I posted once on my Financial Progress in 2008, but this is my first 2009 post, other than my personal stash update a few weeks ago. I don't know why so many people gave Chrystal a hard time or had so many questions about her post on saving, but I'm going to be one to praise, not doubt. Here's what we've done.
Last fall, we barely had our emergency fund in place, and were working on the debt snowball. My husband still has a part time job, in addition to a full time job, but since he works in oil and gas manufacturing, we've decided to kick up our EF savings, which temporarily suspended debt snowball payments. I have also taken a part time job, and am selling on Craigslist.
The good news is that as of today, drumroll please, we have just over $6K now tucked away in our EF, with another $296 in the envelope for a new dishwasher, which recently quit.
Hubby's boss called the sales staff in one day, and he had the sinking feeling that there were lay-offs coming. So did everyone else in the group. Instead, he announced that they would be getting their bonus checks early. I'm glad his boss called the meeting that way, because it made us realize we shouldn't buy a second vehicle right now, if there's even a suspicion that a lay-off might be looming. We've been here before...
So, for the moment, we have a large EF, and we're going back to work on the debt snowball. Since I'm bringing in about $400 a month, and his second job averages $300 a month, we're right at $1000 a month on the debt snowball from irregular sources, not including what we can scratch from his regular income. That's not too bad.
We also will be estimating our taxes for 2009 and possibly changing our withholdings. Since his bonus was taxed at 38%, and we're in the 22% bracket, we can probably change our w-4 and squeeze a little more out of the paychecks. But, I'll need a calculator to figure that, and maybe another cup of coffee. LOL