I haven't updated the savings challenge in a few months but the challenge is still going strong.
How am I funding the savings challenge? Once monthly budget obligations are met, any additional income goes towards the savings challenge account.
My goal is to have $50,000 in my savings account by December 2010.
January 31, 2009
Beginning Balance...............$29,452.43
Image Credit: alancleaver
Deposits: - Pinecone Surveys -- $18 (6 seperate surveys @ $3/each)
- Regular Contributions -- $2,940.00
- Misc Income -- $1,712.57
Ending Balance...............$34,123.00
Balance Change Amount...............$4670.57
Change Percentage........................13.7%
Amount Remaining towards $50,000 Goal = $15,877/18 months = $882.06 required amount to be saved each month in order to reach my goal.
The first three months of the year are usually good for me financially. It is easy to bulk up my savings accounts since I get my company bonuses at the beginning of the year and the end of the year. The beginning of the year is also when salary increases are awarded. I usually end up owing money to the federal government but I usually get a state refund large enough to cover my federal debt, plus some.
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