It’s been a while since we updated you on our progress with the 52-week savings challenge. If you don’t know what that is, make sure you read the original post where we explain the details. Now, let’s get on to our update!
An Update On Our 52-Week Savings Challenge
As you can see from the picture (click to enlarge), we should have $351 in our savings account as of today (this weekend was the end of week 26). I just logged into my Capital One 360 Savings account a few minutes ago to make sure that we are at the current goal…there was a balance of $351 in the account. 🙂
At the end of each month I set up all of the payments for the upcoming month, and enter them into Quicken, so that they are accounted for. By doing this, we don’t have to worry about remembering to set up the transfer each week.
It feels good to have been so faithful and disciplined with this goal for the first half of the year. It’s going to get tough from here on out since the amounts have grown so much. We had a couple of our health-related costs go up, so that is going to eat away at our budget even further. Hopefully, we will be able to stick with this plan.
How Are You Doing In The Challenge?
Do you currently have $351 in your savings account? If so, are you guys keeping up with the transfers or did you just make a few (or one) larger ones to catch up. If you forgot to make a couple, maybe this post will serve as a reminder to get on top of this savings challenge.
If you haven’t started yet, then it’s not too late. You can make a transfer of whatever you can today and then simply follow the rest of the plan for the year. Actually, a few people have written to say that they are doing this plan in reverse. They started with the $52 transfer that’s due in the last week of the year, and are working their way down and will pay $1 to close out the year. The great thing about doing it in reverse is that when Christmas comes around, you won’t have to worry about transferring over $200 into savings that month!
Here is what I recommended in the introductory post…
My suggestion is that you open a new Checking or Savings account with Capital One 360 (Full Disclosure: this link contains my referral code). We currently have 6 accounts with Capital One between personal and business and we couldn’t be happier with their products or service. You can set up automatic transfers from your current bank, and if you use the link above, you will earn a $50 (for checking) or $25 (for savings) bonus just for signing up!! It’s free money!!!
So if you decide to open a new Capital One 360 checking account using this link, then you will have a total of $1,428 at the end of the year! By choosing an online bank, it will help you to fight the temptation to dip into your savings account for a frivolous purchase.
We’ve created a PDF of this document so you can download and print it out and put it anywhere that will motivate you to continue saving. We also plan to document our progress on the site so that you can join us in doing this together.
It is our hope that at the end of the year we all have at least $1,378 more in savings than we do today.
Let us know in the comments section below if you have kept up with the challenge, and if not, will you play catch up, or at least start with week 27. Also, if you are starting the challenge, let us know that as well and we can encourage each other to stay consistent.
© 2014, Khaleef “Fat Guy” Crumbley. All rights reserved.