My 2010 Financial New Year’s Resolution – Fully Funded Emergency Fund…Again!

by Hank Coleman

This would not be a personal finance blog if I did not include a posting about New Year’s resolutions.  I always try to make several personal New Year’s resolutions every year including a few about money and my finances.   

Cooper_River_BridgeLast year, I vowed to beef up my emergency fund.  That of course did not happen.  If fact, it went down in a blaze of glory.  I also had the goal to increase my wife and my net worth by 20%.  That one actually worked out a little better.  Even with the brutal recession, we managed to finish the year up about 15% thanks to continuing to invest through dollar cost averaging, paying off debt, and the recent rally in the markets. 

The year before that, I resolved to stop using credit cards, and I was very successful in that resolution.  I been debt free from credit cards for over two years now, and I cannot even begin to tell you the incredible feeling that you feel without the burden of credit cards.   

This year, my resolution is to once again fully fund my emergency fund with three months of expenses or $10,000 in my family’s case.  We will see how well that goes this year again.  Currently, my wife and I only have about $3,500 in emergency savings stashed away in a money market fund.  We just paid off our car, and now I have no excuse but to stash money away the extra money from that payment into a fully funded emergency fund.

2010 New Year’s Resolution – Fully Fund Emergency Fund ($10,000)

Are you making any financial New Year’s Resolutions this year?  What are they?

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{ 1 comment… read it below or add one }

Lesley Voth January 5, 2010 at 2:00 pm

Hey great Blog Hank. It looks like 2009 was not too bad for you. I am not sure about your predictions though. I don,t think that frugality will be forgotten in 2010. Some may fall back into some of the old habits but I think the last 2 years were a lesson that some wont forget easy and hopefully some of the frugality will stick and they will be able to stay out of debt or at least think about reducing it. Like you have done, I would like to see those credit cards only used in an emergency, I dont believe in paying the banks anymore money than I have too.
Have a great 2010. Oh yes another matter, my book, still waiting for a comment. Good or Bad!!

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