Wednesday, May 25, 2011

The Dollar A Week Savings Plan for Christmas Funds

Last month, I wrote a post about the Dollar A Week savings plan. I decided to try it, and will use this method for saving up for my Christmas Fund/Account. Of course, I was already behind in the savings plan, because I decided to start at Week # 19. To have the account fully funded by December 2nd, 2011, I would have to make additional payments equal to the amount of $190 to get caught up on the deposit schedule, and $122 to make up the difference between total deposit amounts and my goal for December 2nd.

My shorter term goal was to get caught up with the deposit schedule by May 27th, 2011. That would be Week # 25, meaning I should have $300 already in the account, with the week's deposit of $25 for a total of $325.

I fail.

I had actually worked the account up to $104.73, and then had to borrow from it. *sigh* Our budget is super tight this time of year, but will change shortly, due to a large payment coming in. But once again, I had to borrow from our future to pay for something. I don't like doing it, but I know it won't be long before that account is where it should be.

I'm stretching out my mini-goal for this to June 10th, 2011 or Week # 27. At that time there should be a balance in the account of $351 and with that weeks deposit of $27, a total of $378. I am also hoping to switch at that time to depositing a months worth of deposits at a time, to try to get ahead of the game a little bit.

June's deposits would equal $ 110 and the balance at June 24th should be $435.

Time to put my nose to the grindstone and just do it.

P.S. Makky's Mom suggested just just transferring $26.50 per week, as a 'set it and forget it' savings, which makes it easier to budget around for her. I love the idea, but knowing me, I would forget that it was being transferred, and take the money out for something else. If I physically have to deposit the money, or sit down at the computer to do an actual transfer, it's less likely to get lost in the flurry of account activity. Plus, I like being a bit more 'hands-on'. But to each their own. Who knows? Maybe I can do it that way too someday?

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