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Saving too much.

March 29th, 2011 at 05:06 am

I'm doing a great job saving for my eight month EF but I'm saving too much because I don't have sufficient funds for my bills. I think I'm over doing it. I do have a budget but do it a few days before payday. Nothing really changes as far as the bills. I would hate to downsize what I'm saving for my EF but I think I might have to. Oh well I have to be able to pay my bills and saving a good amount of money for my EF before my job ends in August.

2 Responses to “Saving too much.”

  1. Tightwad Kitty Says:

    Your fixed bills should come first before your EF savings otherwise you end up having to use your EF to pay them. EF savings is for the things that happen without warning and you need money for ASAP.

    You need save for a float so that you are always have the next major fixed money in the bank. I keep 2 months ahead in my fixed bills in a float system and I put aside certain fixed amount each pay to cover these bills. I'm on age pension too!

  2. Jerry Says:

    I agree with the above... if you are unable to meet your bills (utilities, food, insurance, etc.) then that will lead you to have to tap the EF anyway. Just make sure that you are taking good care of both ends of the equation! It sounds like you are really motivated and doing a great job.

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