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Random Acts of Deposits - My 2009 $20 Challenge

January 27th, 2009 at 02:53 am

Last year I made several random acts of deposits to various savings accounts (I have many!), but this year I want to focus. FOCUS!! While I still have several automatic savings plans in place and several savings accounts, I plan to use the strategy of the $20 challenge on primarily one account, the wealth account (or my money market emergency fund).

I had to use $2,000 from it to pay part of my son's tuition bill last semester, so I not only need to replace that, but I want to get the balance up to at least $15,000. Already I have an automatic $100 going in each month (plus $80 going in for extra payment toward the mortgage).

Can I do this?

I might be able to increase the allotment. In addition, the random acts of deposit will be more consistent (every week?) and will include:
1. My loose change
2. Adding money to round up the account balance
3. No drive days, I'll add $2
4. I'll add money that I planned to spend but ended up not spending. (For instance, I planned to pay $12 for lunch earlier this month, but my friend insisted on buying.)
5. On days that I mail out submissions, (I write), I'll add $1 per submission
6. Leftover dollar bills from budget envelopes
7. Found money
8. Gift money
9. Extra budget money
10. Household refunds and the occasional 'surprise' sales (i.e., if I planned to pay regular price for something and then find it on sale, I'll bank the difference...though I rarely plan to pay regular price for things!!)

Balance Dec 31, 2008: $7,531

Balance of extra mortgage payment savings: $400

Total in account is $7,931

1 Responses to “Random Acts of Deposits - My 2009 $20 Challenge”

  1. PRICEPLUS Says:

    Way to go! One of my favorite ways to save is putting strings of NO SPEND days together. I make a game of it. In the end I can put what I would have spent on a great many thing in the bank!WinkSmile

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