Saturday, January 2, 2016

Savings Goal - a "me" splurge!

One of my goals is to save $1000+ to splurge on myself. I know this is a lot of money and I don't expect to save this overnight, but I think that by putting a little away over the course of the year, by next January I will have a nice little sum to spend on myself.

I've decided to do this savings challenge, you may have seen it floating around Facebook (I'm sorry I don't have a specific source to attribute it to):

Basically, you save a little each week (the amount corresponding with the week you're in, so week 14 = saving $14) and by the end of the year, you'd have $1378 in the bank, not counting interest (and assuming you don't touch it over the course of the year).

What I've done is set up a savings account through Capital One 360 (this isn't a referral link or anything, just a direct link to their website) with an automatic monthly withdrawal on the 10th of each month for the amount of total money that each week in the month would amount to (for example, since January has the first 5 weeks of the year in it, the total of weeks 1 - 5 would be $15). That way, the savings happens automatically but I don't have to worry about money coming out of my account every week. In case of an emergency (which I hope won't happen), the money is fairly easy to get to but not so easy that it's too easy to spend (yikes did that make sense to anyone else??).

As long as I don't touch the money, this should be an easy to goal to cross off my list. Then I'll just have to figure out how to spend it!

Let me know if you have financial goals and how you're planning to save for them!