Baby Step 1

When I wrote my Gathering Acorns post, I had just started using the Acorns app for future use down road for investments. However, I changed my mind. (I’m a woman, it’s what I do). Instead, I am using it as a way to grow my Emergency Fund to $1k. I am 1/3rd the way there…and I haven’t touched it! I’m actually very happy about this. Growing money ain’t easy!

image by renate kallock @ freepik

image by renate kallock @ freepik

 

 

Gathering Acorns

Though I haven’t truly mastered the Seven Baby Steps of Dave Ramey’s Financial Peace , I felt the need to start a rather small investment. I personally don’t utilize company based 401(k)’s as I’ve seen too many family and friends lose thousands they put into this strategy only to lose it or be told they can’t use it.
I think we all know by now, a financial guru of spending thrifty I am not. I am a certified shopaholic {and yes, there is a group for that}. However, I came across a financial app that intrigued me.
It is called Acorns. It links to a checking account and gathers the change from you purchases and then in turn into diversified investments. Here’s a snippet from the Acorns Support page.
I also wanted to include this web article so you could review for yourself the pros & cons on this investment.
I decided to go with this as I am not a Saver. If I have a dollar, I will spend it. I wanted a way of getting started that did not allow me instant access to my money.  My Emergency Savings is not an investment, it’s for emergencies.  When I get to the third baby step per the Financial Peace Seven Steps, I want to have a bit stuck away. Call it my back up baby step.
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PaRt TwO: EmERgenCY SaVinGs

Confession: I spent my savings to buy Christmas presents last year!

Not a well thought out plan.  Christmas was awesome…savings is Zero!

Not this year, I have already set my Emergency Savings for 2013 to be $1800. Each month, ING (now called 360 or something like that) draws the set amount right out my account. This is not a big percentage of my income but it is a good start. Baby Steps!

So about Christmas…well, I think this is where a good old-fashioned Christmas Club savings will come in handy. Not only will it help out with the holidays but birthdays as well.  I set up a category in my Cash Envelopes for Gift money. This should take care of both these areas for 2013!

Do credit unions have Christmas Club accounts anymore?

Next months goal…Regular savings