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Car fund morphs into wedding fund and net worth reaches all time high

May 4, 2009

When I started the car fund, I intended on getting a newer car late this year.  You may laugh, because I set my goal at $5k which won’t buy anything much better than what I have now…  But I knew I was moving in with T in the summer and figured I’d do a goal re-do at that point.  (I’m not just yet–waiting to find out more about my job.)

As the year went on, a new car seemed like less of a good idea.  My car is older, but has had few maintenance issues — at least ones that could be contributed to age.  I do seem to have a real problem with running over nails/screws.  The economy sucks and my job fate is a little shaky, and I honestly don’t mind my car.  So, now I’m converting my car fund to a wedding fund!  Wooo hooo!

I have no idea what we’ll spend just yet, but it’ll certainly be something.  T is as into “funds” as me, so I won’t make it a joint account (unless he wants to?) nor will I expect anything from his savings to go into this fund yet.  Of course I expect some of his savings to go towards our wedding or honeymoon.  (OMG, I get to plan a vacation!!)  Especially for someone who has never had a proper adult job, he has some awesome cash savings.

I’ll keep $500 in the car fund for possible repairs, along with $100/mo.   That won’t cover me if my car completely dies, but I’ll just cross my fingers there.  (We could afford an inexpensive car out of savings if needed.)

So… the wedding fund has $1445 as of today.  Eeeek!  Starting in July, I’ll be able to save/spend about $700 month while still saving for my other goals.

I also updated my networthIQ, and I’m super duper excited to have finally tipped $30k!   It was a confusing month — with moving, I pulled funds from whatever account I had easiest access to, then paid them back irratically.  They cashed my rent check early, bringing down the cash.  I think from now on I’ll just not include rent money in my cash.  It makes very little difference, as long as you are consistent.

7 Comments leave one →
  1. May 5, 2009 5:16 am

    Congrats on the $30k tip!!

  2. May 5, 2009 6:25 am

    Congrats on tipping over the $30,000 mark! That’s awesome! And good luck with your wedding fund. With $700/month you’ll be able to accumulate a lot quickly. Are your parents planning on contributing any to your wedding?

  3. May 5, 2009 7:54 am

    @FB – Thanks!

    @myprettypennies – truth be told, we probably could pay for a wedding ourselves now (the kind of wedding I want to do), but I like my cash to live in funds. Yes, our parents intend to help somewhat, but details are not confirmed.

  4. May 5, 2009 12:42 pm

    I change around funds all the time as needs and goals change. Have you thought about wedding budget, date, location etc? My plan is to ask my parents to each pay for one thing, probably mom for location and dad for food. I think it’s easier than asking for a blank check or a particular dollar amount.

  5. May 5, 2009 2:14 pm

    @miss m – We’ve thought about it all, but nothing has actually been fully decided yet. We do intend to do something quite small, but we’ll see.

  6. May 6, 2009 6:04 am

    I’ve started thinking about a wedding too, next fall but location to be determined. Part of me wants to escape to a destination wedding so only the closest friends and family would come, my idea of a large wedding is 100 people. I can’t wait to hear the details as you start planning.

  7. May 6, 2009 1:49 pm

    I totally see the love for different funds for different money. As a kid, I never did understand why my parents didn’t do things that way, but it might be specific to OCD PF nerd.

    Congrats on hitting the big 3-0-k!

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