workinabroad's Challenge

[workinabroad]

I started the challenge at the start of the year, but I didn't know about this site. I'm so excited about it that I want a place to share the ups and downs.

I started the year making double contributions. Unfortunately, I get paid monthly and had a good amount of deposits taken out of my check for March and April. I couldn't do the double and with new bills slid off from the original challenge. For June I am back in place for the original challenge and I also got a good bonus check that I could put towards the double.

In my other group I asked this:

At this halfway point, I found myself wanting to put my whole bonus into the savings pot just to stop saving from my pay check week by week. Isn't it cheating to just use your birthday money, year-end bonus, etc? Should we skip a vacation here and there or squeeze it in since we don't know when we'll get another good chance? I mean, we are trying to change our lifestyles to be financially healthy...right?

I'm asking because I want to go to Japan this summer ($510* with a group) but thinking maybe I should do a "staycation".

[workinabroad]

As of week 26:

Original Account = $351
Double Account = $45

Total = $396

Bonus money is sitting in the bank for now...deciding~.

[deedee421]

Welcome to Saving Advice, and I'm glad you decided to share your challenge with us. I like your idea of double deposits, and maybe I'll try that goal next year until I can work myself up to the goal set by MoneyTips4U of $100 a week. As far as bonuses and extra money, after tithes I typically put the majority in my savings, but I do keep part of it for "fun" money too. I think it just depends on your goals, debt, etc. Congrats on your progress, and I look forward to reading about your challenge.

[workinabroad]

So I ended up splitting up my bonus money. I put about $300 down to prepare for a trip in Sept. I had higher expenses this month because I never knew my glasses were so expensive

Anyway, it's week 31 and balances should be $496 but:

Original Account = $465
Double Account = $75

Total $540

I feel like I'm not treating my Double Account as a real asset. I ended up paying off a credit card instead. I know that's good too, but I think I should be focusing on some savings right now, because I'm in the middle of a decision to move in February. (Still abroad though.)

[deedee421]

You're doing great! Interest rates on credit cards tend to be higher than what savings accounts are earning, so I think that was a good move as well to pay off the credit card.

[workinabroad]

You know, I didn't even think about that. You're right. My savings would be low and my (credit) bills would just quadruple. I'll keep that in mind for my next bonus. Hopefully by that time I won't need it though.

[deedee421]

I'm looking forward to your next challenge update!

[workinabroad]

Week 34 Already?

Hmm not sure where I missed but I don't have what I thought I did haha Either that or I lost money somewhere. Being paid monthly means you really need to look at what you're doing.

Anywho, for the 34th week out of 595 I have this:

Original Account = $501
Double Account = $100

Total = $601

Luckily payday is Friday, but I'm planning a trip to Japan for which I need $313 for the ticket and then to find out where to stay. It's in 4 weeks and the next payday isn't until after the trip. Gonna have to be careful this month.

I'm feeling a little babyish with $600 in savings. Next year I want to up my weekly contributions.

[deedee421]

Week 34 already - that's how I felt too. This year is flying by! My goals for next year are to try to increase my weekly contributions to savings, but since I'm way behind on retirement, I want to increase my contributions to that as well. $600 in savings is great, and you're still adding to it, so it will grow in no time!

[ginene]

You're doing great! I had 2 envelopes at first. One for me and one for my husband but he kept dipping in his. I do want to do another one too.

[workinabroad]

October

I'm sorry! Long time no update!

For the 42nd week out of 903 I have this:

Original Account = $663
Double Account = $100

Total = $763

I did end up spending $200 too much in Japan just because of the joy of traveling. I also chose to wipe out $700* on a credit card to cut down more debt. I have taken on 4 tutoring classes that will end in mid December. I'm planning to use that money on debt (Then I can scream and dance a debt-free dance) but if I haven't finished my 52wks, I've decided to use the money on that. Either way, I'm making sure not to spend extra money just because.

My father's rule from about 4 years ago has been ringing clear. "Never count on 'if, come' money.

[deedee421]

I'm sorry! Long time no update!

For the 42nd week out of 903 I have this:

Original Account = $663
Double Account = $100

Total = $763

I did end up spending $200 too much in Japan just because of the joy of traveling. I also chose to wipe out $700* on a credit card to cut down more debt. I have taken on 4 tutoring classes that will end in mid December. I'm planning to use that money on debt (Then I can scream and dance a debt-free dance) but if I haven't finished my 52wks, I've decided to use the money on that. Either way, I'm making sure not to spend extra money just because.

My father's rule from about 4 years ago has been ringing clear. "Never count on 'if, come' money.

Great job on the challenge so far, and it sounds like you had fun in Japan! Your father's rule is soooo true!

[workinabroad]

Overtime pay

I got my overtime payment of $800 so I just threw it all at the challenge immediately.

Original Account = 1378
Double Account = 185

Total = $1563

I'm not going to add to the original account anymore. Only the Double.

As you can see, I didn't make anymore payments on a regular weekly schedule. During November I felt that I had too much extra money lying around. I cut out so much card debt that I suppose, it scared me. I wasn't sure what to do with it and afraid that a mysterious thing would happen if I went on and put it into my savings. So I just held onto it. Still am. I've heard of people unsure of what they'd do with new extra money, but I never thought I'd feel that way just by having more available funds.

[deedee421]

I know exactly what you mean! I felt the same way after I paid off my credit card debt and still feel that way to a certain extent even though it has been a year now since I paid off all debt except my mortgage. Congrats on your deposit totals to date and Merry Christmas if you don't check in again before then!

[workinabroad]

As we come to the close of the year I want to update my journey. It was a heck of a journey too.
I moved cities and the bank suddenly didn't know what to do anymore. It was good and bad for me.

One of those instances was depositing my entire paycheck into my savings account. -_- They had accidentally mixed up the numbers.

I wasn't going to add to the account anymore, but then decided why not. SO!

Total Savings = $3,490