Emergency Fund, Goals, Savings

Rebuilding My Non-Retirement Savings (Formerly Known As The Emergency Fund)

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.

11 thoughts on “Rebuilding My Non-Retirement Savings (Formerly Known As The Emergency Fund)

  1. 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.

  2. 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.

  3. 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!

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