I promised you all that I would update you about 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 $28 in our savings account as of today (this weekend was the end of week 7 in my books). 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 $28 in the account. 🙂
I have to admit that I haven’t been making the transfer each week. I think the $28 is the result of 3 transfers, rather than the 7 that the plan called for. While I was in the account, I scheduled the rest of the transfers for the month, and I will probably schedule them at the beginning of each month going forward.
How Are You Doing In The Challenge?
Do you currently have $28 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 $28 today and then simply follow the rest of the plan for the year. 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 while we’re still in the lower numbers. 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.