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Moving Money Plus 52 Week Challenge

December 9th, 2013 at 02:47 pm

My Christmas fund has been sitting in my Capital One 360 Savings account since July. Earning .75% interest. Today I transferred all but $10 back to my regular checking account. From there I will start using the funds to pay for gifts I have purchased on credit cards in the last couple weeks. I also moved $80 worth of referral bonuses, so I can send those to the mortgage.

I left $10 in the account as I had $10 cash here at home to begin my first four weeks of the 52 week savings challenge. My intention is to save this money separately in my Capital One 360 Savings account. Now the cash I have at home will likely be used to buy a few stocking stuffers.

I'm thinking of making a few adjustments for the 52 week challenge for me. I really just want to save some additional money from our regular income. My husband is paid twice per month, thus a weekly challenge is not quite right. The total for challenge at the end is $1,378. I already have $10. If I save $57 each pay period*24 pay periods I will have the remaining $1,368. I think I will start this right away with this upcoming paycheck on the 15th of December. I'm excited! Once I know my husband's pay increase for the year, I will look into saving that money specifically as well.

We completed our $500 in purchases on my husband's Chase Freedom account. Now just to wait for the $200 in rewards to post! We have begun putting our regular spending on my Chase Sapphire Preferred account. Looking forward to over $550 in rewards on that one, but probably not for a couple more months.

I made two stockings today for my parents, since we are only doing stocking stuffers this year and they didn't have stockings it was needed. I bought the green fabric. The red fabric, the lining, and the flannel layers, ribbon, and thread were all items I already had, so the cost was minimal.



Will anyone else be tweaking the 52 Week Savings Challenge? Did anyone meet a spending requirement for a credit card bonus? Do you have a stocking that you get gifts in each year?

7 Responses to “Moving Money Plus 52 Week Challenge”

  1. ThriftoRama Says:

    Those stockings turned out very nice!

  2. Buendia Says:

    I like the idea of tweaking the 52 week challenge... I was thinking of putting in a regular amount each month - maybe $115?

    We don't have stockings - but I love yours!! I sew, but not very well. Those are adorable!

  3. creditcardfree Says:

    Thanks for the compliments!
    @Buendia, I think $115/mo sounds great! It will still get us to that 52 Week Challenge total.

  4. wowitsawonderfullife Says:

    I failed miserably at the 52 week challenge. My energy has been focused on paying off debt. The stockings are wonderful!

  5. rob62521 Says:

    Nice job on the stockings.

  6. creditcardfree Says:

    @wow, focusing on less debt is just fine!! Smile Again, thanks for the compliments on the stockings. They were pretty easy to make.

  7. PNW Mom Says:

    The stockings look awesome! You are really talented! Smile
    DH and I don't do stockings for each other but we do for the girls....well until they are 21, so that means DD1 doesn't get one this year (she is 22). Of course they get plenty of gifts Smile

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