It's the first week of December so it's time to look back at how I did in November. Usually, I would post a net worth report but for the last few months, it's been so discouraging to post how much my net worth decreased due to factors mostly beyond my control (stock market).
My new main goal now is to save as much cash as possible. My goal is to be my own small (very small) bank. Whenever I need something, I don't want to have to depend on a loan from a bank or use a credit card to get the funds. I would like to be able borrow from myself for whatever I need; with the exception of a mortgage of course.
This month will be the start of the all-new SingleGuyMoney Savings Challenge. Most people are busy spending money on holiday gifts but I am focused on saving. I will still buy a few small gifts for my immediate family out of the money I'd already saved throughout the year for holiday gifts. Right now, my savings account stands at $20,250. My goal is to save at least $50k. I'm currently at 40% of my goal. I have a long way to go but I am confident that can have this goal met within 24 months. By December 2010, my savings account balance should be sitting at a minimum of $50,000.
If you want to join the Savings Challenge with me, consider opening an ING Orange Savings account to get started. They are currently paying 2.75% and there are no fees or minimum balance. ING Direct is FDIC insured and you don't have to change banks.
Will you join the challenge? What is your savings goal? It doesn't have to be $50,000; it could be $500, $5000 or even $50. The main point of this challenge is to get you in the habit of saving. Of all the habits out there, picking up the savings habit is one of the best things you can do for your personal finances.