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Old 04-16-2013, 08:33 PM   #76
Elmo9607
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I'm doing great on mine so far. I'm saving my spare change as well, so if I don't have the exact amount for the week, the change can help make up the loss a bit.

It's exciting to watch it increase week after week. Now that the amounts are increasing, it's a little difficult to put the money away, but it is a GREAT way to learn how to budget for people like me who have never done it before. I'm going to go all the way if it kills me!

I have a little over $100 saved up right now and I also have a spreadsheet made...I mark down the dates and check off the weeks so I stay on track.
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Old 04-16-2013, 08:41 PM   #77
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I plan on using it for Christmas shopping.

We have a wedding in November that will eat up some cash, so it'll be nice to have that money for Christmas.

I think I'm at about $100. I write it down on my calendar to remind myself to put the money in the envelope.
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Old 04-16-2013, 11:03 PM   #78
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Quote:
Originally Posted by dadddio View Post
I wouldn't. 5 year CDs are getting less than a two percent annual return. Investing in a nice balanced IRA (Roth, if you haven't hit your limit) will almost always give you a better annual return and will certainly cream CDs over the long term. Of course, this conversation is off topic and far afield from this budgeting exercise.
Oh wow! That does stink.

I mentioned a local bank because they are normally much higher return (at least around here)
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Old 04-17-2013, 06:30 AM   #79
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There isn't any good place to put cash. It isn't just that the rates are low but we are losing money when we add in inflation. The best 5 year non-jumbo CD according to bankrate.com is paying 1.69%. Inflation was 2.07% last year. A balanced investment like dadddio said will pay better (5%-10% a year, depending on the balanced mutual fund you pick) but with more risk that you could lose money instead of gain money. But a lot of these balanced investments have minimums between $500 and $3000 before you can get into them.
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Old 04-18-2013, 09:10 AM   #80
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I've been putting in $53 every two weeks from my paycheck. It evens out and is much easier than putting a different amount every week.
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Old 07-23-2013, 04:27 AM   #81
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How is everyone doing??? I'm behind. I tried transfering some money into my online account but i havent been online in awhile and my credit union cahnged the webpage design. I'm entering my number but the number example it shows has different starting numbers so not sure if the acct number begining has changes. This account is one I really dont use, its for special savings and vacations, so I havent used it in 2 months. I'll have to call tomorrow because I got locked out

I only have $150 saved. Once I get my account unlocked I will add another $60 and next month I'll get back on track!
Only 22 weeks left , is that right?!?!
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Old 07-24-2013, 10:13 AM   #82
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I take it many stopped the challenge or fell behind??? Has anyone stayed on track?
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Old 07-24-2013, 10:15 AM   #83
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I'm still going!

Summer is the most difficult for us budget-wise so June, July and August are the hardest months. Kids at home = spending much more money and our grocery bills go through the roof with them snacking at home all day. After August I'm home free!
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Old 07-24-2013, 10:19 AM   #84
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I started it backwards and when it got to $50 a week I just stuck with it. there were a few weeks that it was less but I have $1500 already! It will all be gone in December when I pay for my son's school trip.
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Old 07-24-2013, 10:36 AM   #85
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I haven't seen this before and I like it! I don't see why a person couldn't start any time. This would be a great way to save for vacation or holiday expenses.
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Old 07-24-2013, 12:03 PM   #86
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I haven't seen this before and I like it! I don't see why a person couldn't start any time. This would be a great way to save for vacation or holiday expenses.
I'll join you plano,

July was a rough month so far budget wise. My doggie was diagnoised with diabetes and that set me back $1000 bucks and on the exciting side, I got a chance to see the President and a dinner but it was a last minute invitation and I had to spring for a hotel room. anyhoo, I've been hitting my savings hard and fast this month. Next month kiddies go back to college and I swear no matter how much I plan for that, there are always unexpected bills.

so this maybe an easy way for me to pad my christmas account.
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Old 07-24-2013, 12:16 PM   #87
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I got sidetracked this year. I am planning on starting it again in August when we get back from Disney. I need to save up for next years trip. 😃
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Old 07-24-2013, 01:25 PM   #88
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I am going to start this for our February trip to Vegas. Except I made a spreadsheet weekly and put dates and amounts. If we start at $24/week and go until a week before we leave for vacation (February 2-8th) we will have saved $1,102.

DH gets a raise on his paycheck starting tomorrow, so along with padding our savings account, I am keeping a separate area for vacations in a sub-account.

Even if we don't do the exact weekly amount, I am going to start off high and then move lower, I plan on highlighting the week we paid along with the amount (so if I want around the holidays I can have the lower amounts available to cross off and still be at our target goal).

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Old 07-24-2013, 03:00 PM   #89
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I love this idea! DH and I have been wanting to start saving, but haven't done so yet. I like the idea of starting out small and working up. It's feels much easier for me.
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Old 07-24-2013, 03:06 PM   #90
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I'm still going!

Summer is the most difficult for us budget-wise so June, July and August are the hardest months. Kids at home = spending much more money and our grocery bills go through the roof with them snacking at home all day. After August I'm home free!
For us it would be just the opposite. DS11 is in a private school, so we pay tuition from August 1 to May 1 (school year is Sept - June). From September to May we are paying two bowling league fees for him (a Jr. league and a travel league). Our break from all of that comes in May.
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