May Money Moves
April 25, 2023: I’m sooooo ready for summer!
We’ve had 3 or 4 snowstorms in April, and honestly, it’s getting on my nerves, lol. Hopefully, it all melts as we move into May!
I haven’t posted a blog in months, but I thought it would be a good idea as summer is approaching. There are so many trips, events, and items I’m saving up for. I want to share them with you, as you might be in my position.
In my February post, I talked about setting up different savings account for my different savings goal. Here’s what I have discovered about this process and myself:
Having these savings accounts stocked up and NOT TOUCHING THEM has been difficult. In my Insta post, I mentioned having automatic transfers and considering them as BILLS, which has been really helping with this struggle.
I’ve discovered a sense of PEACE. Rebuilding my Emergency Funds and Sinking Funds has made me feel calmer, less stressed, and more at ease with my plans knowing they’re being accounted for financially. As a planner, this has been helping me with my anxiety.
Also, I’ve learned that it’s okay to switch things around and rethink your goals, but don’t lower your amounts or remove funds!! Lol. That’s something I had to teach myself.
Now here’s the juice. What’s a blog post without some NUMBERS? Here are my goals:
I have some debt, but I’ve learned through AMAZING Youtubers, and their personal experiences that building your Emergency Fund as you slowly pay off debt helps in the grand scheme of things. In my opinion, if you’re repaying debt, but then an emergency happens, you can get back into debt quickly.
EMERGENCY FUNDS
Emergency Fund (for myself):
$3,000 by the end of 2023. And another $7,000 by mid-2024. It might or might not seem like a lot to some of you, but I’m getting there. I want to get to $15,000.
Emergency Fund (doggo):
$500 by the end of 2023. I aim to get to $1,000 in early 2024. I have insurance for my dog (don’t laugh at me; it comes in handy), and my deductible is $300, so I think $1,000 would be plentiful.
SAVINGS FUNDS
Tax Fund:
$1,500 by the end of 2023. I started charging GST/HST this year with Open Book, and I’m pretty sure I’ll be owing for my Income Taxes for 2023. And as the months go on, I realize this $1,500 might need to be doubled or tripled. So I’ll revisit this.
SINKING FUNDS
Doggo Fund:
$500 by September 1, 2023. Alongside the Emergency Fund, I’d like to be able to add some money to a sinking fund so I can use this when buying food, going to vet visits, grooming appointments, etc., and replenishing as I go along.
Christmas Fund:
$1,500 by November 1, 2023. This is pretty self-explanatory, but this is what I anticipate spending this year for Christmas. It might be a lot to some or too little, but I noticed I spent close to this amount in past years.
This summarizes pretty much my main goals. My other goals have been changing a lot throughout the weeks/months.
For the birthdays, I created a list of the important birthdays throughout the year and how much I want to spend on each person, if I’m paying for it all by myself or splitting it with someone else, etc. Then, I determine how much time I have until this date (that I want to purchase their present, not the day of, lol). With that, I can calculate how much I want to set up an automatic transfer to my savings. THIS HELPS A TONNNN!
Trips are approaching fast (which I don’t mind, actually, lol), so it’s been difficult to budget those, so I’ve been finding myself taking out bigger chunks in my budget to allocate for missed time. UGH. I don’t like doing that as it offsets my other weeks, but you gotta do what you gotta do.
Do you know what has been helping, though, TREMENDOUSLY (and have heard from some friends of mine who have been using it too): My Monthly Money Calendar
Also, I linked these savings trackers in my last blog post, but I find it relevant to keep it here!
I found some SUPER cute savings trackers on Canva. It’s a great way to stay on track all year round!
I can’t wait to update you in June and tackle something I haven’t talked about yet…
See ya next month!
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