The first full month of What Are You Saving For? has exceeded even our most lofty expectations. We have already opened over 150 WAYSF accounts (including the accounts opened during the last week of March). This week, whatareyousavingfor.com highlights the WAYSFer who posted the most intriguing, touching, or creative message during the previous few weeks. The second WAYSF “Featured Post” comes from lewisd who on 4/17/2008 wrote about a savings goal that should be on the top of everyone’s personal finance to-do list.

I’m a single mom. Like many others I pinch pennies to pay the bills but when an emergency happens, car problem, floor falls in, or doctor bills -I generally don’t have the extra cash. I either do without or go in debt for it. I have been working steady for over 20 years but my hole just keeps getting dug deeper. I want an emergency fund to take care of these things so that I won’t have to stress out worrying about it, or have to charge it.

Build up an emergency fund that will cover your expenses for at least 3 months. When the unexpected happens you won’t have to spend the money you were saving to buy a computer or take a vacation. Of course this savings goal would vary depending on your monthly expense. An article from Kiplinger.com suggests that we begin with an emergency savings goal of $1,000 and continue to contribute to the emergency fund over the years. Great post lewisd! Stay positive and keep saving!

To comment on lewisd’s original post, click here.

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