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

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Old 06-12-2016, 05:33 PM
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Default frugal saver's 52 week challenge

Ok, because I never seem to follow the directions, this is my plan--

1. I have four online savings accounts, all with pitiful balances.
2. I printed out four challenge sheets and will have one for each account.
3. I plan to do this just till the end of 2016--and start a new one next year if it's still going on, so I only have 6 months.

Will I really accomplish four 52-week challenges in six months? Probably not. But I'm going to seriously try and anything I do accomplish will be more than what I've got now, so win-win.

First, I think I'm going to reserve the under-$5 slots for as long as I can--there might be a week where I need to do a $17-$1-$1-$1.

Generally, Monday is my "finance day" where I pay bills and balance my checkbook--and tomorrow the air conditioner repairman is coming--so I'll do a post hopefully every Monday with my progress.
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Old 06-14-2016, 02:34 PM
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Ok, doing this with all 4 accounts is possibly/probably crazy. But that's never stopped me before. I'll do what I can.

Week 1:

(Savings Account) #1--$25
#2--$25
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Old 06-21-2016, 05:49 PM
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Week 2:

Fence repair and had to see a doctor. Rough week.

$20 is all I managed to deposit.
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Old 06-28-2016, 01:15 PM
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Week 3--much better. Depositing $52 each in all four accounts.
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Old 06-28-2016, 01:36 PM
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good job!
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Old 06-28-2016, 04:03 PM
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Thanks!! I finally got my income tax refund yesterday, so it's going right to savings.
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Old 07-27-2016, 09:37 AM
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Recap for July.

I didn't really think I'd manage to deposit money every week in all four accounts, but setting that as the goal, I did surprisingly well. All four accounts already had prior balances.

#1 2 deposits, ending balance $526
#2 2 deposits, ending balance $340
#3 3 deposits, ending balance $384
#4 2 deposits, ending balance $1138

August has 5 Tuesdays, so my goal is a minimum of 10 deposits for the month.
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Old 08-05-2016, 03:24 PM
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Oh man - how are you planning on managing the cash? Won't you be tempted to spend the money?
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Old 08-05-2016, 09:23 PM
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Quote:
Originally Posted by ExcuseMyIgnorance View Post
Oh man - how are you planning on managing the cash? Won't you be tempted to spend the money?
Most of it is going to be used next spring when I start working on my house--I need electrical work and a variety of other things.

So no, I'm not tempted. It's either save up as much as possible now or take out a loan then.
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Old 08-14-2016, 09:07 AM
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Nice work. Keep it up!
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Old 08-14-2016, 10:20 AM
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Thank you, SavingSteve.

I'd originally started this because I have a list of home improvements and planned to save up the money and start them next Spring.

One of them is upgrading my den to a home office which (in my mind, at least) will cause me to makes lots of money. Well, the stars apparently aligned and the office furniture I wanted all went on clearance and I've had two weeks to get all this together.

1. I didn't touch my current house savings or go in debt. But,
2. I haven't gotten anything into savings so far this month.

This upcoming week will be the worst/last of it--I have people coming to move some furniture out, move stuff to another room, and the furniture assembler to assemble the five boxes of furniture. My only additional expense left is to pay the people doing the moving--the assembler was included in the furniture price.

I'm hoping to be on track by Friday and to start back-paying the deposits I missed. I had a clear goal for August--but this will be worth it.
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Old 08-25-2016, 11:53 AM
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What about transferring the balances to a higher interest account? Would it be worth the hassle?
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Old 08-25-2016, 12:43 PM
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Quote:
Originally Posted by james.hendrickson View Post
What about transferring the balances to a higher interest account? Would it be worth the hassle?
I'm getting 1.0% to 1.05% in the accounts now. Do you know of a bank paying higher?

I considered a short-term CD, but have found none paying even that much.
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Old 08-29-2016, 07:01 PM
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I just checked - I looks like the best deal out there is via Chase. They will give you $250 to sign up, but you need to have both a checking account and a savings account, with direct deposit and high dollar transfers.

So, it looks like you are optimized as far as interest goes.

If you have 3,000 you could always put your money into a bond fund. I like VBMFX, it pays 3% in monthly tranches, and you have the relative safety of bonds.
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Old 08-29-2016, 07:29 PM
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Quote:
Originally Posted by james.hendrickson View Post
I just checked - I looks like the best deal out there is via Chase. They will give you $250 to sign up, but you need to have both a checking account and a savings account, with direct deposit and high dollar transfers.

So, it looks like you are optimized as far as interest goes.

If you have 3,000 you could always put your money into a bond fund. I like VBMFX, it pays 3% in monthly tranches, and you have the relative safety of bonds.
I will look into that, but I normally work with T. Rowe Price as my first choice.

I have a money market account right now that pays 3%, but it has an upper limit of $2,000 then pays 2% on the next $1,000--which is still good. It's Patelco Credit Union, which is a hassle for out of the area people to deal with. But if you're near one of their locations, it's a good deal.
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Old 08-31-2016, 11:57 AM
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Depending on the type or service fees from your primary bank, it's usually only a few clicks to transfer funds electronically from your account at one financial institution to another.
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Old 09-11-2016, 10:38 AM
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Back on track for September. First two weeks I deposited $25 and $26.
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Old 09-18-2016, 01:46 PM
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Week 3 for September, $45 deposited.
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Old 09-20-2016, 05:52 AM
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The 52 weeks savings challege is really hard to finish I tried doing it last year and I stopped at 36 weeks..
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Old 09-21-2016, 11:06 AM
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Quote:
Originally Posted by Jody Lynn View Post
The 52 weeks savings challege is really hard to finish I tried doing it last year and I stopped at 36 weeks..
Well, I blew off the whole month of August, but I'm hoping to see out the year. I'm going to close this one in December (at I think 26 weeks) and start a new one January 1st.

Why don't you think about a mini-challenge? Just 4 weeks or something?
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