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SavingSteve's 52 Week Challenge Thread

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  • SavingSteve
    replied
    For week 15 I saved $48
    Another small windfall I saved $150

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  • SavingSteve
    replied
    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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  • SavingSteve
    replied
    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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  • scfr
    replied
    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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  • SavingSteve
    replied
    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?

    Leave a comment:


  • SavingSteve
    replied
    This week I'm going to pay myself first.
    For week 11 I saved $52

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  • SavingSteve
    replied
    Today for week 10 I saved $10

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  • SavingSteve
    replied
    For week 9 I saved $9 last thursday.

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  • SavingSteve
    replied
    Today it's week 8 and I saved $8

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  • SavingSteve
    replied
    For week 7 I saved $7

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  • SavingSteve
    replied
    Today ends week 6 and I saved $6

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  • SavingSteve
    replied
    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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  • james.hendrickson
    replied
    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.

    Leave a comment:


  • SavingSteve
    replied
    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.

    Leave a comment:


  • rennigade
    replied
    So how much did you save in 2016? Is this everything including roth/401k, other investments, etc etc...or is this just savings period?

    Leave a comment:

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