Archive for the 'Saving' Category
Goal Begin: ~$2,500 in savings on July 7, 2008 (25%)
Goal Target: $10,000 in savings by October 31, 2008
Current Status (Aug. 27, 2008): $5,605.07 (56%)
It’s been awhile since my last update on this goal but things are going pretty well. This was an aggressive target for us to regain that much savings but it looks like it should be done with time to spare. If that is the case, I’ll quickly jump on paying the rest of my car debt down.
One of the nice contributions to this one was finally receiving the $1,200 economic stimulus check. We put it right to the savings. (However we did technically spend it already months ago when we bought new couches out of the savings. - Either way, it was good to put it in there.)
Just a quick update today, I’ll have more soon. How are your financial goals going?
Did you learn how to manage your finances, make smart financial decisions and save for your retirement IN HIGH SCHOOL? I know I didn’t.. Please post a comment if you did because I would love to hear that some schools are teaching practical financial knowledge. 
Doesn’t it seem like there is a big gap there? They teach you just about anything in high school but they don’t leave you with the financial background to make smart decisions the rest of your life. They let you leave and pick out your colleges, student loans and credit cards but don’t teach you about them.
This all appears to trickle down into our society which seems to have become a debt culture. Everyone loads up on debt and when a financial stiff breeze comes by, (ie: Mortgage rate increases, Gas Price Increases, ect.) they can’t handle it. It is tough times for sure but everyone needs to take it upon themselves to get a good financial intelligence.
[end rant] - Sorry about that
There are so many great resources available and the online, on bookshelves, in podcasts and in audiobook form. I’ll teach you an audio book trick soon that allows you to “read” an audio book or two a month without putting aside any extra time in your life. (Because I know you are just as bogged down as I am!)
Photo Credit: OrrGroup - Ironic that it is a firm that helps with financial education. Go OrrGroup! Fill that gap!
You have heard it before and I will repeat it hear since it is one of the best tips to help anyone save money faster. Paying yourself first is the easiest way to save lots of money.
To make it even easier is to take your future decisions out of the savings equation. Have a fixed percentage taken out of your pay and once you learn to live without it, you may never miss it. 10% is a nice percentage to start at and can be raised up or down as needed. Time flies by as you are saving and when you go to check your balance, you will be pleasantly surprised.
You can also put your funds into a high yield savings account such as HSBC Direct who is currently offering 3.5% to get a return on your investment without the risk of the ups and downs of the stock market.
Current Date: July 7, 2008 | Current Savings: ~$2,500
Target Date: October 31, 2008 | Target Savings: $10,000
But you said this blog was about eliminating debt!
It is but there needs to be some kind of security blanket to ensure that if there is an emergency, I do not have to resort to credit cards. We actually had the cash savings up to about 12-13 thousand but we learned a hard lesson in tax this year and then needed to pay 2,000 in emergency vet bills for our dog.
Why $10,000?
It is a nice round number to target for now. It isn’t enough to sustain us if one of us loses our job but it can be very helpful in most emergencies. In the future, I would like to target 3-6 months of living expenses in our savings account.
Photo Credit: Coin Site
2 Comments 
