Image courtesy of dbking


February was once again an excellent month for the savings challenge. There were a couple of unexpected payments received in February that I deposited directly to the savings challenge account.


Once monthly budget obligations are met, any additional income goes towards the savings challenge account.


My goal is to get to $50,000 by December 2010.


January 31, 2009
Beginning Balance...............$25,131.32

Deposits:
  • Pinecone Surveys -- $9 (3 seperate surveys @ $3/each)
  • Health Savings Account Reimbursement -- $134.49
  • Verification Deposits -- $0.77 (external bank account links)
  • ING Referrals -- $30.00
  • Ebates -- $52.82
  • Repaid Loan -- $1500.00 (This was very unexpected. Loaned to family member last year.)
  • Ga State Tax Refund -- $1000.00 (will offset amount owed to Federal taxes).
  • Regular Savings Contributions -- $856.36
  • Misc Deposits -- $86.39
February 28, 2009
Ending Balance...............$29,452.43


Balance Change Amount...............$4321.11

Change Percentage........................14.7%


Amount Remaining towards $50,000 Goal
= $20,457.57/22 months = $933.98 required amount to be saved each month in order to reach my goal.

The next few months will be a little challenging for the savings challenge. I have to pay the feds next month for my federal tax bill. There is also some work that needs to be done at my rental property. Both of these will result in a lower savings account balance which means I'll need to save more money each month to meet my goal.


Related Posts:
January Savings Challenge Update
December Savings Challenge Update
Savings Challenge
WT Direct - High Yield Savings

5 comments

  1. Mommy Saves ALOT!!! // March 5, 2009 at 7:48 AM  

    Great job with saving!

  2. Steve Borgman // March 6, 2009 at 8:07 PM  

    Great example of determined savings. A lot of success with saving just boils down to making a decision to do so. By the way, I would love to find out how to promote ING, since I am a very happy, satisfied customer of over 3 years.

  3. Rick Vaughn // March 7, 2009 at 9:16 PM  

    Saving money is the 1st step toward financial independence great job!

  4. lunaticg // March 11, 2009 at 12:27 AM  

    I am having problem to do this.
    Great achievement my friend.

  5. Mike // March 15, 2009 at 5:30 PM  

    You have an aggresive goal - keep at it... I have heard of Pinecone, but have heard they only have select periods for hiring. Also, did not know you could get extra money from ING for promoting. I am always looking for extra ways to bring in income besides the regular job - which seems to be scaling back in this economy.