Hello all! Welcome back to my blog. Well, I have once again been gone for a little bit. I had a family emergency and have been overseas for two weeks. How does this relate to this post? In order to make this happen, I had to dip into my emergency, travel and savings #2 savings accounts. In total this ended up being a grand total of about $7,500.00. If you want to know how I plan to re-fund these savings accounts, keep reading!
I am in no way a finance or economics professional. Utilize this advice at your own risk.
First of all, I cannot stress the importance of having an emergency account. Truly, I cannot stress the importance of having multiple savings accounts. The money I spent for this emergency was saved during college from internships and working part-time jobs. Here is exactly how I figured out a plan to re-fund these accounts.
CALCULATE YOUR LOSSES.
The first thing I did after what felt like frantically spending my savings was regroup. After the chaos had settled, I sat down with my planner, a sticky note and logged into my bank account. I broke down how much I spent from each savings account.
SET REALISTIC GOALS.
I then calculated how I would be able to make up each amount and still meet my 2021 goals within the next year. I took into consideration my average lowest paycheck. Assuming I will make a lower paycheck each time gives me a couple hundred dollars of a safety net. Any extra money will be divied up into different savings accounts. The most important thing to do is to make sure each goal is realistic. Remember you still need to live.
GET TO WORK. BE PATIENT.
After setting realistic goals and doing my math, it is time to work. Some things I always keep in mind are to mind my finances and stick to a budget.I also plan to pick up 8 hour shifts occasionally and use that extra money to boost my savings up even more. All of this will help as I work to build up my funds again.
Those are my simple tips to rebuilding savings accounts after dipping into them. This is exactly how I am recovering from a major savings loss recently. These are all simple tips, but I take a simple approach to finances.
Thanks for reading,