frugal saver's 52 week challenge

[ExcuseMyIgnorance]

Frugalsaver - you're an inspiration to me and my kids.

[frugal saver]

In keeping with my theme of setting impossible goals (which I probably won't make, but I'll do better than the regular goal)--I've set up a Super Challenge for 2017.

I took several of the PDF forms, cut them up, and reassembled a 36-week Triple Challenge because I have a clear goal of getting $9000 into my money market account as fast as possible. This is my best account (3% interest on the first $2000, 2% interest on $2001-$5000, 1% interest on $5001 to $10,000). After $10,000 the interest is only .50%, so I'm leaving it at $9000.

Oh, and I also set up 52-week challenges for my other 4 savings accounts--all currently paying 1.00 to 1.05%.

I'm gonna need to get a job.

[frugal saver]

Thanks, Steve

For next year, I'm considering the following changes:

1. All four accounts earn 1.00%. I have a money market account that earns 3.00% (up to $2,000, then 2.00% for the amount from $2,001 to $5,000). I need to get the money market account up to the max of $5,000, so either replace one of the savings, or do 5 accounts next year.

2. Sweep most of the money in all four accounts to an 84-month 3.01% CD at Andrews FCU and start over with the same challenge.

3. Or leave everything the same and wait to see if interest rates rise any further.

Either way, I'm in again for next year.

[SavingSteve]

Good work. Keep it up frugal saver!

[frugal saver]

I haven't been keeping up with posting here, but I have been plugging away at adding to my accounts.

As of this morning, of the 4 accounts I've been working on since I started this (July?) I'm at:

Account 1: still need to deposit $430
Account 2: still need to deposit $718
Account 3: still need to deposit $780
Account 4: DONE

I obviously won't complete the other three by the end of the year--but will add a chunk mid-month--but I'm still very happy with this.

I'm going to start new sheets for next year and see what new heights I can reach.

[james.hendrickson]

Great job! Whats your total so far?

[frugal saver]

Week 4 for September, $20 deposited.

[frugal saver]

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?

[Jody Lynn]

The 52 weeks savings challege is really hard to finish I tried doing it last year and I stopped at 36 weeks..

[frugal saver]

Week 3 for September, $45 deposited.

[frugal saver]

Back on track for September. First two weeks I deposited $25 and $26.

[snafu]

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.

[frugal saver]

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.

[james.hendrickson]

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.

[frugal saver]

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.