How long is a piece of string?
Depends on how much you earn, what are your expenses, and how much you have saved already.
Comment on I'm working on it, ok?
qooqie@lemmy.world 7 months agoYeah this is a 5+ year goal right?
SkippingRelax@lemmy.world 7 months ago
scoobford@lemmy.zip 7 months ago
It’s a however long it takes goal. I’m hoping to have it done in 2, although 3 and change is more realistic.
Unfortunately, if you can’t afford to live with financial security, you can’t afford to live. I haven’t had an entertainment budget in over a year, and food has basically been what’s on sale at the grocery store and maybe a gyro every month.
fadedmaster@sh.itjust.works 7 months ago
I wish you the best of luck. It isn’t easy. Getting out of debt and having a fully funded emergency fund is a great feeling.
RagnarokOnline@programming.dev 7 months ago
I world say it’s getting to 3-months first, then paying down debt with high-interest rates, then trying for 6-months of expenses. Could easily take a decade, but the idea is that once you have that 6-months saved, it’s less likely that you’ll re-enter into high-interest debt in the first place.
NewNewAccount@lemmy.world 7 months ago
Saving 3 months in an emergency fund while accruing high interest debt seems crazy to me.
Most people, especially those not very knowledgeable about personal finance, really should follow the Dave Ramsey baby steps.
phdepressed@sh.itjust.works 7 months ago
Building savings up still assumes you are at least paying minimums. Cc debt or payday loans are a beast of their own where 1month is basically all that’s worth it.