Tuesday, June 10, 2014

{52-Week Challenge} Update & Weekly Mission

Weekly Mission

You may recall that I'm participating in the 52-Week Challenge to create a habit of saving money. Occasionally the participants receive an email with an extra challenge. One week the challenge was to read this post and then list 3-5 things that make me wealthy besides money. 

Here's what I came up with for my wealth list:
  1. Jesus
  2. Family, Church & Friends
  3. Health
  4. Job
  5. Writing
I'm very thankful to God for the wealth He has provided me. I don't think I say, "Thank you, God," enough though. I think the next challenge should be to thank God more!

52-Week Update

So far I've been able to keep up with the weekly deposits of the 52-Week Challenge. I believe this challenge has promoted a culture of saving in my daily life, and I'm grateful. Not only do I have a savings account for this challenge, but I also have two other savings accounts (funds) with monthly contributions. Each month a set amount is automatically deposited into these funds - my travel fund and my miscellaneous/car repair fund.
Side note: I use CapitalOne360 which is an easy-to-use online bank. They let you set up as many savings accounts/funds as you need! As I look to the future of my savings culture, I get excited about the possibility of additional savings accounts/funds. 
Along with these savings accounts, I've been contributing to a Roth IRA account (also at CapitalOne360). My initial intention for the Roth account is for it to be my emergency fund with 6 months of expenses saved up. I opened the Roth at the end of 2013 with a small chunk from my year-end bonus which was a great start. Now automated monthly contributions are set with what I thought I could afford. My ultimate goal is to max out my contributions each year ($5,500 for 2014). $5,500 is a lot of money for a previous non-saver. As I'm now almost half-way through 2014 I am eager to reach this goal, but I realize the goal may have to be met through year-end bonus money. (just keep swimming, just keep swimming comes to mind...)
I know I haven't finished this year yet, but I plan to do the 52-week challenge next year, too!

One More Thing

So awhile back I read about this rewards site called SaveUp. SaveUp is a program that rewards you for saving money and paying down debt (think Facebook meets Mint.com but with prizes!).

Well, I've been busy so I just signed up, but never add my accounts until a couple of weeks ago. And that's when I found out why I like the site - it encourages me to save! Just today it gave me a challenge to save $100 into my miscellaneous car fund. Wouldn't you know, I could actually accept that challenge and did so right away.

Now, I'm not sure that I'll spend a great deal of time on this site, but the few minutes I have spent are already worth it because it's encouraging me to save. Since "creating a culture of saving" seems to be my theme this year, it fits. Anyway, just wanted to mention the site here and if you want, give it a try! (Yes, I get points if you sign up with my link www.saveup.com/s/beflaming!)
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