Thursday, January 23, 2014

#75 Wanna Save A Little/Lot of Money???

In January 2013 I received this document:

When I saw it, I was up for the challenge.  This is what I did.

  1. I decided to put my money into a Christmas Club account at my neighborhood Pulaski Bank.  You can open a Christmas Club account for $1.  I did this so that I would not have access to this money just sitting around in my house.  With a Christmas Club account -- it is just that -- money you save for Christmas or other such savings.  So it is not advisable that you put your money in this type of account unless you are willing not to touch it.  If you do decide to withdraw any of that savings, you are penalized.  I don't remember what the penalty was -- because it was my intention not to touch the savings anyway.  At the end of October they send you a check with all of your savings plus interest. 
  2. I saved this money with personal money only (money that's allocated for me personally out of our budget).  Because pay periods fell bi-weekly -- I would pay both week 1 and week 2 together (making my total savings for the first two weeks $3), then I would do the same the next pay period -- pay week 3 and week 4 together (making my total $10).  As stated above, this savings was done with personal money, so when the amounts started getting higher and higher paying two weeks in a row got more expensive to save.  Therefore, at week 30 and 31 for example instead of paying $61 -- I just paid $20.  I continued paying $20 every two weeks until the middle of October.
I have never taken this type of challenge before with saving for Christmas -- and I didn't save a whole lot -- but I was able to save $360.  I was pretty pleased with that and I was able to bless others with money specifically allocated for giving.  

Will I do this again?  ABSOLUTELY!!!!  There are other ways to do the same challenge.  Another way I've found is with a challenge called Pocket Your Dollars.  Here's more information on it:  It's almost the same premise -- but you are working backwards.  I may even make my own two week spending chart -- but however it's done, I'm enjoying the thought of saving for the future instead of spending now.  There will always be something to buy -- always!  But I enjoyed being able to be a blessing to someone by paying for their lunch or taking a child on an Amazon shopping spree.  Just a little thing but it brings me more joy being able to do it.  I look forward to increasing my savings this year in order to be a blessing or perhaps buy a little something for myself! :-)))

Until next time....

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