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52 Week Savings Challenge Need to save $1000+? This challenge will help you do that.

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  #181 (permalink)  
Old 12-28-2016, 11:40 AM
$ Saving HS Junior
 
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It's the last week of the year and I saved $1

That completes the 52 week challenge for 2016! I didn't miss a single week and counted down from 52. One thing I noticed is that using the challenge sheet encourages an active approach and forming a savings habit. After a while I started to just schedule the transfers into my savings account and I kind of forgot about the sheet. Then I would go back and cross off the boxes. While the finance guru's recommend automating your savings, I think the manual way is better for developing a habit of saving. That IS kind of the point of the sheet right?

Next year I've decided to do the challenge again, but instead of automating it like I did this year, I am going to automate a new Roth IRA to supplement my employer 401K. I will max it out and dollar cost average the deposits throughout the year. This is a better type of thing to automate since all of the deposits will be the same dollar amount. I can set it and forget it.

To continue nurturing my habitual savings mind set I am going to do the challenge again with the same dollar amounts, but manually make the deposits.

Happy New Year!
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  #182 (permalink)  
Old 01-08-2017, 08:58 AM
$ Saving HS Junior
 
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Hi everyone. I thought about abandoning this thread but why not keep it going?

For the 1st week of 2017 the paycheck was small so I only saved $3. Looking forward to a bigger number next week.
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  #183 (permalink)  
Old 01-12-2017, 02:38 PM
$ Saving HS Junior
 
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It's week 2 and I only saved $4. But work will pick up now and I'm looking forward to bigger numbers.

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  #184 (permalink)  
Old 01-20-2017, 06:24 AM
$ Saving HS Junior
 
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For week 3 I only saved $2.
Still getting caught up with holiday expenses and work is gaining momentum.
It always feels like it takes the entire month of January for things to get going.
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  #185 (permalink)  
Old 01-27-2017, 11:57 AM
$ Saving HS Junior
 
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It's week 4 and I saved $5.
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  #186 (permalink)  
Old 01-31-2017, 10:05 AM
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So how much did you save in 2016? Is this everything including roth/401k, other investments, etc etc...or is this just savings period?
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  #187 (permalink)  
Old 02-01-2017, 08:30 AM
$ Saving HS Junior
 
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In 2016 I saved $8675 into my 401k from payroll deductions. and $1378 into my EF through this challenge thread.

I know I should do more but at the same time I paid off a $12K CC balance which made it harder.

The challenge amount is small compared to the 401k but the point is to get me into the habit of saving. That's why this year Im doing the challenge manually and not scheduling all the transactions. It forces me to think and I look forward to making the largest deposit possible each week.

This year I increased the 401k by 1% as well and there is no huge CC balance.
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  #188 (permalink)  
Old 02-01-2017, 08:39 AM
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Quote:
Originally Posted by SavingSteve View Post
In 2016 I saved $8675 into my 401k from payroll deductions. and $1378 into my EF through this challenge thread.

I know I should do more but at the same time I paid off a $12K CC balance which made it harder.

The challenge amount is small compared to the 401k but the point is to get me into the habit of saving. That's why this year Im doing the challenge manually and not scheduling all the transactions. It forces me to think and I look forward to making the largest deposit possible each week.

This year I increased the 401k by 1% as well and there is no huge CC balance.
Steve, dumping the credit card debt is a good move, so is funding your retirement accounts. This stuff isn't sexy or exciting, but doing the basics consistently for several years will really help your bottom line.
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  #189 (permalink)  
Old 02-03-2017, 09:06 AM
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For week 5 I only saved $1. This is because I am making sure to pay my holiday CC bill in full before the due date. No way am I going to pay any finance charges.
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  #190 (permalink)  
Old 02-10-2017, 06:20 AM
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Today ends week 6 and I saved $6
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  #191 (permalink)  
Old 02-17-2017, 11:38 AM
$ Saving HS Junior
 
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For week 7 I saved $7
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  #192 (permalink)  
Old 02-24-2017, 06:18 AM
$ Saving HS Junior
 
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Today it's week 8 and I saved $8
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  #193 (permalink)  
Old 03-08-2017, 10:48 AM
$ Saving HS Junior
 
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For week 9 I saved $9 last thursday.
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  #194 (permalink)  
Old 03-09-2017, 08:45 PM
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Today for week 10 I saved $10
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  #195 (permalink)  
Old 03-16-2017, 10:13 AM
$ Saving HS Junior
 
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This week I'm going to pay myself first.
For week 11 I saved $52
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  #196 (permalink)  
Old 03-24-2017, 11:13 AM
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For week 12 I saved $51

I've just been reading about the concept of multi-tier emergency funds and I think it's something I may do. Maybe some of my EF sould be in I Savings bonds. Why pay taxes on interest for money I won't use?
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  #197 (permalink)  
Old 03-25-2017, 07:18 AM
$ Saving College Senior
 
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Quote:
Originally Posted by SavingSteve View Post
For week 12 I saved $51

I've just been reading about the concept of multi-tier emergency funds and I think it's something I may do. Maybe some of my EF sould be in I Savings bonds. Why pay taxes on interest for money I won't use?
I think you have to pay Federal income tax, unless you use it to pay for education. But no state income tax. Treasury Direct reference: https://www.treasurydirect.gov/indiv...nds_glance.htm

Good work with the challenge! I'm always inspired by your posts.
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  #198 (permalink)  
Old 03-30-2017, 06:10 AM
$ Saving HS Junior
 
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for week 13 I saved $50

I learned this week that with Series I savings bonds you don't pay any federal tax until they mature in 30 years or you redeem them. Might be a good place for some of my emergency funds that I will likely never use.
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  #199 (permalink)  
Old 04-05-2017, 08:56 PM
$ Saving HS Junior
 
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It's week 14 and today I saved $49
Also had a small windfall and saved an additional $251 from that.
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  #200 (permalink)  
Old 04-13-2017, 03:46 PM
$ Saving HS Junior
 
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For week 15 I saved $48
Another small windfall I saved $150
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