Wednesday, March 28, 2018

My $15K Savings Goal

I have a savings goal that I'd like to achieve in the next 18 months. Well, it's more like a combination of savings/earning goal. Realistically, it should take 24 months (2 yrs), but I'm hoping to reach it by or before 09/30/2019.

My plan is to fund it from earned gcs and the 52 week savings challenge. How the heck am I gonna get $15 000 this way, you ask?

For the 52 week challenge, I'm gonna need to save around $70 per week. How did I come up with this number? I used the $27 (average weekly amount to use for 52 wk challenge) + my age. If I can add anything over and above $70 p/w, that will be great.

So $70 x 78 weeks = $5460

As you can see, I'm still $9540 short of my goal.

I'm taking $200 gcs and $100 cash out of our clothing fund (March was good to us). The $300 will be used to buy whatever clearance items I can find (doesn't matter what the items are. If it's a vase that I can make extra cash on, I'll buy it) at the stores. Any money earned will be added to my savings account (I have a separate bank account that this money will go into). I'll still keep withdrawing my initial $300 investment to keep buying new items and everything besides that amount will be saved. I'm gonna have to keep track of every single penny here, to make sure that I don't just spend without making any profit).

Any Savingstar and Ebates cash (I usually get a gc, because they offer a bonus. However, they don't offer the gcs every quarter) will also be added to this fund.

Any cash left at the end of the year, from selling our old clothes and shoes will also be added.

Any drugstore items that we can't/don't use or donate, will be sold and funds added too. I'll have to find more ways to earn, to reach my goal faster. I'm starting my 52 wk plan on April 1st.

I sure have my work cut out for me, but I'm up to the challenge. GO BIG OR GO HOME!!

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