I took on a Financial Savings Challenge at the behest of a member of the Compact Group back in Jan. of 2009.
I entitled that undertaking the $60K Savings Challenge.
Well, our name is NOT Rockefeller so we didn't even come close to saving $60K in '09. lol
We did however put away $23,997.24 for the year.....this amount is above and beyond any amount we put into retirement accounts for the year. It's just a pile of money from the after tax/after retirement and insurance deductions paychecks we get that I manage to keep the family from frittering away on crap.
As you can see, I am getting darn good at keeping the family's sticky fingers off the money! ;-)
Going into 2010, I stepped down the savings goal to a more attainable $30K.
Throughout that year, I would on occasion use some of the 20009 Savings money toward big, not-everyday expenses we incurred in 2010 rather than using current income dollars.
Like buying a used car for cash.
Or buying a new refrigerator.
Or paying for the costs for 2 vacations we took that year.
We ended up using $12,991.45 in 2010 of that $23,997.24 we saved in 2009.
So in reality we actually permanently saved $11,005.79 in 2009.
In 2010 we saved $35,770.18 and we'll be using some of this amount when out of the ordinary large expenses come up in 2011.
We haven't used any of this amount for 'big hairy goals' in 2011 yet.
But we are planning on using some of that money soon for house repairs.
When 2011 is over, I'll be able to calculate how much of the actual $35+K we saved in 2010 that
we'll be able to tuck away permanently.
Well, permanently until some big expensive emergency comes along....and eventually they always do!
So the amount I save each year on the Savings Challenge isn't permanently saved until a full year after it ends.
I use the previous year's savings amount as a short term goal emergency fund.
And when that following year is over I dump whatever is left into a slot marked 'permanently savings'.
At least, that's how I organize it in my head. ;-)
Next Sunday Hubs and I will be having a financial meeting. Among the discussions will be how much/what kind of home repairs we'll be having done this year. I'm hoping that list won't eat away at that $35+K we saved from 2010 too badly.
Do you have a savings goal each year?
Do you keep any money you save for the year into a separate account?
Sluggy
I entitled that undertaking the $60K Savings Challenge.
Well, our name is NOT Rockefeller so we didn't even come close to saving $60K in '09. lol
We did however put away $23,997.24 for the year.....this amount is above and beyond any amount we put into retirement accounts for the year. It's just a pile of money from the after tax/after retirement and insurance deductions paychecks we get that I manage to keep the family from frittering away on crap.
As you can see, I am getting darn good at keeping the family's sticky fingers off the money! ;-)
Going into 2010, I stepped down the savings goal to a more attainable $30K.
Throughout that year, I would on occasion use some of the 20009 Savings money toward big, not-everyday expenses we incurred in 2010 rather than using current income dollars.
Like buying a used car for cash.
Or buying a new refrigerator.
Or paying for the costs for 2 vacations we took that year.
We ended up using $12,991.45 in 2010 of that $23,997.24 we saved in 2009.
So in reality we actually permanently saved $11,005.79 in 2009.
In 2010 we saved $35,770.18 and we'll be using some of this amount when out of the ordinary large expenses come up in 2011.
We haven't used any of this amount for 'big hairy goals' in 2011 yet.
But we are planning on using some of that money soon for house repairs.
When 2011 is over, I'll be able to calculate how much of the actual $35+K we saved in 2010 that
we'll be able to tuck away permanently.
Well, permanently until some big expensive emergency comes along....and eventually they always do!
So the amount I save each year on the Savings Challenge isn't permanently saved until a full year after it ends.
I use the previous year's savings amount as a short term goal emergency fund.
And when that following year is over I dump whatever is left into a slot marked 'permanently savings'.
At least, that's how I organize it in my head. ;-)
Next Sunday Hubs and I will be having a financial meeting. Among the discussions will be how much/what kind of home repairs we'll be having done this year. I'm hoping that list won't eat away at that $35+K we saved from 2010 too badly.
Do you have a savings goal each year?
Do you keep any money you save for the year into a separate account?
Sluggy
