Tuesday, February 11, 2014

A Year of Savings

Before the start of the New Year, I found this post from The College Prepster about a One Year Savings Schedule. As a part-time worker, full-time student, this seemed like a realistic savings plan that I could work into my budget over the year. This might be embarrassing, but I haven't had any real experience with saving. I'm definitely frugal, but I haven't previously set money aside with the intention of saving it for at least an entire year. It's time for that to change.

My One Year Savings Schedule looks like this:

The idea is that you save the dollar amount that corresponds to the week number. During week 1, you save $1, week 2, $2, and so on. I modified this savings plan sightly - I'm trading off for a low amount and a high amount every other week, working my way towards the middle. During week 1, I saved $1 and then during week 2, I saved $52. I chose to do it this way so that I'm saving relatively the same amount each month instead of only saving $10 in January and then trying to set aside $202 next December. (On top of Christmas shopping, this just didn't seem possible.) At the end of the year, I will have saved $1,378. Not too shabby for someone who is new to the whole savings thing, huh? 

My plan has been going well so far! The amounts are manageable with my income and expenses (although I'm sure this model could be modified to accommodate any budget!), and it has been rewarding to watch my savings account grow little by little each week. I'm hoping that life won't get in the way and that at the end of the year I'll be able to use my savings for something fun. (Hello vacation?!) 

What are some savings/budgeting strategies that have worked for you? 

7 comments:

  1. This is so awesome! I should have considered things like this more in college. My first 2 years I got a Pell Grant (ca-ching!) and basically blew it. So many times I wished I ferreted some away for the last two years.

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    1. I did the same thing in undergrad! I really didn't need all those pairs of shoes, but they were just so tempting at the time.

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  2. what an interesting idea/concept!! i keep most of my money out of reach ie, in a high interest savings account that requires me to wire money into my account. because i have to wait for it, i can't spend it! outta sight, outta mind :)

    -kathy | Vodka and Soda

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    1. That's a great idea too! I sometimes have trouble keeping my hands off of my savings - if I had to wait for it, I would be much less likely to impulse spend!

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  3. I want to do something like this, but I think I'm going to wait until the summer, when I'm working more!!

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  4. Listing down how much money you can save every day or week is really helpful. You’re able to keep track of your money, and how much you can collect, until you reach your target date. Keep it up, Claire!

    Antonia Pierce @ Cash Loans Today

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