One of my goals for this month was to get all my savings organized. Basically I just had one large sum of money in one account, and I needed to get it organized into an Emergency fund, RSP, etc.
First I had to decide how much I wanted to designate for an Emergency Fund. I needed 3 months bare minimum living expenses. I pay my parents $200 rent a month, my minimum student loan payment is $115 and my cell phone is $67 a month. This is $382, but I decided on $500 a month to have some extra money for whatever. If I really did lost my job, I don't think my parents would make me pay rent anyways until I found a new one.
Whenever I do move out of my parents house, I will begin to put more into the emergency fund to account for a higher living expense. Same with if I get a car.
I also put $500 into an RSP Investment savings account. Just in time to claim it on my 2008 tax return (which is another story btw).
Then I opened a second savings account, basically for the rest of my savings which doesnt really have a designated use so it will just be like fun savings, basically I think this will pretty much become a car savings fund.
Then I also put $100 into a mutal fund account. The ING Streetwise Mutual fund has investments from 4 stock and bond market indexes which are: canadian bonds (DEX universal bond index), canadian stocks (S&P/TSX 60), US stocks (S&P 500) , and international stocks (MSCI EAFE). I am still getting educated about mutual funds, so I didn't want to invest too much yet. I just thought I would throw in $100 and see what happens to it! LOL
So at the beginning of the month I had $2793.95
Here's where it went:
Emergency Fund: $1500
Fun Savings: $600
Mutual Fund: $100
I left the other 93.95 in there to keep for my trip savings. So now I have 2 savings accounts with my regular bank, and 2 with ING. The two at my regular bank are going to be a portugal fund and a holding tank. Basically the holding tank will be the place where I keep my rent money, student loan money until it actually gets paid. I like to keep my rent money in a seperate account until I actually pay the rent to keep from spending it. I also put aside money from each paycheck for my student loan, and make one large payment once a month.
So there is my savings for you? Any thoughts?