Hey guys and gals,
My question; how do you structure your personal/liquid savings?
I'm a bit of a novice to this stuff and may need to clarify what I mean so ... to be clear, not the investments and capital you're building up, specifically the money you keep liquid in an account (or hidden in the bottom of your sock drawer), for when you have a sudden expense. Or that same money that you're putting towards some sort of goal. For instance:
- saving up three months of emergency funding should something happen to your income.
- saving up for a holiday.
- emergency funding (for a burst tyre or such)
- saving up for a new work tool such as a laptop before the current one dies.
- saving up a specific amount to make a specific investment.
- overspend reserve to cover any particularly expensive months.
- etc
For background you can probably skip over; I'm a PhD student tired of living hand to mouth and actively trying to prepare for the fast approaching day I leave academia and actually have enough income to save each month. I've been using a heavily modified bullet journal system as of late and want to add a space to track my savings.
What I'm already thinking; I have a current account and a savings account, each month transfer whatever I don't spend to the savings account, ideally some funds at the start of the month but most likely the excess af the end. While at the same time tracking that amount of saving made and assigned to various categories or specific items via some sort of progress bar type of deal. Multiple progress bars, one for each item or goal such that I can prioritise certain things as I feel the need.
This would be before the stage where I make any sort of investments. This is where I'd save up for some sort of investment.
So, to clarify again and expand;
- How do you structure your personal/liquid savings?
- For which sort of general categories and items is saving a good idea in your opinion?
- How would you set up savings if you were a postgraduate student with between 0 and 5% unspent each month?
I would appreciate any advice you have to offer. Regards.
[Edit: also for claity, I mean the money already saved each month, not the process of saving that money.]
Submitted January 29, 2019 at 03:37AM by sithudwilk http://bit.ly/2FRIlI8
