Show me where you spend your money and I'll tell you what they are.
-James W. Frick
Plan YOUR work! Work YOUR Plan!
Tuesday, January 8, 2013
52 Week Money Challenge - Week 2
Saving money is hard. It takes discipline and self-control to stick with the plan you developed. This year why not make it easy on yourself?
I am a huge fan of ING (ING has been bought by Capital One and will become Capital One 360. Doesn't look like much will change...). ING lets you automate your savings so you don't have to think about it. The greatest feature is that it takes a couple days to get money transfered back to your checking account. There are a couple ways around this, but not being able to touch the money in your ING accounts is great for medium/long term savings goals.
If you have an ING, or other savings account, simply automate your savings tranfers each month according to the chart below and watch the money stack up.
If you don't have a savings account, GET ONE! Not just for this challenge but everyone needs at least one savings account - with an Emergency Fund.
Let's get this challenge started!
I decided to use the Travel savings account, since it was empty lol. I set my automatic transfers to run on Monday's, or in case of a holiday on Tuesdays. It took all of 3 minutes to set up the entire month. My goal is to travel someplace for my birthday this year and use this money to do so. I'm thinking of going someplace warm...that's as far as my planning has gone.
Even if you missed week 1, you can get started today. Deposit $2 into a savings account and you will be caught up.