Our savings account balances just crested six figures. Six figures! I could buy a whole bunch of Jimmy Choos or even a Tesla. We won’t do that, of course. Instead, we’ll celebrate and shrug with our favorite virtual family (that’s you guys). Because if we’re talking about savings, we’ve got to be honest: it can be gone in a blink.
Call Forbes. Call Business Insider. Call my mom! I am a millennial with a six-figure bank account. No, no. This is better. I am a teacher millennial with a six-figure bank account. Who is married to another teacher who I also happen to own a home with that has a kitchen that we don’t eat avocado toast in. But we do eat lots of avocados there. I’m basically ready to be penpals with Warren Buffett, don’t you think?
This milestone matters because it’s a sign that there really aren’t many financial hurdles in our frugal lives that we couldn’t tackle together. It’s a license to sleep at night, and it’s peace of mind. It’s also not likely to be permanent. Yes, like all good parties, this celebration is bound to come to end.
Just call me Sisyphus. You know, that Greek dude that rolled that really big rock up a hill, just to watch it come crashing back down over and over again. I’m basically him when it comes to bank account balances. This isn’t actually the first time that the balance in my savings account cracked six figures. In fact, I was sitting on six figures at the ripe old age of twenty-six. And then I bought our house.
While the down payment did not wipe out my account balance entirely, it certainly took the wind out of my sails. Since then, I’ve gotten a whole lot smarter about investing, and we also started paying extra on our mortgage, so we haven’t been stockpiling cash outside of our emergency fund until recently. Little by little, we’ve been shoving the savings account boulder uphill again. But we know it’s bound to come back down.
Not only do we pay our taxes and insurance to the tune of over $10,000 every year from our savings accounts, we also know that we’re going to draw down another several thousand dollars to make up for me losing my breadwinner status and to cover the cost of our insurance premiums while I’m off work. We’ll also likely never touch a sizeable hunk—because I like big e-funds and I cannot lie or sleep at night without one—of that amount. Then, there’s the fact that after everything gets sorted with Baby’s arrival, it’s heigh ho, heigh ho, back to massive mortgage payments we go.
And suddenly, just like Sisyphus, I can already sense that dang rock is ready to tumble back down. But that’s life and that’s what savings accounts are for. Plan, prepare, and spend. Oh, and make sure you get out of the way of the boulder.
So Tell Me…Have you ever crossed any financial milestones only temporarily?