100 days to save $5000

[PurpleSnowflake]

OK, there is a title!


Feeling inspired by the "No/Low Spend" threads, I would like to give it a whirl too. Mine is going to be a bit shorter though and 100 is a nice round number!


I picked $5000 as it is not a horribly impossible $$$ and we need to rebuild our EF as we had used most of it on medical bills.




I am picking my "official" 1st day as November 15th (next paycheck).

So from 11/15/08 to 2/22/09 will be 100 days.

Yes that goes RIGHT through Thanksgiving, Xmas, New Years, my anniversary and Valentines Day.

7 more paychecks (8 if I go 107 days) and 3 more child supports.


I have several kids from toddlers to teens (there are special needs, medical issues and food allergies involved). We are in a middle-high COL city in the middle of the US. We are in a house. We homeschool. We have cats.


I am NOT going to count our tax return in this!




The next 3 weeks I am going to deeeeeep clean, declutter more, re arrange stuff and try to "get ready".

Not sure if this is a "no spend" thing, but I am going to see just how little I can spend. Squeeze that frugal juice out of us!

If this works maybe I can extend it for most of 2009!




Guess I should go set up my siggy now!

[PurpleSnowflake]

Ok I have changed my siggy.


I am also going to keep a seperate change jar and see how much I can save to it in 100 days!

[Cricketlegs]

So you need $455 a paycheck(8 paychecks and 3 CS checks)?

Good luck. That is a very impressive goal and I hope you make it!

[PurpleSnowflake]

I think I will keep the child support seperate in a different account as my oldest (the one that I get it for, and it's not a huge amount) wants to take a couple of college classes next semester.



So I have 7 paychecks to save that $5000... which comes out to $715 each check to save.

In "theory" it should be no problem, in "reality" I need to get SERIOUS!

ESPECIALLY if hubby (he is an IT contractor) does NOT get the OT he normally does!!!!


With lot's of OT, it "should" be "easy"............. without it I am going to have to SQUEEEEEEEEEZZZEEEEEEEE that money!


And there is no way to know if he will get OT, and his contract can end at any time. Ahhhh the JOYS of IT work!

[Cricketlegs]

And this money is for replacing your EF?

[PurpleSnowflake]

And this money is for replacing your EF?

Yep.


We paid for alot of training for hubby and had a few hospital bills. So we drained a good chunk of our EF savings.

I want a bit bigger cushoin than a "baby EF" of $1000 and $5000 will last us a decent time.

Eventually I want to build up to 12 months of EF. But for now $5000 will make me feel "safer" and then on to longer term goals.

[HappyMama]

What a fantastic challenge. My Dh and I did a similar one before it is actually fun to challenge yourselves. Like you said not impossible. I'll be cheering for you.:

[Maine Girl]

Good luck !!! What a good idea.

[Cricketlegs]

I hear you. My baby EF is just that--no way could we get anywhere on it if disaster struck.

Dang it, if I could just get this stupid debt paid off!

[PurpleSnowflake]

I am copying and pasting my answer in the "How to stay motivated" thread.... gives a bit more info on me:

Us too!!!!


We would like to at least find some land next year.

We spent this year adding to DH's skills with training (tax deductible through biz) so that he can earn more money.

We also got a couple of things to help save money (such as a freezer).

We are cheaply working on our house to fix it up for a possible sale next year, or at the least make it "cozier" to be in now.





So we had to spend money, to ensure more money earned and saved later.

I set aside a certain amount each month to get little things or help a friend out. That helps!




But alas we were starting to get a little too comfy and spend a little too much.... so I just posted a challenge, to replenish the EF without using a tax return.

That will be my "motivation". And hopefully it will get me hardcore again and set up 2009 as a good year to save and realize a dream or two!

*BOLDED my reasoning.... starting to slide into "lazy". Need to quit that!

[PurpleSnowflake]

I hear you. My baby EF is just that--no way could we get anywhere on it if disaster struck.

Dang it, if I could just get this stupid debt paid off!

Yes a baby EF is good for small emergencies, but dang that is not even one mortgage payment!

I would feel comfy if I had a few months of basic bills in out EF again, so that everything else can go to paying down debt and add to our "land" fund.


Luckily we only carry one credit card with a very low limit, so cc debt is not the issue.


Student loans, mortgage, and one car is. The car is used and replaced two "junker" cars from Craigslist we bought. But alas it needs to get paid off soon so we dont over pay on it!

[PurpleSnowflake]

Ok I am going to set up a seperate ING savings account just for this challenge.

I wont use any of our current savings, and will make this a TRUE $5000 challenge.... that way it's not just a "whatever I have left from savings" challenge.


Oh yeah... getting PUMPED!

[snappish]

I'm very impressed. I hope you can do it. $5000 in 100 days is way more than my family even makes, so I can't join in on this challenge. But wow, I'd love to read your progress.

[macemesmum]

Wow I love these kinds of challenges! can you tell me how to change my siggy as im not sure and would love to put new savings info on there thanks in advance

[PurpleSnowflake]

Click on UserCP and then "edit signature".


Delete everything and retype current info!




I am going to try hard to keep my siggy current the whole 100 days!




Everyone makes different amounts, if anyone want to do $100 or $1000 in 100 days with me, PLEASE feel free to join me!

I picked a bit higher number as I want to force myself to really buckle down and dig deeper!

I may not make it, or maybe I will make over it.... but I am going to try!