Some of you have e-mailed me regarding my EF Jar. Some asked what it is, some asked why I bother putting in quarters and some suggested I put the whole amount of what I saved, in the jar instead of token quarters.
let me answer a few questions.
1) What is the EF Jar? The EF jar is a medium sized glass jar that once contained chocolate syrup for sundaes. I received it free when we had sundaes at work and had a few items leftover. I and a few other girls split up what was left. I liked that the jar label reminded me that savings are sweet.
2) Why do you bother saving a quarter at a time? You should be budgeting a set amount toward your emergency fund.
I won't argue about setting a budgeted amount for my emergency fund. It is a good idea. My response is that I am putting extra money toward a Stupid Debt ( SD) I incurred. It is one that is weighing on me financially and mentally. I use the jar to motivate me to save on my daily espenses and to make wise financial choices. I am working toward retiring this SD by the end of the year. I need as much motivation as I can get.
Every time, I make a wise finacial choice and save at least $1, I put a quarter in the jar. I try to be able to put $1 a day in the jar. When the jar is full, I make a deposit in my Credit Union account. the current total is $320.
3) Why don't you put the entire amount you saved in the jar and you would be able to see your savings more clearly?
Again, I am using the actual savings to apply more money to my SD until it is retired. I use the quarter sytem to build good financial habits and put a little bit toward the long term EF as I go along. Later it will be a focus.
posted by Casper @ 1:43 PM
2 Comments:
I like your approach. Makes sense to me. I'm curious as to what your Stupid Debt is but I'm about to search your blog because I'm sure you've already said it before.
Single Ma, I have not posted what my stupid debt is on this blog. I am embarrassed about the fact that this is a debt I incurred a few years back and I just ignored it. I have no idea why.
I knew it would not go away, I just kept putting off taking care of it and then forgot. It is from when I had a head injury.
I believe that when you owe a debt, you pay it. It is my first priority right now.
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