Save Your Bonus – 52 Week Money Savings Challenge
Welcome back to the 52 Week Money Savings Challenge! It’s week 9 in our challenge so this week, if you’re following the challenge, you’ll be depositing $9 into your savings account and your total should be $45. How has the challenge been going for you so far? Isn’t it rewarding to see that account grow, even if it’s just a little at a time?
This week, I want to chat about bonuses. I’m not necessarily talking about a big cash bonus at certain times of year (although those can definitely be included), I’m talking about any bonus you get over your normal paycheck amount. My husband doesn’t receive big cash bonuses at certain times of the year, but he does get paid weekly and while his paychecks are typically the same from week to week, sometimes there’s an extra payday in the month (5 Fridays instead of 4) or maybe he’s made a few extra deliveries and his paycheck has an extra $5. That $5 or extra payday deposits can add up quickly, if moved to another account and set aside. If not, well, it quickly goes to extra food, random purchases or ? Honestly, sometimes I wonder where it does go. 🙂
This year, my goal is to put any extra, beyond what we budget for, into savings. That includes extra paydays, extra on the paychecks, items we sell or wherever the extra cash comes from. The sooner it’s moved into the savings account, the less likely we’ll spend it. That doesn’t mean we can’t use it if something comes up, though. If you live paycheck-to-paycheck like us, you know that unplanned expenses often arise. As we put that extra money into savings, it will grow. Granted, it might not cover a trip to the ER, a new set of tires, a car issue or an unexpected bill, but it might ease some of the stress when you realize you can put something towards that expense without it coming totally out of your day-to-day living funds.
How about you? Will you take the mini-challenge of setting aside any extra “bonus” on your paycheck for the rest of the year?
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I’m so glad to have you on this journey with me. I’m looking forward to each week and I hope these posts and the emails are not only helpful to you, but encouraging as well.
- If you are new and just now joining, subscribe to the weekly email and download your own copy of the 52 Week Money Savings Challenge printable. All current subscribers are entered into an Amazon drawing held at the end of the month.
- If you want to catch up on the reading of each week, go to our 52 Week Money Savings Challenge page and check out each week listed, as you’re able. Don’t worry about catching up on savings amounts unless you’re able to, just start with the current week and add extra if/as you’re able.
- Want to open an online bank account to help keep things separated? I personally use Capital One 360 and have for years. It takes a few days for transfers to complete if you’re using a local bank
Before we wrap up this week, I want to hear from you! 1) What are you most excited about in participating in this challenge? 2) What are your concerns or frustrations about setting money aside?
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