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2011 Financial New Year’s Resolution – Fully Funded Big & Small Emergency Fund Accounts

Vedis the DMP Blogger — Sun, 02 Jan 2011 03:08:01 +0000

According to studies, almost 97% of all New Year’s resolutions are never kept. Mmm, interesting! So, did you achieve last year’s resolutions?

I did make a few 2010 New Year Resolutions. They were not 100% achieved, but I did do my best to reach at least 50% for most of the goals.

In year 2010, I vowed to beep up my big emergency fund to RM6,000, that was 3 months’ living expenses. Did it go down in a blaze of glory? Of course not. I hit 50% of the RM6,000 goal.

In year 2011, my resolution is to fully fund my big emergency fund with five months of expenses or RM10,000 in my family’s case. It’s quite an achievable amount because of the existing amount saved in bank plus 12 months’ rental equivalent to RM4,800 plus a small portion of hubby’s monthly salary.

To be frank, had hubby and I not been in AKPK debt management program, it wouldn’t have been possible to stash away extra money as big and small emergency fund savings!

Of course, changing to a smaller cc car that required no car loan did help save up more money. From paying RM820 a month to zero, how do I feel? Great! ^.^

Speaking of emergency fund accounts, I have 2. One is for big emergencies and another is for small emergencies. There were quite a few small emergencies like two car repairs and a heater that sucked out about RM1,500 from the small emergency account.

Due to the above unavoidable expenses, the balance in the small emergency account shrank to about RM3,000 as of 31.12.2010. My resolution for the small emergency fund account is to beep it up to RM10,000 in year 2011. It can be achieved provided there aren’t many unexpected expenses.

2011 New Year’s Resolution – Fully Funded Big and Small Emergency Funds (RM10,000 Each)

Did you make any financial New Year’s Resolutions this year? What are they?

Tips On How To Control Fuel Consumption

Vedis the DMP Blogger — Sat, 26 Apr 2008 12:55:41 +0000

Hubby is great! He is able to control the fuel consumption for this month too. From $120 to $55, $51, and this month $54. So, he can control it to less than $60 per month!

I had mentioned the main reason we cut down the fuel consumption last month.

Another reason is that hubby limits himself to shopping once a week. The shopping malls are about half an hour’s drive away. By cutting the trips to shopping malls, the money saved can be channeled into paying off more credit card debts.

Even if we are in the small village, we seldom drive. Riding motorcycle is the most convenient mode in the small village. As the roads are narrow and there are many shops, finding parking bays is troublesome. However, there is no parking problem at all for motorcycles.

Cut Down Fuel Consumption From $120 To Less Than $60 Per Month

Vedis the DMP Blogger — Sun, 30 Mar 2008 12:30:32 +0000

Before hubby and I moved back to the small village, our fuel consumption was more than $120 (RM380) per month.

I am glad that hubby is able to cut down on petrol consumption to $55 (February) and $51 (March). How does he do it?

The main reason is that we are now living in a small village. Previously, we lived in a town which is more than one and a half hours’ drive away.

My hubby must go back to his small village weekly because he needed to have some shopping sprees. Otherwise, he would be bored to death.

If I didn’t let him go, he would throw tantrums. He is just not the kind of person that can be trapped kept at a place for a long time.

So you know how he spent more than $120 monthly on fuel consumption.