Smart Money Mom

Savings Challenge Update #5: How we are adding $1200 to our fund + Savings Goal!

Its week 6 of the 3 month savings challenge! This week, we were able to add $500 to our fund.. however, it is sitting in a money market account– I completely forgot about this account because we have it on “set it and forget it” mode and it simply withdrawals $50 a month from our bank account.

I will be including this in my weekly updates because we will be using it towards our savings goal. At the beginning of this challenge, I didn’t have a real goal. I wanted to save as much as we could and add it to our emergency fund. However, our emergency fund is sitting pretty at this point–so we’ve decided to save this money for a trip to Europe in August!

We’ve known about this trip for about 9 months now– it’s basically a family reunion and our entire extended family will be attending. We will be staying in Ireland for most of the time but we plan to also head to France or London. We are taking our kids and expect to spend around $6000 for our entire family… So, now we have a GOAL!

I’m super, super excited about this trip– we’ve never been out of the country and we will be living on a cute little farm in Ireland. It’ll be exciting to have the kids live a slower pay of life for about two weeks with nothing but lush, green land around us!

This week, we were also able to add an extra $700 to our fund by selling things around the house. Which included our brand new carpet that we NEVER put in our house! 🙂 We bought the carpet and then decided to lay wood tile instead. So, here is our break down:

  • Digit: $641 in our account. Wondering about Digit? I LOVE it! Find more info HERE
  • Money Market: $557
  • Savings account: $1576

Total: $2774 

We will need to buy our plane tickets before right around June.. so I’m hoping to not have to take any money from our emergency fund to reach our goal.

How much did you put toward your savings fund? Do you have a particular goal in mind?

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3 thoughts on “Savings Challenge Update #5: How we are adding $1200 to our fund + Savings Goal!”

  1. Nice!…I enjoy reading about your journey.

    I forgot when our 3-6 month emergency fund grew to over 2 years of living expenses but last year, I figured out that we could live on 10K a year and since July we have been. We are saving almost 100% of our income. Going into this month I saved $160 from last month food budget =)

  2. Go to France! Hands down most delicious and beautifully historical place! I’ve been! Did all the touristy things, the Lourve, le tour Eiffel, catacombs, shopping, eating! best week vacation of my life so far!


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