Our Bill Pickle

real life with (very) real debt

Four reasons we’re increasing our emergency fund

In 2021, we're planning on increasing our emergency fund from $5K to $10K. Here's why (and where we plan to store it).

Increasing our emergency fund is one of our main financial goals for 2021.

That feels weird to write. For at least the last two years, our financial priorities have revolved heavily on paying down our debt. We’ve made a lot of progress, shrinking our debt from $65K to less than $20K.

Becoming debt-free is still a priority for us but it’s not our only financial goal.

This is why we’re increasing our emergency fund (and how where we’re choosing to store it helps us add to the account without any work on our part).

Note: This post contains a referral link for EQ Bank. It’s clearly indicated. If you sign up using my referral link, I’ll receive a bonus at no cost to you.

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Why we’re slowing down our student loan repayment

After two years of aggressive repayment, we're slowing down our student loan repayment in 2021. Here's a look at why.

We’re slowing down our student loan repayment in 2021.

After a year that saw us shave close to $10K off the principal balance of the student loan, we set a goal for 2021 that will see the balance shrink by less than half that amount — about $3.5K.

Considering how paying back the student loan has been a key focus for us over the last two years, this represents a big shift.

But there are a few factors that make me feel good about the decision.

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Budget Update: December 2020

Our monthly budget update includes 5 highlights from the last month and 3 goals for the month ahead. Here's the update for December 2020.

Our monthly budget update does not change much. 

It is primarily fixed expenses, like rent, phone bills and car insurance, which remain the same month after month.  Even the amount budgeted to our miscellaneous line (more on that here) stays the same most months. 

So instead of giving a line-by-line breakdown for our monthly budget update, I do something a little different.  Each month, I share five highlights from our budget, along with three goals for the month to come.

Here is the update for December 2020.

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Budget Update: November 2020

Our monthly budget update includes 5 highlights from the last month and 3 goals for the month ahead. Here's the update for November 2020.

Our monthly budget update does not change much. 

It is primarily fixed expenses, like rent, phone bills and car insurance, which remain the same month after month.  Even the amount budgeted to our miscellaneous line (more on that here) stays the same most months. 

So instead of giving a line-by-line breakdown for our monthly budget update, I do something a little different.  Each month, I share five highlights from our budget, along with three goals for the month to come.

Here is the update for November 2020.

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Pay down debt or save? Why we’re doing both

Should I pay down debt or save? There are a lot of opinions about this online. Here's why -- and how -- we're choosing to do both.

Should I pay down debt or save?

The answer to that question will vary depending on who you ask — and chances are, the person answering it will have strong opinions.

But the trouble I’ve found with a lot of the advice is, often, it errs on the side of too simplistic, too all or nothing. And while I’m not a financial expert, that has never felt right to me.

When it comes to paying down debt or saving, I don’t think it needs to be all or nothing.

Here’s a look at why and how we’re doing both.

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