It's been a couple of months since I've posted an update on the savings challenge. I haven't forgotten about it and it is still one of my main goals for the next 16 months.
How am I funding the savings challenge? Once all of my monthly financial obligations are met, any leftover money is applied to the savings challenge. This is in addition to my monthly automatic transfers to savings.
My goal is to have at least $50,000 in my savings account by December 2010.
I was up to a little over $42,000 at the end of June but I had to withdraw about $12,000 for my recent home refinance. Right now, the balance stands at $32600.00.
Barring any major catastrophe or job loss, I'm pretty confident I will make my goal and I may actually adjust the number up to around $75,000.
Some of you may ask, why hold on to so much cash? I have my reasons and I will cover this in a separate post soon.
Follow along on the savings journey.
Image Courtesy: alancleaver
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Jeez. I can't even fathom how long it would take me to save that much. It's taken me forever just to save up a few thousand, and now I'm looking at having to wipe out my savings to pay a city assessment. Sucks having to do that at a time when the economy is unstable and you have no job security. More power to you! You are the man!
I like your goal. I had one question, where are you keeping the cash? In CDs, high yield savings account?
@nfmgirl: You can do it!
@Adi: I'm currently using a high yield checking account that pays 4.4%.
it is a big sum but if you have a good plan you can make it