Hit $12,000 in emergency savings last month and I still can't believe it

I started budgeting about three years ago just to stop living paycheck to paycheck. My goal was always $10,000 for a solid emergency fund, but I kept bumping it up as I got closer. Last month I finally crossed $12,000 and it felt surreal because I remember when $500 extra felt impossible. It matters because my car transmission went out two weeks later and I paid cash to fix it without a panic. That never would have happened in my old life where I'd just put it on a credit card. How long did it take you to reach your first big savings goal or did you have a surprise milestone like this?

2 comments

2 Comments

reese_perry626d ago

Read somewhere that most people would be broke in a month if they lost their job because they don't have this kind of cushion. $12k is legit impressive, especially when you think about how many people are just one emergency away from disaster. Car stuff always hits at the worst time too, glad you had the cash ready instead of adding to a card balance.

wesley_grant3325d agoMost Upvoted

@reese_perry6 I dunno, feels like people blow this stuff out of proportion sometimes. Most folks would figure something out, unemployment exists for a reason.