I've been pondering some plans to get cash saved this year. Last year was such an upheaval physically and mental with the move, that I didn't have big savings goals. We did save for retirement and college since those are automatic. Very easy. I tracked snowflakes, but they didn't actually get set aside in a savings account. Well most of them anyway.
I'm thinking I will do the 52 Week Savings Challenge in some form. I was thinking something along the lines of saving Week 1, Week 52, Week 2, and Weak 51. Which I then see is really just $53 every two weeks. And this amount might just work just fine. This ends up being $1378 for the entire year.
We currently have $25 a month go to a savings account with Navy Federal Credit Union. It comes straight from my husband's paycheck. It's a requirement for one of the CDs we have invested there. That ends up as $300 saved per year.
I mentioned in a previous post that with changes in amounts we are investing, withholding, and a raise, we have $336 more available to worth with each month. We might as well save it if possible. We would save $4,032 by the end of the year.
I also would like to capture as many snowflakes(extra earnings) into dollars as possible. I will attempt to match spending done with gift cards. I will save all cash from surveys and eBay sales, as well as credit card rewards.
I think I can make all of those savings automatic except for the snowflakes will require making savings transfers.
We are still adjusting to college life and the needs our daughter has. The good news is she has a part time job on campus doing graphic design for the music department this semester. That job pays $10 an hour. She's excited to have a little more cash.
I can't guarantee that all the money saved will be in our account at year end, but making it automatic makes it much more likely than just wishing for it to be so.
What are your savings plans for 2016? Do you have any unique ways of saving?
Saving in 2016
January 12th, 2016 at 08:55 pm
January 12th, 2016 at 09:06 pm 1452632785
I called it my "Wright" account or MAWW. (Money accumulated without working.)
I have saved over $20,000 since July.
January 12th, 2016 at 10:49 pm 1452638983
January 13th, 2016 at 12:18 am 1452644299
January 13th, 2016 at 12:21 am 1452644480
January 13th, 2016 at 12:59 am 1452646761
I made a checklist in priority order of the payment/savings goals for 2016. The entire checklist includes a requirement for much more available funds than I think I'll come by in 2016, but you never know what could happen. I'm always focused on the NEXT item on the list and attempting to cut spending in other areas (like groceries) to achieve it. I'm working on the third one now.
January 13th, 2016 at 02:01 am 1452650517
@Butterscotch, I think moving your way up is just fine and starts off slow and easy.
@FT, I think if I had some specific dollar amount I was trying to achieve, like you are for your house, I might approach it different. I like your QBS and QEJ plans!!
@Jenn, Interesting!! Do you approach them from smallest to largest or according to which goal needs to be paid first? Just trying to understand a bit more.
January 13th, 2016 at 06:14 pm 1452708883
1. I joined Digit, which analyzes the patterns in your bank account and saves small amounts for you. I believe I started in Oct and have $130 in that account now.
2. I am doing the 52 Week Challenge. So far, I have weeks 1, 33, 51 & 52 done. I will continue to choose random weeks based on the funds I have available, trying to do the later weeks first to get them out of the way. Held in a new Cap One 360 account
3. Starbucks Tax - haha, I drink too much Starbucks. So I have allowed myself one per week in 2016, with a week running from Sunday to Saturday. If I have a second (or third, eep!), I have ot transfer 2x the cost of the drink, usually $5.06 (for a tax of $10.12), inot savings. Held in a new Cap one 360 account (separate from 52 week challenge)
4. $30 a check is being sent directly to Discover savings. No plan for this yet, just needed to start saving!!! I'm sure I'll find a use for it!
5. I am also currently saving to move to a new neighborhood. I will need about $4k for the move alone. I currently have $685 earmarked for this in a new checking account that I am trying to get a bonus for. This goal should be completed by mid-March.
As it stands, I currently have over $1k in savings which hasn't happened in, oh ever.
January 15th, 2016 at 01:45 am 1452822324