Friday, January 31, 2014

{We, the Savers} January Question

Let’s make 2014 the year of the Saver. What’s in your “planner” to get there?

A few weeks ago I began participating in a "52 Week Money Challenge" in order to to save at least $1,378 over the next year. Sounds easy enough - put aside $26.50 every week, and there you have it. The set up is a little different than a one amount per week. There's a chart to follow on the website.

Up until a month ago I had never really saved that much money in my life. (Ok, that's not completely accurate because I have a 401k that is definitely worth more than $1,378 since I've been faithfully contributing to a retirement plan for about 14 years. It is worth noting that "faithfulness" was the only redeeming quality for 9 of those 14 years since my income was pretty low AND I was working on paying off school loan debt. I've been trying to make up for that over the past 6 years.)

So back to my savings accounts. I've been meaning to save and have even set up multiple savings accounts, but there was always something needed that any extra money would go toward. Usually extra money would go toward reducing my student loan debt, car repairs, or occasionally a trip to see family or friends. Oh, and this "extra" money was usually from my annual bonus at the end of the year or my tax refund.

This year I'm starting the year with only a small debt: my car, a 2011 Mazda2 that I purchased in 2012. Since I paid off my student loan last year, I was able to open a Roth IRA and purchase a few things on my wish list when I received my bonus at the end of the year.

So now I'm ready to create the saving habit and that's why I'm participating in the 52 Week Money Challenge. I want to cultivate a saving mentality since I'm no longer in "survive my debt" mode. What's in my "planner" to make 2014 the year of the Saver? My new habit is scheduled weekly on my calendar with reminders set so I don't forget to transfer the money to my CapitalOne 360 account. 

Bekah was born in Kansas, raised in Wisconsin, and lived three years on Guam. Her Midwest roots go deep though, since she has been a Minnesota resident for almost seven years. Bekah commits daily to serve God, to be healthy, and strives to be financially fit.

This post was originally written in order to participate in CapitalOne 360s WE the SAVERS's blog contest.

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