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 29, 2013
52 Week Money Challenge - Week 5...Start Cutting Back
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.
This week $5.00 should be transfered to your savings account. We are up to $15.00 this year.
Things from this point on will start to grow pretty quickly. How are you doing? Any savings light bulbs going off? Have you planned what you are going to do with the money at the end of the year?
Challenge Total = $15.00
With 5 weeks into the challenge the weekly deposit's are getting bigger. This week start cutting back on those little wasteful items. One cup of Starbucks coffee will cover this weeks deposit (The Latte Factor). As the weeks go on, we need to find ways to balance our spending and what we are putting into saving so that we aren't putting unneeded financial stress on ourselves.
Even if you missed weeks 1 through 4, you can still get started today. Deposit $10 into a savings account and you will be caught up.