January 22nd, 2008 
NCN
Back in December, I set some goals for 2008. Since then, I went ahead and fully-funded my Roth IRA for 2008. That decision, coupled with our recent van purchase, has put a rather size able dent in our non-retirement savings. So, I’ve decided to focus on rebuilding our non-retirement savings.
I have created a new chart over at the No Credit Needed Network page. Feel free to click-over and check out my progress. I’ve also added a new NCN Network mini-chart to my sidebar, here at No Credit Needed.
I have also decided to refrain from calling my non-retirement savings an “emergency fund”. Why? Well, the money in my savings account is for ‘emergencies’ and for ‘non-emergencies’, so, from now on, I’m just going to simplify things and refer to all of it as ‘non-retirement savings’, or just ’savings’ for short.
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Just curious, but why would you already max out your 2008 Roth and wipe out/big dent your efund (non-retirement)? There’s still over a year to contribute to 08 IRAs, and you never know when an emergency will hit and you need the cash.
What does your non-retirement fund earn?
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I always think about fully funding my IRAs but I don’t do it as often as I should.
I don’t ever touch my emergency fund. This is the one account that makes my wife happy to know it is there. Tapping into that money would make her feel a little less safe even though we have steady jobs and good income.
[...] In fact, I have setup a new chart, over at the No Credit Needed Network, tracking my [...]
I like the idea of fully funding a Roth IRA, but what about using some dollar-cost averaging to drop those contributions in the market over the course of a year? Is this how you’ve done it in year’s past, or was this a reaction to the market’s decline (I ask because I’ve had the thought of changing my usual monthly-contribution schedule to take advantage of this low market). Thanks for keeping us updated on your progress!
If you plan to go frugal all the way and are able to save well, then the the importance of differentiating those non retirement saving accounts will diminish, but we have to keep our way of life healthy and safe.
[...] I have updated my No Credit Needed Network Chart so that it reflects my progress as I rebuild my non-retirement savings. [...]
[...] a total of $3500 in my non-retirement savings. One of my goals for 2008 is to rebuild my non-retirement savings. I like to create (and track) specific goals. For 2008, my goal is to save [...]
[...] that time, I dipped into my emergency fund to purchase an automobile. I am currently rebuilding a portion of my emergency fund. I have also begun to refer to this portion of my savings as non-retirement [...]
[...] have created a non-retirement savings goal and I am tracking my progress over at the No Credit Needed Network. Click here to view my updated [...]