It’s been about a month since I have done this …so let’s take a look at what’s happened: A BIG month for Tupperware, a nice bonus check, a weekend mall vendor even a few Tupperware parties, a weekend crop and I think that covers it!
I just slightly went over my January grocery budget (but was able to donate 30 boxes of cereal to our church’s food pantry) and we did a mix of FREE things, ate more out of our freezer, created some cute Valentine’s for Sarah’s class and it let me add a little over $3,000 more to my total and I have $34,437 in the bank! This boils down to an average of $717 a week so far in savings…not too shabby when a lot of people don’t save $500 a month!
I know I have never accounted for any interest earned on this savings…that is because interest rates are a JOKE right now! We just tucked more cash into a CD and got about 1.5%, compared to the current offer on a savings account of .4% – which is simply SAD! Using the Rule of 72, it would take 66 years for my money to double at that current rate.
I should have about $500 in interest over the year, which brings me closer to $35,000 but I don’t know the final numbers yet.
Still, not too shabby — about 86.4% of my way to my goal and I started on March 1st — so we are talking 11 months. March was my “wake up call” and when I started tracking expenses and seeing where the money was really going. It’s getting close to my deadline and I have $5,563 to go over the next 4 weeks. Yes, it’s going to be tight and I might have to get creative…
Now let’s talk February…
I have Tupperware Parties, a few classes to teach, a few things going on Ebay…it still looks like I will come in short…unless I get my hiney in gear and get that tax return done next week and sent in! I will know my refund check total and add what is over $3,000 to the fund! The First $3,000 goes into our daughter’s EdVest account. See – diverse savings plans: retirement, college fund and new home. It’s all good!
***Keep in mind we are still tucking in money to retirement as this goes along – a painless way is to have the max 401K deduction from my husband’s work go right out of every paycheck. Add this to his pension that he is earning and his IRA (which hasn’t been added to but keeps rolling along), along with my IRA and 401K that haven’t seen any additions this year… we hope to be in good shape when we are at that age and Social Security isn’t there for us. Especially now, that they have us pay LESS out of our checks into the fund – in hopes that we will use that 2% to stimulate the economy. It will stimulate our savings! If I can get dh to NOT spend it, that extra money off his check will go into his IRA. That is a little over $1,000 a year for US not the U.S.
When I have met this one year challenge…AND have a 1 year emergency fund in place (I am using THIS fund as my emergency fund right now and simply don’t like that!), THEN I will be dramatically increasing that retirement fund! (Don’t worry, we are working on Sarah’s college too)
I think that covers it for now…how are you doing on YOUR savings goals?