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2006 has been all about the emergency fund. It's gone from a big fat zero in January to $6100 at the beginning of October, and my initial goal for the year was $7200 (four months of living expenses). Once I got there I was going to split my savings contributions 70-30, with 70% going into the emergency fund to build up to six months of expenses, and the other 30% going into a splurge account so that I could buy furniture next year.
Up until now my living room has one couch, one lamp, one coffee table, a TV on cinderblocks, and the cable box and DVD player on the floor. I really wanted to buy a cushy chair and a TV armoir. I had my eye on one armoir in particular, and it cost $1000. I was hoping to talk them down to maybe $700 and buy it early next year.
Well, the furniture company went bankrupt and is liquidating everything, completely closing up shop in three weeks. I went to their clearance center, found the armoir that I wanted, and talked them down to $400. I LOVE IT, and I have an actual living room now. I can still make my EF goal by the end of the year.
Did I cheat on my emergency fund, or did I do the right thing by snapping up an awesome deal when I had the chance?
(By the way, if anyone is in the market for furniture, it's a Pottery Barn-like chain called "Storehouse". They're not in all states, but it's good stuff and WAY cheap right now.)
Up until now my living room has one couch, one lamp, one coffee table, a TV on cinderblocks, and the cable box and DVD player on the floor. I really wanted to buy a cushy chair and a TV armoir. I had my eye on one armoir in particular, and it cost $1000. I was hoping to talk them down to maybe $700 and buy it early next year.
Well, the furniture company went bankrupt and is liquidating everything, completely closing up shop in three weeks. I went to their clearance center, found the armoir that I wanted, and talked them down to $400. I LOVE IT, and I have an actual living room now. I can still make my EF goal by the end of the year.
Did I cheat on my emergency fund, or did I do the right thing by snapping up an awesome deal when I had the chance?
(By the way, if anyone is in the market for furniture, it's a Pottery Barn-like chain called "Storehouse". They're not in all states, but it's good stuff and WAY cheap right now.)
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