I received a lot of great feedback on my longer term savings plan a month or so ago. Specifically about how having all my “buckets” on my Ally account may make me more susceptible to dipping into these funds. And that made complete sense to me.
So I’ve reallocated my Ally account to be my long term savings account only. And left 3 buckets there. (I didn’t remove any money, just moved everything I had been putting in the various buckets to the Emergency bucket.)
Savings Plan
Here’s my buckets on this account, goals and hoped for timelines:
Goal #1: $10K in my emergency fund. I should hit this next month or October latest.
Goal #2: $45K by April, 2027 toward a home. Or rather toward land for my next home. My dream is to build a small home, cash flow it. And by build, I mean with my own two hands plus some help from family, kids, etc. My sister has the same plan. But this initial money will be used to buy the land in cash, paid in full. No debt.
Goal #3: $30K by April, 2029 toward a new car. I don’t see any reason my car should need to be replaced before than barring anything catastrophic. This is in preparation for paying cash for my next car.
Sinking Funds Where?
I have a bunch of other savings categories in my budget. Now I have to figure out the best vehicle for those. Suggestions? (And yes, I am working on a revised budget now, will share for feedback in the next week or so.)
The commenters were spot on in making the recommendation for me to split these longer term savings buckets from those that I will need to dip into more often. But there do I keep my other buckets? I would love your thoughts on that.
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