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Home > Adding to savings--feels good!

Adding to savings--feels good!

July 29th, 2016 at 10:45 am

I checked NT's UK account, calculated how much we need to cover August mortgage payments (plus 25-pound cushion) and transferred the remainder--750--to his UK savings account. It makes barely any interest, but moving the money into savings makes it feel more official that the money is saved. Smile

I've decided to use the UK savings account as our EF because A) it accumulates painlessly without coming out of our normal cashflow, B) the money is harder to get to since it's in the UK and C) we don't have any plans for that money except to use as spending money for our next UK trip, which won't be for over a year, so we should be able to save up a good EF plus a good amount of vacation money before then.

GBP750 translates to $1125, which means we're over 10% of the way to my $10,000 EF goal!

In the U.S., we finally saved up enough to hopefully fund the next phase of AS's dental procedure thanks to her latest freelance payment. We had some money left over for once! NT has been itching to spend, so I got him to articulate what he wants most. A) paint for several rooms in our house and B) new underwear (which we could all use). Big Grin So I set aside $300 for paint and $75 for underwear.

There was still some money left over, so I stashed $250 in our nearly-empty U.S. savings account, bringing it up to $255.74. No specific plans for this money; just a vague idea that we'll probably want to put it toward a larger renovation project at some point, whether it's redoing one of the bathrooms or installing ductless A/C.

Feels good to have money in both savings accounts again! We cleared the US one to help pay our tax bill in April and drained the UK one during our June/July vacation. The last time we had really big balances in both of them was spring 2015, when we emptied our savings over the course of a few months to renovate the UK flat, sell the US condo at a loss, and refinance the US duplex mortgage.

Sometimes I revisit those days on this blog and marvel at it all! Our tax and medical/dental bills this year were a cakewalk by comparison.

2 Responses to “Adding to savings--feels good!”

  1. VS_ozgirl Says:

    Sounds like a good idea to use your UK account as an EF/holiday savings account!

  2. FrugalTexan75 Says:

    Sounds like some good planning.

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