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Emergency Fund Update + I’m in…

7.89K 12

I’m in… Burma! I wont be around much as I’m taking a break from the Internet. For a whole 12 days. In Burma.

This is me being in Burma, in case you weren’t convinced:

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BURMA! I’ve wanted to go here for so long. I kinda have to pinch myself a little – I’m really here. I always put in the “too hard, too expensive” box and mentally filed it away for some other day. Well, that day is today and tomorrow and for the next week and a half. Before I go to New York…

Emergency Fund Update

A few months ago, I said I had an goal for my emergency fund. I wanted to save $15,000.

Well, amongst all the drama of packing up my apartment, becoming single and chilling out in Asia. That happened. And then some more money went in and now I have $21,612 in my emergency fund.

How did I build it up so fast?
Well, it helps that my income is remaining pretty consistent and high. But when I started traveling over two months ago, my weekly payment to myself was still going into my account (of $750). As an experiment, I decided to see what happened if I just continued it, but made it my emergency fund savings instead of my living costs. It’s working well so far and I’m going to let it continue.

The other bonus is that I cannot withdraw money from this account without my NZ number, which I threw the sim card out to. So the money’s basically stuck there until I have enough motivation to call my bank and sort it out.

What will I do with it?
Well the premise of my emergency fund is to do nothing with it. I want it to be easy to access. I want it to keep growing. When I get to $30,000 I plan to look towards investments for my emergency fund. So, some  low risk investments that will be moderately easy to access. After then? I think I’ll add another $10,000 to my emergency fund and crank it up to $30,000… because that seems like a serious amount of money. I wouldn’t mind alternating between increasing my emergency funds and increasing my moderately easy to access investments.

So there we go… I’m in BURMA! And my emergency fund is kicking ass.

Tell me, do you have an emergency fund? Are you happy with how big it is or are you adding to it?

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