Keep Saving

keep saving

I will be aggressively saving cash for at least another year

For the time being I’m going to keep saving. I’ve been building cash aggressively the past year or so, and I’m now in a position where I can comfortably save around $1500 per month. Where do I stop? I have a few thoughts on that.

Planned Expenses

We are planning on having an addition built onto our cabin in the Spring, so I have been saving for that. The addition will include a deck and a covered porch. It is an extensive project, so the bulk of my planned expenses are tied up in this build.

Looking ahead, there are some upgraded that I want to do to my home. These include a bathroom and a kitchen remodel, building a shed, and possibly installing a wood burner. I’ll be doing all this work myself, so it will just be material costs.

My truck is running fine, and I have no current plans to replace it, but eventually it will become necessary. In order to avoid debt when that day comes, I’m saving money for my next vehicle purchase.

Emergencies

There are many unknowns in life. The furnace could break. I could suffer a job loss. The list is endless, so to help lessen the blow of an unexpected expense it is good practice to keep 3 to 6 months’ worth of expenses in cash on hand. More on emergency funds here.

End Game?

So where do I stop putting cash away and redirect funds to investing? I have a number in mind, but I still have a way to go before I get there. I’m estimating that I need to save for another year before I consider my cash holdings fully funded.

Wrapping Up

I’m going to keep saving for at least another year before shifting funds into investments. Where are you with your savings? Do you have any goals for cash? Comment below.

Read Also:

A Look At Emergency Funds

5 Reasons You Need Money Saved Up

Save Dat Money: An Easy Guide to Saving Efficiently

Small Ways to Save Money Around the House

P.S. Another good way to save is by using a cashback site.  Rebatefanatic is a popular one, but there are a number of other good ones.

Speak Your Mind

*