Tuesday, June 5, 2007

Wait - I Have Savings?!?!

Wow, it's been a while, but I just checked my savings account statement the other day (it's not hooked up to my checking, so I tend to ignore it), and realized that I've actually been saving a little lately. In the month of April, I put $1000, in May - $400, and in June - $1400 (cash back from son's college). For the whole year, I've made $72 in interest. So my total savings is up to $6254. I need an emergency fund and haven't decided how much it should be. Three months would be $7200 and I'm almost there. Six would be better, but would be $15,400. My next step is to get one of those bar graphs to chart my progress and post in on the blog home page (along with Basil's debt), but I haven't gotten around to figuring out how to do it yet. Any tips would be appreciated.


English Major said...

I've got a question: is there a particular reason that you choose to keep money in the bank rather than pay down a chunk of Basil's debt? (If that's too private, please feel free to decline to answer.)

Basil Bizarro said...

English, that's a great question. The debt that exists in our relationship is mine, and I have a stubborn, knuckleheaded determination to face it down and kill it by my lonesome. It may not be the smartest thing financially, but it goes to personal responsibility. I know that Bianca is involved either way, but if I took money from her to pay off my debt it would make me feel terrible.

It's a "you did the crime, now do the time" kind of thing. It would be like asking her to serve time for me if I broke the law. We aren't married, and the only reason that is so is because I'm terrified of something happening and Bianca being held accountable for this mess I'm in. I've posted about fear before; I hate it, but it's there.

What she is doing, which is a massive relief, is providing a safety net of savings while I try and go on a full-on offensive on my debt. We have a goal of me being debt free by the time Son Number Two is off to college next year. It'll be next to impossible, but I do like a challenge.

james said...

I'm married and I have 25K in credit card debt (payed it down from 29K).
I'm taking the same stance as you are. I'm taking the Responsibility of paying it off and not relying on my wife. Her income isn't the same as I and her check is pretty much spoken for at the end of the month.
She does know that if she does get that promotion and raise that it would be beneficial for her to help me pay off my debt. That way I can finally quit my second job and I'll be able to spend more time at home than having to work 65 hours a week 6 days a week.