Finance Friday - Let's Tackle Those Savings
Financially, I have made a lot of mistakes. I have also had a lot of blows and obstacles thrown my way of no fault of my own. Both have left me in a less than desirable financial position. I don't love sharing this. At age 45, I wish I was better staged for my children's college and my long-term retirement. But wishing doesn't change anything. Planning and working are the only ways I can improve the situation.I have made these new year resolutions before. You know the ones - pay off debt, create a cushion, only buy with cash, and build a long-term savings fund. I've listened to Jean Chatzky and that blonde haired woman with a penchant for dramatic jackets and weird spellings. I know what I'm supposed to do. But after making progress, I'll hit an obstacle and fall back. This year, I want long term success.So I am making myself accountable. Thus, welcome to Finance Friday, bi-weekly-ish accountability post.
As of today, I have wait for it... $50 in savings. I would say, "please don't judge" but as I'm judging myself, it would be fundamentally hypocritical. Here are my plans to improve upon that number. And if you're thinking it wouldn't take much to improve upon it, you're right.The good thing about starting at the bottom is there's only one direction to go - up! Inspired by my friend, Claudia aka Unknown Mami (and by an adorable theatre-owning mouse in "Sing"), I am starting with savings.You have probably heard of the 52 week challenge with accumulating payments to reach $1378 in cash savings. I have tried and failed before. Claudia suggests you reverse the order so you save the big bites first. I think that it a great idea but frankly, post Christmas plus tuition installment, I don't have it. But I am committing to saving the hard way. In fact, I began an envelope.
It has a whopping $3 but I'm on schedule. And I have $25 a week going into a money market account (thus the $50) and hope to allow that to grow untouched for long-term savings.Here's what makes me happy. Little Diva has been inspired. She started an entire envelope system.
Are they not the cutest???? And lest you fear her priorities might be out of whack, she filled the Emergency envelope first.
This makes me more committed because I know she's watching and learning. I want both of my children to be better educated in handling money than hubby and I when we started out.So please join me on Fridays and be my accountability. Here is my report as of today. $1378, here I come.
Want to join me? It's not too late -- SERIOUSLY -- you just need $3 and the desire to end 2017 better off than you started. And believe me, I know that's not easy.And if you have suggestions, please offer. I will also be tackling debt and cutting costs, btw.Here's to a financially fit and flourishing 2017!