To meet their new goal, Bethune, a 37-year-old cybersecurity engineer, and Colon, a 34-year-old mental health counselor, would have to save $30,000 and $22,000, respectively.
Living affordably is a big part of their savings strategy, and has allowed them to save aggressively. The couple lives in a modest one-bedroom apartment, spending about $1,200 in rent each month. Since they own their cars outright, their only other major expense is Colon's student loans, which total about $600 per month. With low expenses, they were able to save for other goals on top of their emergency fund.
A method championed by "I Will Teach You To Be Rich," sending money automatically to savings and goals, makes for a hands-off approach. "You're accumulating money by default," author Sethi writes. Before automatic deposits, Bethune found it hard to be consistent with his savings goals. "It would be kind of haphazard and I wouldn't keep up with it," he said. With automatic deposits, it's impossible to forget.For this couple, saving an emergency fund was a balancing act with their other financial goals.
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