Welcome to No More Spending; our money adventures as we attempt to pay off our mortgage by December 2015, move abroad, and reach Financial Freedom by 2020. You can read more about this site here and subscribe to get all the latest updates sent to you by email or RSS feed here.  Thank you for visiting!

25 March 2010

Savings Snowballs

Sometimes I write a blog post, put it up on my blog, read it back later and wonder why I ever posted it in the first place. This morning's post makes it seem like I feel sorry for myself, and I really don't; I have nothing to feel sorry for myself about; being consumer debt free is the best feeling ever and I should remind myself of that all the time!

As for my savings goals; perhaps I need to approach them more like I did my debt payoff; tackle each goal one at a time, like I did each credit card or loan, and keep snowballing and snowflaking until one of them is saved for; then I move onto the next one. Hopefully this makes sense.

So first things first I'm going to attack the mini emergency fund goal of £1,000. This money is to go in a savings account attached to our main joint checking account and the money will be there in case the washing machine breaks etc.

Balance £28.20/£1,000

3 comments:

  1. This is one of the more sensible approaches because a shotgun effect serves only to depress you if you're working with a limited and regular salary like most people are.

    ReplyDelete
  2. That's what I do, or did before unemployment ;0)

    ReplyDelete

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