First off, Happy New Year’s to everyone out there. Hopefully, 2018 will be much kinder to you than 2017 was. For me, 2017 was a pretty average year, but the best moment had to come with my son graduating high school. In a few months, my oldest daughter will get to make that walk to receive her high school diploma. With college around the corner and my youngest daughter being involved with cheerleading for most of the year my year will be busy. With all the activities, there is the money aspect of it and I love to find ways to save money. In 2017 and previous years, I’ve been thankful to save a few dollars by doing the money-saving challenge and hopefully you all join me. Once again, here are a few reasons I’m always putting back money.
Money for Rainy Days
This is an old saying my parents and older people in my family used to use all the time. The meaning is to have money for some unexpected expenses that arise throughout the year. Normally, it’s for issues with your vehicles, something happens in your house, kids getting sick or anything in a lengthy list of things that happen unexpectedly. This year, I’ve gotten a health savings account for sickness and credit card from the place I get work on my car. As a home owner though, there’s always something that needs to be replaced or worked on throughout the year, so I try to keep funds for those moments.
In the past, including this year the money we’ve saved mostly went to finding our Christmas. With my kids getting older, we’ve decided that we’re going to take a vacation during the Christmas holiday. In the past, I’ve made all my purchases on a couple of credit cards, like my Capital One cards where I earn money on the purchases. This year, I’ll do that by planning my vacation early and using those cards to pay for it. With the extra money, I’ll have the cards mostly paid off before we even take the trip.
Start A Savings Account
Some may use their savings account to keep money for those rainy days. There are a few places to make money by just putting your money to earn interest off of it. At the end, of the year you can transfer your money into the savings account. Last year, I doubled the amount of money for the savings account, instead of adding a dollar for week 1 I deposited two dollars. In the end, you’ll save a little over 2750 dollars in the end. This year, I’m thinking big and really penny pinching by saving three times the amount with the hopes of saving over four grand.
Start an Account for Your Kids
By doing this money saving challenge, you can start an account for your kids. This is one way to teach your kids about money or maybe start saving for college if they’re young. If you have a newborn, if you do this challenge until their 10, that’s almost $14,000 dollars saved. Just imagine, saving that kind of money for 21 years and on their 21st birthday, giving them a check for about $30,000. Either way, they’re young kids so you would know how to distribute the money.
Will you be taking the 2018 52-week money saving challenge with me? If so, what are some of the reasons you like to save your money? How much will you try to save a week? Head to the comments section below and give me some feedback.