Image courtesy of dbking

Here the first of many monthly updates for my Savings Challenge. Basically, each month, I will provide a breakdown of all deposits and withdrawals into the savings account. My goal is to get to $50,000 by December 2010.

December 1, 2008
Beginning Balance......$20,206.41


Deposit.........................$ 2,950.00 (year end bonus from my employer)

Deposit.........................$ 47.33 (misc deposit)

Deposit.........................$ 40.94 (interest)


December 30, 2008

Ending Balance...........$23,203.74


Balance Change Amount..........$3038.27
Change Percentage
...................15.03%

Amount Remaining towards $50,000 Goal
= $26,796.26/24 months = I need $1,116.51 saved every month in order to meet my goal.

I was able to save over 3 times my amount needed thanks to my company bonus and getting an extra paycheck this month. I should be receiving another bonus next month which will certainly help boost the savings account balance.

If you want to save for your own savings goal, consider using ING Orange Savings!

Click here to start saving with ING DIRECT!

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4 comments

  1. Single Ma // December 30, 2008 at 10:16 AM  

    Congrats on saving your ENTIRE bonus! With all the quasi-sales around you, I'm sure that was hard.

  2. Kate // December 30, 2008 at 1:06 PM  

    I'm very impressed (and more than just a little bit jealous) that you are able to make such good progress towards a lofty goal. Good work.

  3. Mara // December 31, 2008 at 12:57 AM  

    Congrats on saving that amount and good luck to your goal! Looks like you'll make it based on what you've saved up this 2008.

  4. Anonymous // February 16, 2009 at 3:48 PM  

    I just found your site and my husband and I have a similar goal - by the end of 2009.

    I have our savings in ING Direct too. But they have dropped to 2.20% so I was hunhting for a better rate.

    My question is this... why are you not using the MoneyAisle you recommend to get a better rate?