Personal Finance Report #2 – This is embarrassing

Personal Finance Report #2: I promised in a earlier post “Save $500 dollars trick” (read here), that I would share with you openly how my finances were going. Sort of a personal finance report. It was – is, my way of holding myself accountable. The best way to make sure I do what I said I would do is to have someone to report to. So while I have no clue how many people are reading my blog, I am going to share with you this month’s personal finance report (#2).

personal finance report

Personal Finance Report #2

The goal is to save $500 dollars a month, which is not easy. But as I stated in my post about how to save $500 trick – you just have to do it. So I am proud to say that I achieved my goal (somewhat). Confused – yeah, me too.

Let me start with the basics: I went cold turkey and I set up an automatic transfer from my checking account (where my payroll is deposited) straight into my hold money account. Confused? Well, remember how I said that I just opened a savings account with an interest rate of 1.4%. APR. Well, being the timid type I kept my old extra checking account (that was dubbing as a savings account – no interest earned – bad, never do that). And I created a small automatic transfer to my online savings account (every two weeks).

The idea behind it was that I wanted to slowly start my transfer and keep a small cushion of cash should an emergency occur. Why you ask? Because getting money out of my saving account is a bit cumbersome (slow). So fearing change, an emergency is always popping up – I decided to keep some cash in that account as an emergency fund. Oh my am I glad I did.

The good news is I accomplished my goal. I saved – put away $500 into my account. I would celebrate but I ran into a few problems on my way to the “I DID IT” financial finish line.

The Important Emergency Fund

I could simply leave my personal financial report at that – how wonderful I saved $500 dollars this month! But in my hopes to be transparent (Ha, I’m better than the government). I want to share everything with you.

Yes, it is a win. I put away $500 dollars and I did it by setting up an automatic transfer so that I have done without me thinking about it. I did my best to work around my budget, so as to not over spend (therefor dipping into my savings). But of course life happens and this is why we need an emergency fund.

First thing that happened – the stove broke (an easy and economical fix. Read more).
Then I had a visit with the dentist, I hate going to the dentist (it was necessary but an unexpected expense. Read more).
To finish it off I had to take my little girl to the doctor, not fun at all.

Yeah, things happen

When you factor all these things up and some other minor (will not blame my wife – I refuse to blame her) unforeseen mishaps. I ended up spending more than five hundred dollars. So my win is a win, but if you consider the negative unforeseen expenses – it really comes out to be a negative.

Why do I feel this way? Because while I did accomplish my goal and these unexpected expenses came from my emergency fund. I still need to replenish the emergency fund. Only in my world can a win turn into a negative.

In my next post I will try to share how I am setting up my accounts (automating) everything to make life a bit less complex, stressful and advantageous. If you liked my personal finance report, or have any ideas. Please share them down below in the comment section. I would love to hear what you think.

Consider Reading:
If you want to succeed – What to do with your dollar?
Money made simple – Automated Money Strategy
How to – Succeed by self-improvement
Sharing with you, my – Personal finance #1


Happy, crazy loving father of two who believes the world is a bit off kilter. I spend a lot of time trying to teach my children to be better than me - I hope they appreciate it.

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