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Archive for November, 2013

Savings Ideas Part 2

November 23rd, 2013 at 04:33 pm

Still feeling motivated! (Yay me!) To continue with my earlier blog this month about the ideas I've had for my savings...

Savings Idea #4: Open an online savings account with a higher interest rate (like Ally or Barclays) then transfer part or half of the wealth account to it.

Idea #5: Re-purpose the education account. (The Kid dropped out of college and missed his grace period to return...so the money is MINE, ALL MINE!!) About $2,400 in cash and the rest is savings bonds. I'll probably keep the savings bonds for retirement use, but I can use the cash to pay extra on the mortgage.

Idea #6: I've been inconsistent with the $20 challenge and the 52 Week challenge. I start off well, cuz I love the idea, but I think I lack focus and a good specific plan with what to do with the money saved. So here's the plan: Focus!! Then add this savings to the Christmas account every 2 weeks AND use part of the savings to purchase gift cards for myself and others.

Idea #7: Last week, I converted $3,000 of my traditional IRA to add to my Roth. I also started contributing 1% of my pay to a Roth 401K, which is in addition to the 15% I'm contributing to my traditional 401K. In 2014, I'll adjust: contribute less to the traditional 401K and more to the Roth 401K.

That's it for now. Still tweaking the budget to see where else we can cut. I'm inspired, as always, by the saving advice blogs still. Go forth and save, everyone!!

Savings Ideas

November 10th, 2013 at 06:17 pm

It's been a long time since I've blogged. Since August, my goodness!!

Now that the end of the year is here, I'm getting a little motivated. I've been on auto-pilot for several months due to general fatigue, but I seem to be getting my savings mojo back.

Idea #1: We finally got back to the $25,000 mark in the wealth account after the car purchase in May. It took longer than I thought to get back to that point, but finally, this month we hit the mark. Now that the account level is back where I want, I'm using that savings allotment ($130 per pay period or $260 per month) to beef up the Freedom Account (the account I use for irreqular non-monthly expenses). I want to fund at least three of the subcategories a year in advance: car insurance, my spouses medical leg braces, and dental. The Freedom Account has been great for managing the finances but it gets a serious workout. Getting a little bit ahead, should help.

Idea #2: Once the Freedom Account is 'super-funded', I will use that same allotment to 'super-fund' the house repair account. The current allotment is $25 per pay period and the account has remained at the same $1,000 level for the past year, because of the workout that account gets. (Old house, lots of $200 to $500 repairs.)

Idea #3: Continue the $200 allotment to the wealth account to save for the next car purchase. Once the Freedom Account and House repair account are 'super-funded', will use that allotment for the car savings.

That's it for now. Still fine-tuning a few other ideas. Happpy saving everyone!!