I was looking add $400 to the Emergency fund this month, to hit the $1000 goal. It seems that I may have been able to accomplish this in less time than expected. Let me explain.
As I stated in my Monthly Challenge post, I was able to contribute our regular monthly amount of $100 and carved $50 out of a 0% interest credit card payment. There were several other areas that I was looking at to find the other $250 needed. I found it in the least likely place, one of our fixed expenses...our rent!
The rent on our modest 3 bedroom apartment was slated for another rent increase at the beginning of October, from $976.26 to $996.25 per month. We were given the appropriate amount of notice. But I had questions. The lady in the rental office was as confused as I was as to why my rent was higher than others, and going up again. After some investigation, she found it was because we had failed to renew our lease.
B and I had a quick discussion, and agreed to sign another 12 month lease, with the rent being decreased from the current amount down to $959/month, which was what we paid when we first moved in two years ago. Yay us! A monthly difference of $37.25 per month than what we had budgeted to pay. That calculates into a 'savings' of $298 over the next 8 months. I budget yearly from June to May due to my contract. The only thing I need to do is to transfer the $250 from one account to the E-fund account, which is scheduled to happen in the next couple of days.
I will have achieved my monthly challenge goal in under 15 days! The additional $48 dollars from the rent budget will be left in the rent account to earn interest with the rest of the rent.
Cutting back in other expense areas hasn't gone as well as I had hoped, so there is no money being transferred to savings from there. I am still saving $5 bills and pocket change to roll at the end of the month. I'm hoping for $100 from this action. Contract work has come in, to the tune of about $400. To get ahead on the next goal of increasing the Xmas fund account to the $1100 goal, I will put 25% into that. Another 25% will go into the biz saving account (for things like taxes and new equipment). The last 50% will go into the household account for October's expenses.
It looks like I will have to work on 2 goals next month anyway, so getting a head start on them isn't such a bad idea.