I seem to be quick to jump on here and announce our totals during the good months, and MIA during the bad months. Shame on me. 🙁 But like I warned in March, we had to use our emergency fund. It’s really not as bad as it could’ve been and for that I’m thankful! I get so caught up in what the numbers ‘should be’ but I need to let reality be okay in that sometimes things happen and that’s the whole purpose of the emergency fund. It still hurts, lol.

We’ve come up with our ’emergency plan’ where we are only paying our needs… like mortgage, gas, & groceries and if we get any extra in we can put a little toward something else like hair cuts for the boys.

Anyway, YAY for Emergency Funds! 🙂

Baby Step 1-

$1000 emergency fund in the bank. Completed September 2010.

Baby Step 2-

Pay off all debt (except the house) using the debt snowball. Completed September 2011.

Baby Step 3-

Fully funded emergency fund of 3-6 months of expenses. (Because of our circumstances we are going for 12!) THIS IS WHERE WE ARE AT!

We are still putting all ‘extra money’ into our baby step 3.

What’s in our savings account:

Month	Total Savings
September 2011	$2186.34
October 2011	$4242.17
November 2011	not sure
December 2011	$8316.42
January 2012	$9675.48
February 2012	$14,164.71
March 2012	$16,618.01
April 2012	$13,935.78
May 2012	$15,290.30
June 2012
July 2012
August 2012
September 2012
October 2012
November 2012
December 2012
GOAL by December 2012	$40,000

Baby Step 3b-

After you have a fully funded emergency fund you can start saving for things that you want. This is where you would save up for a house or something! ((We will eventually be saving for a newer vehicle possibly or something else, but this is when you will do it because your risk is decreased significantly with your fully funded emergency fund in place!))
COMING SOON

Baby Step 4-

Although we are no where near retirement it’s time to start investing 15% of our income!
COMING SOON

Baby Step 5-

Preparing the little guy (financially) for college
COMING SOON

Baby Step 6-

Start paying off the house early! What could we do without house payments?? Oh don’t even get me started! I cannot WAIT for that!
COMING LATER RATHER THAN SOONER IM SURE 😛

Baby Step 7-

Build wealth & give

7 BABYSTEPS :

Baby Step #1: $1000 emergency fund ((Can be completed in 1-2 months))
Baby Step #2: Pay off all debt except the house using DEBT SNOWBALL. ((List your debts in order, from the smallest balance to the largest. The idea of the snowball is simple: pay minimum payments on all of your debts except for the smallest one. Then, attack that one with gazelle intensity! Every time you pay off a debt, you add its old minimum payment to your next debt payments. So, as the snowball rolls over, it picks up more snow.)) ((Avg time to complete this is 18-24 months))
Baby Step #3: 3-6 months expenses in savings completes your fully funded emergency fund
Baby Step #4: Invest 15% of household income to Roth IRA’s & pre tax retirement ((You do steps 4, 5, &6 all at the same time))
Baby Step #5: College funding for your children
Baby Step #6: Pay off your home early
Baby Step #7: Build wealth & GIVE!