Savings Update

In Uncategorized on January 18, 2010 at 8:00 am

I’ve got just a couple of savings accounts for short term goals. I’ve yet to start my RRSPs, I know, I know, so this is what I have so far. My savings sits as such:

Emergency Fund is at $579.37 of the $1,000 I would like to have set aside.

My Baby Fund (a new fund I started) sits at $155.87 of the $2,500 I’d like to have set aside.

My goals are to have the Emergency Fund maxed by April 2010.

The Baby Fund should be funded by January 2011 – its a slow process, with only $25 a month getting deposited automatically and extra money will be added as it comes in as gifts, refunds, etc.

The Baby Fund will be used for topping up my EI benefits while I’m on mat leave. I’ve calculated what I will need to have in addition to what EI brings in during my time off if/when we are expecting our little one. The reason I’ll be topping myself up will be to stay on track with my debt payments (both credit card and other) while off on leave.

If between now and then I happen to somehow land a fantastic job that will top me up, I will use the fund as an RRSP contribution. Until then, I need to have this amount fluid enough that it can be accessed for regular transfers into my chequing account for those 8-12 months off work. I’ve got it all calculated so I’ll add a picture of the spreadsheet soon.


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