Hi everyone,
So how did we do last week with finding an extra $50.00-$100 in our monthly budget to allocate to our long term/retirement accounts?! Again, the goal here is to keep us all accountable! Its like getting up at 5 AM to meet your friend for a run! You get up, because you know they are getting up! This blog is a support blog to keep us moving forward. If you miss a week or, have a weak moment and buy a new pair of shoes… Just get back at it! After all we are only human.
For week two, lets focus on re-looking at our monthly spending and really digging into where we are spending TO MUCH $$$!!! I personally found 2 items, that I KNOW I cancelled, and YET there they were back on my monthly charges! I finally got that fixed! It was only a combined total of $40.00, but still.
Once you re-look at the past three -four months of your spending we now need to find another $50.00-$100.00 in the budget to build the emergency fund! The goal is to get to three months of expenses. But the first goal is to get to $1000 in that fund. Let’s make part of this week’s challenge to have that money go into a high yield savings account! This is different than a regular saving account. There are several to choose from. Some suggestions are SoFi, Marcus by Goldman Sachs, Citizens… Many to choose from. Just make sure you can open it with NO fees, and NO min. Read all the terms as well. Most of these accounts are Online ONLY. It’s been a long time since your money could make 4%-5% interest in a SAVINGS account. This is NOT a CD account. It’s a high yield saving account and you can get at your money at any time, unlike a retirement account.
Should you have any questions on how these accounts work, there are usually 1-800 numbers to call and talk to someone.
So that’s your WEEK TWO Challenge! Find $50-$100 a month, set to automatically funnel into a High Yield Saving account with a goal to get to $1000 to be the start of your emergency fund! Remember when we set it to happen automatically, and treat it like a bill, you will make it happen!! We pay ourselves first!!! Good Luck! You got this!!!
two chicks talking money. 