I’m almost at the halfway point and at this rate I should hit just over $1,000 by April. After which I can focus on getting three months income saved by the end of the year. 10 months ago
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I ran across this plan via a friend’s Facebook feed: The 52 Week Save Money Challenge
I’m trying it out. It’s not a fast way of saving $1000, but it’s SIMPLE and EASY. I’ve spent too much time thinking and over-thinking about how to save money properly; I need to stop thinking and JUST. SAVE. MONEY. This plan requires next-to-no thinking, and for the most part, amounts of money that are too small to affect my cash flow much.
The tiny amount in my special savings account is kind of depressing, but it’s going to keep growing. Very, very slowly. At this rate, it will be November until I reach my goal. That seems like a long time away…but it will be here before I know it. 10 months ago
Spending too much money lately. Thankfully, my boyfriend and I both have agreed that we need to reign in our spending a bit, so I hope to begin working on this in earnest in the next month. 11 months ago
I struggled with this for over a year. Every time I got some money put away something else broke that cost more to fix than what I had. Finally, things have fallen into place. Due to a friend taking over paying his own bills and my boyfriend moving in and paying rent, I’ve been able to put a little away at a time and fix things as they break. Today I put the last bit of money in my savings from my tax refund. Now, it’s time to start a debt snowball! 22 months ago
I should be able to complete this goal a week from today, when my next paycheck comes in. Technically, I could complete it today, but I like having a cushion in my checking account in case of emergency. 22 months ago
Took me approximately six months but i did it. It was easy since my employer has the option of depositing an amount into your primary checking and another account of your choosing. I set it up so that 10% of my paycheck automatically went into my savings account before I had a chance to even see it and I reached my goal before I even knew it.
I’m still going to continue saving. 23 months ago
now that i am back in jakarta, this goal is going to be a little bit challenging for me. due to inflation, it’ll take ages for me to reach to an equivalent of $1000. but if i ignored the currency, i could just save up to one million rupiah and that could be enough for my emergency fund… perhaps. hmm… 2 years ago
How I did it: I read about the Emergency Fund idea from a few personal finance blogs and googled the "founder" Dave Ramsey. It makes sense to put money away for rainy days, emergencies and unexpected bills. The big motivation for me was owning a car. $1000 is my insurance excess should I need it (touch wood). I didn't want to have to take out a personal loan or borrow money from my family who has their own financial problems.
I started out by saving $50 a pay cheque and then if I had any left over money, I would put that through as well. If I didn't have any leftover, at least I'd saved $50. I've dipped into it a few times so this goal would have been completed a while ago.
Ideally you shouldn't dip into it AT ALL unless an emergency happens. I read somewhere that it could also be called an "Opportunity Fund". It enables you to do things you otherwise couldn't. A community course or lessons in something you've always wanted to try for example. As long as you aren't dipping into it for happy hour with work friends and new shoes.
I dipped into mine for a new-to-me computer that I'd been looking for. It set me back about $200. So much better than the $600 I was looking at originally. I also used it to buy a few extra Christmas presents for my Mum. I'd already bought her things and then saw them on sale. They really were a bargain! Another $40. Using it as back-up money is perfectly fine so long as you replace the money and then some, next pay day.
I feel secure because now I don't need to worry about emergencies. For families, the $1000 might not be enough but for a single person or a couple, $1000 is perfectly fine. Best of luck on your saving journey! Read how I did it… 2 years ago