Challenge #16 – completed

9 Feb

I’ve completed another challenge!

Challenge number 16 on my list was to save money for a rainy day. I’ve always been good-ish with money but I’ve never really had a good amount of savings to draw on in case of an emergency.

I’ve read several sources that say it’s a good idea to have at least three months’ salary saved up. I have no idea why it’s 3 months rather than two and a half or even 5. It seems like an arbitrary amount without a lot of reasoning for it – a bit like the recommended 10’000 steps a day that are supposed to keep you fit!

As that’s what’s recommended that’s what I’ve done. I started saving last year after I started a new job and put away a little bit each month. If I’d been frugal during the month then I could save a bit more. It’s surprising how quickly an amount each month manages to grow into 3 months’ salary. Luckily I didn’t need to dip into these funds during the past year so it was just a case of save, save, save.

I’m hoping not to be forced into using these savings in the near future but we are in the middle of a restructuring process at work so I can’t honestly say for sure that this is what will happen. Perhaps I find myself out of work again, perhaps everything is business as usual. It’s hard to know or guess what the future will hold in the next few months but I do feel slightly better knowing I have something in reserve for a case like this.

If you don’t have money squirrelled away for the future, I would recommend doing it. Saving a little and often makes the whole process virtually pain free!

7 Responses to “Challenge #16 – completed”

  1. Sheree February 9, 2020 at 12:56 pm #

    Well done! Everyone should have some savings to fall back on, after all, you never know what might happen.

    • ourgirlinzurich February 9, 2020 at 4:27 pm #

      Completely agree. It can be something you end up putting off though. I breathed a sigh of relief once I’d done it!

  2. Confuzzled Bev February 9, 2020 at 5:12 pm #

    I automatically have 100 euros transferred to my savings at the beginning of every month. If I don’t spend as much in a particular month I occasionally add more but that 100 is fixed and since it’s immediately after pay day the money is always there when it’s time for it to be transferred. I also have some savings in the UK in an account my grandparents opened for me when I was burn. I used those savings to pay for my Master’s so they’re a bit depleted but there’s still some left.

    • Confuzzled Bev February 9, 2020 at 5:12 pm #

      When I was born, obviously. Not burn! Stupid phone.

    • ourgirlinzurich February 9, 2020 at 9:18 pm #

      Wow! Huge discipline! Once you get into the habit it’s actually easy. If you transfer it at the start of the month you don’t miss it because it’s like it wasn’t there in the first place!

      • Confuzzled Bev February 10, 2020 at 7:25 am #

        It’s an automatic transfer. All I had to do was set up the standing order – not discipline required. 100 doesn’t seem like much but over time it adds up.

      • ourgirlinzurich February 10, 2020 at 7:20 pm #

        It is discipline when you know you can cancel it at the click of a button!

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