Why should you care about our bank account balance? Because we’re saving a ton of money by banking a former car payment and growing our earnings at least 12% this year and you can too!!
If this is your first time reading this series, get the background here.
Weekly summary
We made our regular $100 deposit plus the usual extra $20 that I used to spend on ironing. I also put an extra $10 in as I didn’t have to stop at Starbucks on a recent trip (you can read about it here if you like). Our total is now $1956.38. Remember – our goal is to deposit at least 1% more than our regular $100/week deposit each month (to realize at least 12% annual growth). Again, this week was 30% more than our regular deposit.
To put this in another perspective, since we started contributing to this account 16 weeks ago, we have found an extra 22.28% (“found” savings and interest earned on the account). Would you sign up for an investment that promised you 22.28% in 16 weeks? Since we don’t have enough money yet to start investing in a mutual fund, we are doing this for ourselves. You can argue that it isn’t really earnings, but I’ll argue right back that this money is now working for us and it’s over and above what we thought we could save.
I realize many of you have been saving this much and more probably your whole lives! I wasn’t raised this way and am guessing there are some who may be learning by looking over our shoulders. We’re just a real middle class family who has decided to save our car payment instead of financing our cars. I’m getting excited about where this will take us! Right now – it’s taking us to nearly $2,000 in about 4 months.
Are you saving? Paying down your debt first? Did you get any big wins this week?
I usually graph the growth of our DFC account each week. It’s getting too crowded to be able to read so I’ll start updating totals at the end of each month instead of each week.
$15 Amazon gift card give away
This is a reminder that a $15 Amazon gift card will be given to the top commenter this month if there are at least 3,000 unique page views for this blog! Don’t be shy! Leave a comment and consider sharing this blog with others. Any comments you write during the month of February will count (you may comment on older posts too).
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