Normally a post like this would be accompanied by a screenshot of my Mint.com account proudly declaring that my rebate was processed, but since ING Direct changed its name to Tangerine, Mint.com has decided it’s not going to load transactions from my accounts anymore. Get on this anytime Mint, I’d love to have my tracking software back please.
So no screenshot for you. 🙁
The good news is that my New Brunswick Tuition Rebate was processed and I am now the proud owner of an extra $2,851. There are lots of things I could’ve done with this money. I could’ve bought a new couch (my latest consumption itch) and TV (my husband’s latest consumption itch).
I could’ve used it to go to Vegas to get away from the horrendous winter weather that is persisting in my neck of the woods. I could’ve gone crazy and blown it on a two-year supply of poutine.
Yum, I love poutine.
Sorry, got distracted there for a second. Based on the title of this post, you know that I did something much less interesting with my $2,851. I put the entire sum into my emergency fund. Which brings my new balance to:
Emergency Fund Balance: $9,241
So, so beautiful. I love the look of that balance so much, I can’t believe I started out just 13 weeks ago with a piddly $2,650 in that account.
How I Saved $6,591 In 13 Weeks
Saving that much cash in just 13 weeks was surprisingly easy. Here’s how I did it:
- $1,643 from my income tax refund.
- $2,851 from my New Brunswick Tuition Rebate.
- $1,320 in regular budgeted contributions.
- $1,137 in freelance income.
- $40 in interest.
- I withdrew $400 in January to cover the first month’s rent in our new place.
How I’ll Complete My Emergency Fund Goal by May
Now that my emergency fund is 92% full, I really really want to get it totally completed. If all goes according to plan, my emergency fund will be considered “fully funded” by May. I still plan on paying another $340 into it this month. With those contributions and interest, I should finish this month with a balance of $9,591 in that account.
That brings us into May, where I’ll finish off this goal by putting in my regular $400 budgeted contributions.
That’s if I don’t have to get anything significant done to my car between now and then, or any other emergency that would require me to shell cash out of this account instead of into it.
After that…it’s on to the travel fund! As I’ve mentioned before, I plan on saving $7,000 for travel this year, and with that account sitting at a measly $2,192 right now, I need to get in gear! I can’t wait until my emergency fund is fully funded and I can start putting the $400 per month into my travel fund, for a total monthly budgeted contribution of $890 per month. That’s sure to make the balance go up quickly.
How are you doing with your savings and debt repayment goals these days? Are things going as planned, have you hit any bumps in the road?