For the most part, we haven’t been worried about losing our jobs during Covid, so we haven’t been especially worried about our financial situations during the pandemic.
Lately, however, my husband has had some unpleasant situations at work, and we have been reminded of how much we depend on our salaries to cover our everyday expenses.
Mr. ThreeYear and I made the decision that for the next six months, we’re going to buckle down and save as much as possible so that we can beef up our emergency fund.
Contemplating joblessness, even as a thought exercise, is scary. It made me realize that we don’t have enough in our emergency fund.
For several years, I’ve kept a smaller emergency fund of $10,000-$15,000, plus the money in our budget, which is generally about $10,000-$15,000 as well. The money in our emergency fund sits in our Ally Savings Account, and earns a nominal amount of interest each month ($10-$15 at the current rate). Our budgeted money is in our checking account.Continue reading “Austerity Measures”