The last personal update I put on the site had a ton of good news and this post won’t be much different. We’ve been tackling our personal savings challenge and getting back on top of bills. All is well!
The New Job
As you know, my other half was out of work from early June until two weeks ago. He started his new job on October 22 and is making a great wage. Also, he gets paid WEEKLY, which will definitely help us budget and save. Until we know how much he will be bringing home each week we aren’t doing any planning around that income.
Our Personal Savings Challenge
That being said, we have started stacking up a little bit of money into our savings account. Right now, it sits at $206.96 and we expect to be able to add money into savings every week on Friday. If that’s the case, we should be able to reach our goal of $1,000 saved in about a month’s time (yay).
A great motivating factor behind this is the fact that once we get this cash saved we won’t have to worry about the next time something happens (because it always does). Instead of racking up more credit card or loan debt, we will have a little money stashed away. This will help further our long-term goal of being debt-free.
Saving $1,000 in a month isn’t possible for everyone though. So, how should you decide what savings challenge or plan is right for your family?
Setting a Savings Goal For Your Family
Start small. If saving $1,000 in about four weeks time seems unmanageable, that’s okay. There are plenty of savings challenges that help people get in the habit of saving. Even if you’re only able to save up pennies a day it stacks up quickly. Consider trying out something like the 365 Day Money Challenge or the 52 Week Money Challenge. Both of these help you save money over the span of a year.
Consider paying off more debt to save. One great way to save money is to pay off debt. For instance, we paid off an account in late October that is saving us $320 per month! We are currently using that to snowball other debt but once we are done snowballing, that cash will go right into the bank.
Be innovative. Saving money doesn’t necessarily mean you are making money and putting it right in the bank. Some people save money by taking on a different kind of challenge. For example, a “no spend” challenge where you don’t spend any money for a certain period of time can help you save. You may also be able to stack up savings by selling things around your home.
November is going to be a great month for our finances and I’m excited to continue to keep you all updated here. What is your financial outlook for the coming month?
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