It's been awhile since I've provided an update on our Total Money Makeover goals. We are currently on Baby Step 3 (building an emergency fund representing 3 - 6 months of expenses). To date, we are over halfway to our target number and should reach our savings goal by the end of July! BUT with storm clouds on the horizon surrounding Dave's job, we might find ourselves in budget crisis mode. I would like to reach our goal before anything happens, but am thankful for what we have set aside already. It certainly puts us in a much better situation than we would have been pre-Dave Ramsey, when a job loss would have most certainly sent us into credit card debt.
One of the challenges we are facing in Baby Step 3 is maintaining the focus on our larger goals. We've become a bit relaxed in our spending in some areas, particularly eating out. It has left me wondering if we (mainly I) would have the discipline necessary to get us through any impending rough patch. It's easy to say I would cut back on affordable luxuries, but could I really do it? Would I be able to rise to the occasion with a spirit of frugality and resourcefulness?
Money Saving Mom - Monthly Financial Check Up