Emergency Fund

My goal of having an initial 3 months in cash reserves is become more and more realized.

I want to have 1 month of expenses in each account and have a time goal of the end of 2008. If I were starting from scratch, I would have to save $16.81/day to reach my goal by the end of 2008 if I were to start January 1st 2007. Luckily, I have managed to already save some money.

My progress so far:

Paypal: 5.37% of monthly income

Emigrant Direct: 7.72% of monthly income

ING: 10.16% of monthly income

Total Savings in Emergency Fund = 24.26% of ONE months income. (all I need for my goal is commitment and time)

Goal: 3 months income

Progress: (<7.75%><<<<<<<<<<<<<<<<<<86%>>>>>>>>>>>>>>>>>>)

Amount needed to reach goal by end of 2008 = $16.81/day

My current rate of savings for emergency account = $6.58/day

Based on my current rate of savings, I should reach my goal by the end of 2009 assuming no emergencies. Long story short, I need to either save more or adjust my timeline, I think I'll adjust my savings levels a little and keep in mind that I have set a rather short time horizon.