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Losing steam....

June 11th, 2009 at 12:26 am

You would think that after spending almost four years paying off all our credit cards and loans, that we would just sail right into building our 3 to 6 month emergency fund. But that's not the case. It seems we have hit the brakes and are losing steam.

Don't misunderstand - we are still debt free and we will NEVER pick up another credit card again.

But we should be using that "debt snowball" to build our emergency fund, and we're not. We went crazy spending cash recently. Spent $2500 on replacement windows. Spent another $2200 on a built-in entertainment center. Gave $700 to our son to help him out. All this in a matter of months!

We have to get back into the Dave Ramsey mindset and build that emergency fund NOW.

If I can just remember WHY I started these Baby Steps in the first place, perhaps I can get my steam back.

Here are some things I am looking forward to when we reach baby step #7 -

... Buying a car with air conditioning (or maybe even a convertible)
... Crocheting for charity using exotic specialty yarns
... Getting a personal trainer and train for a marathon
... Buying a house on the lake
... Taking my kids and grandkids on a cruise
... Hiring people to do the things I don't like to do - mowing the lawns, shoveling the driveways, painting the house, cleaning the gutters, etc.
... Traveling around the U.S.
... Seeing a hockey game from one of the box suites

Yes, there are a lot of things I would love to do in the future. I need to buckle down and get back to saving. NOW.

Posted in Uncategorized | 5 Comments »

5 Responses to “Losing steam....”

  1. BuckhornGal Says:
    June 11th, 2009 at 01:59 am 1244685576
    1244685576

    You can do it! You did it once, you can do it again. Start small and you will be so happy and motivated it will start to snowball again. Even $5.00 will help you get started. You go, girl.

  2. shiela Says:
    June 11th, 2009 at 06:33 am 1244702006
    1244702006

    You can do it. Just keep re-visiting those goals that you've set up. Everyone gets off track sometimes, as long as you get back on it as soon as possible you'll be alright.

  3. whitestripe Says:
    June 11th, 2009 at 11:32 am 1244719936
    1244719936

    it's ok to relax a little in between big goals. the main thing is that you are not going back into debt. focus on the big picture but have a few smaller things as stepping stones, that are fun as well and that you look forward to. otherwise saving will become a burden, just like debt was. you don't want those two to become blurred together, because they are VERY different things!

  4. Ima saver Says:
    June 11th, 2009 at 02:59 pm 1244732361
    1244732361

    Even just putting away a few dollars a day will help. That is why I like the $20 challenge so much!

  5. creditcardfree Says:
    June 11th, 2009 at 03:50 pm 1244735440
    1244735440

    I think that is pretty common to take a break between debt payoff and emergency fund saving. But you CAN get back on track. Set a goal with a dollar amount and date to achieve the goal and start tracking it here. Then tell us all about it. We'll cheer you on...I promise!

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