Thursday, February 25, 2010

Baby Step 3: Mission Accomplished

Finally, we have reached our goal of saving an even $10,000 in our emergency fund! This is about the equivalent of 6 months of living expenses for our household.
We became debt free at the end of July 2008, went on a super celebratory vacation in October 2008 and got started on Baby Step 3 when we returned. Many things occurred during this span of time, not the least of which was the birth of the baby gazelle. So it took us about 16 months to accomplish the mission that is Baby Step 3.
That brings us to Baby Steps 4, 5 and 6 which can occur simultaneously. This will be the slowest part of the journey yet. Baby step 4 will continue until retirement, Step 5 until Rory's college is funded, and Step 6 until our home is paid off. Step 6 is a goal I'd love to complete by my 40th birthday (11 years from now.) Or sooner. Sooner is good. :)
So on goes our tortoise-like race toward financial peace.

Another thing in the works: Hegazelle is working on putting something else away for the future- education. He finished the appropriate college courses for his profession in May of 2002 and really, really likes his job. But it's no job for an old guy as it is physically taxing. So, one or two courses at a time, he'll be plodding toward a degree- just to have if he ever tires of his current profession. We're calling it Emergency Fund B. Best wishes for continued motivation to HG!