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Our 3 Month Savings Challenge (Will you join me?)

Updated

I’ve been sad about our savings account. We had built a great savings– then, we bought a house. ๐Ÿ™‚ Good? yes! but I might or might not be a money hoarder… and while the savings was stacking up I was satisfied with our savings account. Now, I have to say–it’s pretty sad looking. Here is a screenshot from our actual savings account

$500 isn’t bad but we haven’t really been doing our best and have gotten lazy. I love challenges because It helps us see our true potential as smart money people. If we always stayed the same how would we get ahead in life? How would we know how far we could stretch ourselves?

So, I am challenging our family (and you!) to a 3 month savings challenge! This saving challenge is more than saving with coupons or getting a second job — this challenge is about challenging E.V.E.R.Y.T.H.I.N.G. Challenge how much you pay for your cell phone bill or as simple as looking into how much you are paying for your internet. Selling stuff that you haven’t used in 6 months– then stash all those savings into your savings account and leave it there.

The Rules:

  • Stick to your budget. I’m not saying don’t live your life and not spend anything.. just be more cautious of what you are spending and and time you are under budget but that cash into your savings account.
  • stick any extra money you receive into your savings account
  • get creative and find ways to put more money into your savings account.
  • look deep into your expenses and look for cash that you could be saving and stick it in your savings account. (late fees? can you live with a lessor internet bill? ..etc)

I will be reporting my savings as well! Head back here and see my progress and a couple of tricks I’ve got up my sleeve on how we are building our savings (I will post my progress every two weeks until May). At the end of the savings challenge we will see how much money we have all saved. 

Will you join me in this savings challenge? If you feel comfortable, please share how much is in your savings account now! ๐Ÿ™‚ 

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  • Jennifer says:

    Great idea Josie as my husband and I were just talking about this very issue. Our savings account is about the same as yours. My goal is to sock away a minimum of $500 a month until November. We usually go out to eat on Fridays. Tonight we made dinner at home, told the kids about the “savings game” and they are excited as well! I’ll keep you posted on our progress!

  • Zoey says:

    Well there is a big fat ZERO in my savings account! Looking forward to the challenge!

  • Tanya W says:

    Um, savings account? What savings account… I guess I should join you in this challenge and open one up!

  • Patricia says:

    I just went back to work last year after being off for 4 1/2 years with our son. It was hard for me and my family because of the hours of the job, but this year I got a new job with a $3 an hour raise. We have had a lot going on in our extended family so out savings and checking got down to a very low amount. I have out account set to move $250 to our savings account every month. I am glad I did that because we really needed it the first of this year. Like you I am a money hoarder and hate when my account gets low, even my checking account. Currently we have $254.51 in our savings account. I am going to join you in this mission! Thanks for doing this!

  • Cammi says:

    I just reached $1140 today. Doing what you said, putting away extra money. I like to keep it in cash at home. When I’m out of the house I can’t use it and when I’m home I can’t use it to shop online so this way gas been very doable for me !

  • Angel says:

    That’s awesome… Can’t wait to see your results.

  • Carmen says:

    I too bought my first house las year and ever since my savings went to nothing ! I had saved money for years , so knowing I had money in the bank made me feel Aweome ! But ever since I got the house no more savings ! I still have a little credit caes balance of all the upgrades I did to the house, but by the end of August I should be done ! But I’m up for the 3 month challenge !!! What’s your goal??

  • lily says:

    This is exactly what I was doing yesterday. I have savings accts, with balances of a loan we took for a remodel. I had planned on adding more. But at the end of each pay cycle I catch myself borrowing from it. I do pay it back and I do have a very small auto transfer of $25 biweekly for 2 savings acct. But as i examine my accts, once these projects are done there will no longer be those balances. So I will use my daughters savings acct, it is not accessible via atm. I already have an auto transfer for $50 biweekly, need to add to that. So after looking at my upcoming expenses for the next paycheck I transferred $200, balance now has $250. I will try to add some more on my next paycheck. I am ready for the challenge. I don’t have a set goal right now,but I will try to save a min of $1000. Realistic? Lets try.

  • Andrea says:

    We have a few thousand in our savings account, HOWEVER, my husband is 10-99 and we did not do taxes quarterly this past year (HUGE MISTAKE, lesson learned) So we owe almost double what is in our savings account. So technically I have a negative savings account. BUMMER. I am looking forward to this challenge. My goal is to find ways to save almost $500-$1,000 each month. I know I have stuff I can sell, and ways I can cut our grocery and spending budget.

    Challenge ACCEPTED!!!

    • Josie says:

      is this your first year being 1099’d? We had the SAME problem the first year– owed nearly $10,000 it was terrible. We learned our lesson as well. Good thing is you will be a pro after this year ๐Ÿ™‚

  • Anne Maltes says:

    hi Josie,

    I am going to join you. My husband and I follow Dave Ramsey. Last year when I got laid off we changed up our cell plan and we only have basic internet, so we cut down a lot. It’s worth it though cuz I am home with our 2 year old and 1 year old. We paid off our last debt besides the house.

    I am going to start doing this to build up or 3-6 month emergency fund which currently has $1,000 dollars in it. You have motivated me to go through my garaga full of stuff and sell sell selll!

  • Jeanie says:

    Is the challenge still on?

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