One of the basic ‘rules’ of personal finance is that you need to have $1000
in easily accessible cash in case of an emergency. I have been slowly
building up savings and set up a sub account in ING specifically for my
emergency fund so that I would know when I hit that magic number.
I finally reached the savings goal of $1000 in ING in my emergency fund and
while I am happy that I got to that goal I am now bored. What do I do now
that I have reached the fully funded $1000 fund?
My plan is to continue working on my debt so that I can get my car loan paid
off as soon as possible. I will therefore take the money that I had
previously been sending to the emergency fund and put it towards the
snowflake fund so that I can really whittle that debt down.