Finally Automating my Savings!

Posted by Mrs Money on May 1st, 2009

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I think I’ve finally got my savings automated. It’s taken me long enough, I know, and I am so pleased. I have been putting 40% of my paycheck into our main savings each month, and this morning I switched it up a little. I decided that I would start a couple new ING accounts: one for vacation fund, and one for the “Freestyle Fund”. The vacation fund included money left over from our Indy trip that I had previously set aside, and the Freestyle fund included all money over the amount that I felt was a good amount for an emergency fund.

Next month we’re planning on taking a vacation to Colorado, and we’re driving out there. We’ll save money on boarding the dogs and airfare but it will take us about 17 hours. I think this trip will be very good for us. It may help clarify things for us and it will be nice to see Mr. Money’s family too.

I decided that I’d feel safer if I kept all the money I was going to be paying towards debt in a specific savings account. That way in case we have a real emergency we could use that. My only doubt is that I think we’ve got enough saved in an emergency fund and should I keep contributing to that, or stop saving for the emergency fund and put it all towards the car.

This took me a few hours this morning but I think it’ll save me a lot of time and headache later! What do you think: should I keep saving in my emergency fund, or just put all extra money towards the car?

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3 Responses to “Finally Automating my Savings!”


  1. Tara says:

    my opinion is this: what is your interest rate on the car? if you can calculate the remaining interest you would pay at paying the car at the current rate, see how much money that is.

    I had a lot of money in my savings and on accident, forgot one payment on my o% interest balance transfer credit card and up went the interest to the highest limit. i went ahead and paid the bill in full and wondered why i didn’t do this originally!

    i’d say pay it, or at least pay a large portion of it off (perhaps save a bit in the savings). i just hate having debt personally. but make sure you keep your full-coverage car insurance.

    [Reply]

  2. Mrs Money says:

    Tara- We’re actually paying 0% right now. I am going to keep working on paying that off. I can’t wait until that debt is gone!

    [Reply]


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