This month I had roughly $767.50 in discretionary income, most of which went to pre-determined expenses as soon as it was earned.
In October, I received $5,521.62 in freelance payments. Here’s what I put into my sub-savings acccounts.
I want savings so badly. I want enough savings so that I can start thinking about investing again.
I have $2,169.44 in my savings account. This is the equivalent of a month-and-a-half emergency fund.
It looks like I was bad at math this month. More accurately, I was probably bad at typing. It looks like there was a data entry error that I missed, because Taxes ended up with $100 more than Debt.
After two months of siphoning off 50 percent of my income into these sub-savings accounts, I now have $948.88 in savings. That feels, to quote Fun Home, like “seven million billion thousand.”
Every Friday, I tally up all of the freelance payments I’ve received that week and put 20 percent towards taxes, 20 percent towards debt, and 10 percent into regular savings.
I’m clever enough with math to understand that this means chopping off 50 percent of my income as soon as it hits my checking account and stuffing it somewhere else, but I hadn’t quite realized what that would feel like in practice.