ivan ottinger It was 2013. I was 26 and still studying at FEI STU in Bratislava. My income wasn’t great, but looking back at my old notes, it was the time I started thinking more seriously about finances and optimising them.
I made a simple spreadsheet and started tracking all income, expenses, and account balances every month.
My “main” income was €495 per month from my doctoral stipend. Later in the year, a part-time position on a research project added another €197.25 per month.
So I was earning roughly €700 net in total. It wasn’t much, but because my expenses were significantly lower, I managed to put aside about €200 per month.
The following two screenshots show my account balances in January and then December 2013:
Account balances January 2013
Account balances December 2013
As you can see, I also had a few hundred in a building savings scheme that my mum had set up for us years ago (thanks!). Over time I closed the savings scheme, since it stopped making financial sense as the state bonuses changed.
In 2013 I also had an account with ZUNO, which had pretty decent interest rates on savings sub-accounts. That gradually changed, and eventually the bank itself ceased to exist.
My biggest expenses that year (aside from housing, food, and transport) were a MacBook Air¹ and membership of a dance club I attended regularly.
Over the course of the year I put together about €4,000, which I considered my first emergency fund.
It was my first “financial foundation” — money sitting in a current account. Just in case. If something were to happen…
Fast-forward to the present, and I still keep an emergency fund. Over the years only its absolute value has changed.
The primary goal is for the fund to cover:
- living costs for at least 6–12 months in case I suddenly had no income
- unexpected medical treatment — whether for me or someone close
- any other life-threatening / critical / existential situation
I wish everyone had a fund like this. And maybe that’s the reason I felt the need to write this article.
ℹ️ If you’d like to use the same income and expense spreadsheet I’ve been using since 2013, feel free to download it here (as a 📑 Google Spreadsheet).
¹ That MacBook Air ended up running until 2020 and I consider it one of the best work “investments” I’ve made.
Translated from the Slovak original.