A Factory Working, College Grad Getting Out of Debt

Starting Out

There’s a lot to know about saving for a rainy day.  That one statement alone may sound daunting, but it’s doable. It’s all a matter of organization, determination, and hope.  The only question that one has to wonder, is where do you start?  What do you do to start it?

Well, first, you’ve made the decision to make a rainy day fund.  This alone is better than most people.   You may have decided to make it for  an emergency fund, a wedding budget, or just to get your finances in order. Your child might have just been born and it’s time to start worrying about college tuition.  There are so many reasons to start a rainy day fund, but you have to decide.

For me, it’s about the emergency fund and the wedding.  Currently I usually have about $500 in the account for an emergency fund, but sometimes that just is not enough.  So it’s time to get a little bigger I think.  My goal is to have a $1000 put away for emergencies.  No ifs, ands, or buts about it, this has to happen.  If I am unable to work for example, this alone will take care of 3 months of car payments.  That’s perfect.

Then there is a future wedding.  Step one of the potential wedding is complete: I graduated college. Sadly, with college loans, so I’ll have to start working on that. My boyfriend will be graduating college in the next nine months and have decided that we want to get married some time after that.  We have yet to set a date as we want to make sure we are at least both holding a bachelor’s degree before we even think of proposals, dates, and rings.  But it’s right around the corner, and as we know we want to be with each other, we’ve decided to start scrimping our pennies together now.

So those are my first goals.  Pay down the debts, make an Emergency fund and a Wedding Fund.  Sounds expensive, but I’m sure we can manage it.

Until next time, count those raindrops-



One response

  1. Meg

    we have on, even while making barely more than the bills, we have had one. it usually sits at 3.5K, for emergencies like no employment. well, after 2 months of no work/checks, im building it up again. its always a great idea to save, most people don’t bother then they want to borrow money when they reach financial trouble…..

    September 5, 2012 at 12:46 pm

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