Changes To Our Financial Goals Due To The Pandemic

After years of working through becoming debt free and finally starting to see a positive increase in our net worth, we thought we had a clear roadmap of our financial goals for the next five years. But of course, things don’t always go as planned and this time around we’re going back to our emergency fund.

Our Emergency Fund

During my debt payoff journey, I followed Dave Ramsey’s advice and only kept $1,000 in savings. Looking back, I’m grateful that I didn’t experience a major emergency because $1,000 just isn’t enough.

Now that we’ve lived through this pandemic, and I’ve seen how drastically and suddenly your financial picture can change, we’ve decided to increase our emergency fund.

We had completed our $15k emergency fund early this year and had moved onto our next financial goal: saving up for my husband’s barber school tuition. Now that all of this has changed, we are rethinking our emergency fund amount and have decided to top it off with another $5k.

Having this $20k emergency fund cushion makes me feel so much better about our financial situation should a financial emergency occur down the road.

Pre-COVID-19 Goals

  1. Emergency Fund – $15k – Complete
  2. Barber Tuition – $10k – Complete
  3. House Fund – $100k – 0% Complete

New Goals

  1. Emergency Fund – $15k – Complete
  2. Barber Tuition – $10k – Complete
  3. Emergency Fund Top Off – $5k – 93% Complete
  4. House Fund- $100k – 0% Complete

So this is where we currently are on our financial journey.

Just finishing up our emergency fund (again) and hoping to move onto our house fund in the next couple of weeks!

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