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Financial Update

April 28th, 2015 at 01:48 pm

Added $100 to vacation, and $60 to the gun fund. Also I just started a new savings fund for fencing. Husband wants it up ASAP, so if I don't save for it, then he wants to put it on the LOC. I'm putting all my goat money there for now.

We got some trim up, and my desk is slowly coming along. Progress is progress. Garden is growing.

This weekend the dogs are getting their shots. It's going to cost $250! Ouch! But it's 3 year shots, which is good because they are 100 pounds each, and never been around other dogs, or rode in the car... So that's going to be fun. Also they are getting heart worm tested so they can begin going on prevention. I do have the money put back for this.

Goodness, I have a lot of buckets going. Seriously considering condensing them all, and just working on one at a time. But they all have different time frames. I'm not even sure which are the most important at this point. I'm not too worried about vacation since I've got a budgeted amount going to is and it will be completed before the trip. Anyone else have a lot of separate saving buckets?

9 Responses to “Financial Update”

  1. creditcardfree Says:

    Yes, I guess we do have separate savings buckets: retirement, college, Christmas, insurance and registration, emergency fund and some set aside for house equity/downpayment.

    It can be a lot to manage. You might consider how much you need total for each. Then divide the total by the time frame. So if you need $1000 in four months and can contribute monthly, then you need $250 each month to reach the goal. You could then also stash 'extra money' to the goal that is the highest priority. Its kind of backwards from a debt snowball.

  2. klarose Says:

    That what I have been doing. But now I have more saving buckets then I have savings. lol.

    Originally I had $500 going to the IRA a month, and $100 to vacation. My "extra money" was going to the gun since it isn't a need. But now the fence fund suddenly moved up on the list. So I might be stealing the IRA money for now.

  3. AnotherReader Says:

    I would never divert money from the retirement savings deposits for regular spending. Your future self will thank you for maxing out your retirement savings today because of the power of compound growth.

    You don't "need" a gun, and a vacation could wait. You do need fencing. In your shoes, I would divert savings from wants and longer term needs to fund the fencing.

  4. klarose Says:

    Oh I agree AR. I should have clarified. I would still complete my IRA goal this year. But I have until April of next year to do that. While the fencing would preferably be done ASAP. I have enough goat money coming in to pay for the fencing, but I won't receive all of it until July. Vacation can not wait. Tickets are already purchased and non-refundable. Perhaps you are right though about the other savings. I'll back off them and switch focus.

  5. Kiki Says:

    Yes, I have multiple savings accounts that I fund monthly:

    emergency fund
    house repairs
    Car insurance (paid once a year)
    Car Repairs (this is $25 a month from me and the rest is from mileage reimbursements from my employer)
    College (for when I want to take a class or two)
    Health saving account (my personal one to cover office copays)
    Vacation ($50/month)
    Contacts/glasses ($75/month)
    Misc savings ($50 a month to use as I want later)
    Gifts ($75/month for all gifts and Christmas?

  6. Miz Pat Says:

    Have you tried a local Animal Samaritans for shots for your dogs? They don't charge for the office visit.

    I have $200 taken out of my bi-weekly check for an account that funds: Car Insurance, house repairs, car maintenance, tree cutting, Christmas, Birthdays, World of Warcraft subscription, Car Registration and major Christmas donation for Christmas to my church.

    I also have a savings account which usually has $1000 in it for emergencies

  7. klarose Says:

    I'm not going to find cheaper shots. I'm taking them to a discount clinic at a local park, so there is no office visit charge or anything. The higher price is due to getting 3 year shots, and also needing the blood testing.

    Glad to see I'm not the only one with my savings broken into many pieces.

  8. snafu Says:

    Like the others I have an 'escrow' fund to amass money needed to pay for a list of irregular expenses. I find it easy to track on a spread sheet rather than cope with extra accounts.

    There is a lot of controversy about veterinary costs and the validity of certain shots. A couple of years ago Marketplace [ Investigative type TV series] explored the value of some dog shots and how often they needed to be done. I suggest you research the particular vaccines being considered.

    Would you and DH be happier pro-rating all the projects to decide the order that best serve your needs? Priorities change and and they'll be a lot of compromise and flexibility needed. I'd be cautious about using your Line of Credit. It comes down to how much interest is added to the costs. Interest rates are low just now but all the 'talking heads' on TV anticipate interest rates going up so terms and conditions are very important as the loan can unexpectedly cost more.

  9. klarose Says:

    Snafu I did research the vaccines. Smile Good idea! They are only getting their rabies, and distemper since they are around a lot of wild animals.

    We are cautious about using the LOC. But the interest is only a few dollars a month, and as I said before. I'll have the money in July. Our interest rate is locked in until April of next year. So I'm not too worried if it comes to that. I wouldn't want to hang onto debt for several years.

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