Monday, January 9, 2012

The Saved Quarter Challenge - Week 1 Catch Up and Week 2

I'm joining in on this a little bit late, but I am ready to participate! For the first week, we were supposed to set a goal and write it down.

My goals are to:

Save 10% of our income for an emergency fund.

Save 5% of our income for medical expenses not covered by insurance. Or to use for co-pays, etc.

Set aside 10% of our income for tithing. While not technically saving, it is an important investment and I think a crucial one when it comes to money matters.

Week 1 Complete
Beginning of Week 2

Hubby got paid on 1/6/2012 and I immediately put 10% of his paycheck aside for savings in a certain tucked-away spot. It would make more sense to put it in the bank to accrue interest but that is not a logical option for me right now, as I am too quick to withdraw money from there when I want it. I now have $20.00 set aside for our emergency fund. (Hubby had a lot less hours than normal over the last month or so, these totals are going to be smaller for this paycheck and the next.)
Total: $20.00 this week, $20.00 year to date

I also tucked away 5% in another spot to set aside for medical expenses. I now have $10.00 set aside for for medical expenses.
Total: $10.00 this week, $10.00 year to date

And finally, I tucked 10% into an envelope and turned it in to the church yesterday morning. I contributed $20.00 plus an additional amount to the church for our tithing.
Total: $20.00 this week, $20.00 year to date

Tracking Spending:
I haven't been writing everything down as it happens, but I do keep every single receipt and then I record it later. This works for a couple of different reasons. This way I can also track regular and sale prices for individual items as well. But since I have the receipts to use for all of this, I can easily track our spending.

This also helps with one of my 2012 Resolutions, in particular Item 6e.

You can click the image above to be directed to the Saved Quarter or you can click here.