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1-month emergency fund - done!

June 19th, 2010 at 03:39 pm

So I have $3000 in cash in my savings account at ING Direct now... a 1-month emergency fund.

To be honest, this $3000 will probably sit there until the end of 2010, and then it'll morph into an SEP-IRA contribution when I do my taxes. Optimizing my taxes is definitely a higher priority for me right now compared to stockpiling cash. I do that a lot ... if I have money lying around, and if it would lower my taxes for it to lie around in a different account, then I move it. Easy decision. Between the 401K and SEP-IRA, my tax bill will be about $6000-$7000 lower than it would be if I were stockpiling cash.

Also, I cancelled the future monthly payments to my brother. I felt so much uncertainty about whether or not I was helping him or making things worse. I wasn't even sure how to tell him "you're welcome" last month when he thanked me.

4 Responses to “1-month emergency fund - done!”

  1. crazyliblady Says:

    Were the payments to your brother payment for a debt, or just a gift?

  2. north georgia gal Says:

    Congrats on the emergency fund!

  3. jaine Says:

    It was originally an attempt to help him pay off his debt faster - but when he quit his job I started to wonder if I was enabling him instead of helping.

  4. creditcardfree Says:

    Congratulations!! It sounds like a wise move with your brother.

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