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Some Savings Ideas for 2016

January 12th, 2016 at 08:14 pm

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?

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