Emergency fund question

[mama to B]

My goal for my ef was 5000 between that and the garenteed 600$ a month we get that would cover 4 1/2 months of living with the only thing cutting out of the budget is savings. So I could really cut back eating out groceries Internet misc etc to make it last longer. My goal was to have the 5000 by December but it looks like I'll actually have it by April! So my question is would you think it would be okay to stop saving some and take dd on a weekend trip, two nights in a hotel, zoo, amusement park, shopping etc. By that time I'll have my 5000 ef and a 500 baby ef that I wouldn't be touching id save other money for the trip. So what would you do?

[crazyms]

I'm confused are you trying to build up an ef to have just in case or are you thinking you'll have to be living on it soon? What is the $600 a month for 4 1/2 mos coming from? I'm just a little confused about what we're talking about here. I think if you reach your ef goal it's definitely reasonable to take a little break. If it's a short weekend trip maybe somewhere close to home and doesn't cost much that's not a big deal. Depending on where you are there could be some great weekend trips close to home that wouldn't cost much just to get away. It's great that you'll make your ef goal early! Just wondering what the rest is about to give a better opinion of it.

[mama to B]

Originally Posted by crazyms 

I'm confused are you trying to build up an ef to have just in case or are you thinking you'll have to be living on it soon? What is the $600 a month for 4 1/2 mos coming from? I'm just a little confused about what we're talking about here. I think if you reach your ef goal it's definitely reasonable to take a little break. If it's a short weekend trip maybe somewhere close to home and doesn't cost much that's not a big deal. Depending on where you are there could be some great weekend trips close to home that wouldn't cost much just to get away. It's great that you'll make your ef goal early! Just wondering what the rest is about to give a better opinion of it.

Sorry I didn't mak that very clear, the ef is just incase something happens I have no plans to need to live off of it but since it's just me and dd it's there incase I couldn't work. The 600/month is money I get now garenteed so even if I was to lose my job, become sick its still money I get anyways. (child allowance, universal Childcare tax and disability)
The trip i want to take would be pricer then staying around here but there's nothing here, you can drive to the end of the island with in 3ish hours anyway haha. We would be going off island, Bridge and gas would be around 125, then hotel would be the pricest. I wouldn't make the trip through unless I had enough money set aside without touching either of my efs though. I more or less feel like I should keep saving just incase but the a small part of me thinks I've done good so far and should not worry and take a break saving and have some fun with dd.

[crazyms]

Okay I see now what you mean. That's what I was checking on. I think it's important to be able to relax a little and enjoy/celebrate your good job if you can. If it was me then I'd hit the ef goal then stop saving for the ef. Let the savings go to vaca savings and take the trip. Then you can start adding to your savings again but you'll have the ef if something goes wrong. That's a good ef and you already have a plan about how much you'll have in resources if you were to need it so that's great. I'd take the trip!!!

[TiredX2]

It sounds like you're doing great meeting your goals and a reward is a great idea.  Enjoy!

[JesKace]

I'd say if your EF goals were met, and you were happy with the amount you have saved then it's okay to do something nice for yourself and DD.  So long as you're not putting yourself in debt taking the trip (by using a credit card or money you don't have set aside for it).  Because then you'll end up having to pull from the EF and it would defeat the whole purpose of having saved it.  So, once your EF is done, I'd take the money you were putting aside for that and put it aside for the trip, when you have the amount you need then take the trip.  Then after you get back you can start putting your extra money back in savings and building up for something else you might need, or increasing your EF even further :)