save 6 Months of Income
Post by: xclonexclonex on August 01, 2016, 05:20:05 PM

Not off to a great start. I did not want to eat out today, but I ended up going out for lunch and I spent $8.03, even though I had packed lunch from home. At least I have something for dinner, but I don't feel great about the lack of my self control. I am still within the budget, but I am not off to a great start.

I must do better.

Title: Re: Goal - Save 6 Months of Income
Post by: redcedar on August 01, 2016, 06:10:10 PM

Posting to follow. I wish you luck and fun along the way.

Title: Re: Goal - Save 6 Months of Income
Post by: xclonexclonex on August 02, 2016, 05:24:18 AM

Thank you very much, I appreciate it! I hope I can do better for the rest of the week!

Title: Re: Goal - Save 6 Months of Income
Post by: nnls on August 02, 2016, 05:57:38 PM

Good luck with the goal :)

Title: Re: Goal - Save 6 Months of Income
Post by: xclonexclonex on August 03, 2016, 05:43:38 AM

Well, as life would have it, we got a medical bill for $680...

We are going to try and get the insurance company to cover more of it, but this sucks.

Title: Re: Goal - Save 6 Months of Income
Post by: xclonexclonex on August 06, 2016, 02:59:32 PM

I managed to avoid the weekend temptation of eating out. Stuck to the budget when it comes to buying groceries. So as of now, things are on track despite the set back with the medical bill. I made no progress towards the actual goal itself, but I think towards the end of the month, I think I will finish phase 1. At least I hope so!