We did it!
$15,000 in the bank!
Feels sooo good!
$15,000 is approximately 6 months of our bare basic “scorched earth” budget. It is enough to cover 6 whole months of rent, groceries, utilities, and fuel. It does not include things like eating out, fun money, Christmas sinking fund and other things we consider non-essential, because basically if the sh!t hit the fan and we had to live off this money, eating Macca’s is the last thing we should be doing!
It is currently sitting in an ING Savings Maximiser Account and earning a nice 3% pa.
While 3% is impressive (and the highest savings interest rate we could find at the time of writing) it is only just out pacing the inflation rate, so we will be revisiting this nest egg every year and comparing it to our cost of living to make sure it would still cover 6 months of our expenses.
On to the next phase! Saving for our 4wd and caravan / camper trailer, & Investing!!