I always enjoy reading other people's posts about how much they were able to pay off in debt or save each month, often finding them very interesting and inspiring. Hereare a handful of ones that have motivated me to share my savings each month.
Kristin is working on paying off her student loans and posts her budget each month.
Angi writes about how much she is able to save off of her expenses each month.
J.Money tracks his net worth and his journey to pay off his mortgage.
MJ is paying off student loans and makes a huge lump sum payment each month.
Ineffort to keep myself accountable with my savings goals I have for the year, I am going to write a monthly update on how much I have saved. I will just include real cash in the bank and not how much I saved on a grocery receipt.
Since I am not sharing my entire budget at this time, feel free to ask about specific categories or expenses and I will be happy to answer your questions.
January- I did not save any money as it was a lean month and my budget was recovering from paying another tuition payment and a medical deductible.
February- Some of these numbers are a rough estimate since I am in the middle of switching banks and my records reflect all the juggling. March will be more accurate.
Extra money this month
- Craigslist sales $30
- Money lying around the house $28
- Money saved after switching internet carriers $18
- Additional savings after all my normal expenses and bills were paid $610
- Skimmed money from regular budget line items $12.26
- Total saved: $698.26
Where the extra money is going
Emergency Fund $148.26
Car replacement fund $250
I have approached savings for tuition and other expenses several ways in the past. Split up the amount into a monthly budget item. Save huge chunks of money at a time when I have a busy month and lots of income.
However, in order to make myself feel better about how much money I am able to save, I have decided to count every dollar saved this year regardless of having a regular line item in the budget or not.
Starting in March, I will include the new balance totals each month. I know tracking all of my savings for you to read will motivate me to be more diligent with my budget and intentional about saving.
My financial goals for 2015 are to save up for 3 semesters of school tuition (summer, fall, and spring), build up my emergency fund to 3 months of expenses, and make pretty good headway on a car replacement fund.
Do you have a savings goal or a debt payoff goal for 2015? Tell me about it!
This post was shared at Jet Fuel.
TIP: Do you like the idea of earning cash back when you shop for groceries, eat at restaurants or shop online? With Ibotta, you can do just that! Ibotta is an online app that gives you cash rewards when you shop online or scan your grocery receipts. It’s a simple way to earn extra cash! Get a $10 bonus when you sign up with Ibotta!
Like this post? Check out all the rest in:
Hi! I’m Charissa. I’m on a mission to help hardworking women overcome money struggles and gain financial peace with a Biblical perspective so they can have the freedom to impact their families and communities. Ready to make some changes that will impact your finances in 2020? Click here to get a free worksheet to help you make it happen!