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$2,020 In 2020

January 23rd, 2020 at 06:23 pm

I plan to save an additional $2,020 for the year. I've decided to simply automate this, and add it to the Big Goal total. Prior to making this decision I had already increased our automated savings of $175 each pay period to $200. This works out to an additional $50 per month saved.

In order to make the $2,020 increase for the year, I will change the automatic savings amount to $260. This increases each savings deposit by $85, compared to last year.

$85 x 24 pay periods is $2,040, which meets the goal exceeds it just a little.

I realized I didn't actually change the amount from $175 to the new $200 until the 15th of January. So I am short on both January deposits by $145 total.

I am moving that shortage today to make that the full $520 saved for the month. I will also adjust our automatic transfers as of February 1 to be $260 per pay period.

I have some apprehension in making this increase despite knowing my husbands annual raise was only enough to cover the added insurance premium for our daughter. This means we are forcing ourselves to have less to spend each month by $170 per month.

I think if it gets pulled out each pay period we just won't see it and will not have it to spend. At least that is the hope. Worse case scenario, I have over saved and can use the money if needed. I'm just going on some faith that the money will be there.

I'm not kidding, but seconds after I typed that I was going on faith, I received a notification on my phone that I sold a book on eBay. I'm taking that as a sign that we definitely should do this extra savings. The money we need will be there when we need it.

Are you saving more in 2020? How are you making it happen? Or if you have debt, are you paying more towards your debt?

Note to self, added $125 for January shortage, since additional $20 would actually put over goal. Transfers set up as $260 twice per month beginning February 1.

2 Responses to “$2,020 In 2020”

  1. LifeBalance Says:
    1579814889

    I find automating to be powerful. It's amazing how we can get used to less and forget that we're doing something good for ourselves.

  2. My English Castle Says:
    1579834871

    What a good idea!

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