Today in the mail, I received a check for $50 from my grandmother. It was a belated birthday gift. I couldn't get to the bank before they closed, so I won't be able to deposit it to savings until Tuesday (thanks to MLK Day on Monday). However, when I do, my balance will be close to $900!
I get paid again January 30 (I only get paid once a month). On payday, I will be moving any leftover cash from checking into savings--which should be between $60 and $75. Additionally, I will be putting $150 from my paycheck in savings, too. So, come January 30, I will have around $1,100 in my savings account.
Dave Ramsey says to cap out your baby emergency fund at $1,000, but since I am on 10 month pay, I need to save enough to make it through the summer. I plan on continuing to save at least $150/month through the end of the school year, adding my end-of-year bonus to my summer account (which should be about $2,500), and also putting part of my tax refund in it. I'd rather have too much than not enough, and then the extra can go to debt once I make it through July and August. It goes without saying that I'm going to work somewhere too, for extra money!
The old me never would have planned for summer--I probably would have just lived off a credit card. So this is huge for me!
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Having only 10 months of pay would require you to save, which is a good thing. If you can save enough for your two months off, then any extra money you get from a temporary job could all go toward debt.
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