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Challenge Update

March 17th, 2008 at 07:26 am

2008 $20 challenge:

$ 150.00 - 2/10

$ 100.00 - March ROTH Contributions
$ 280.00 - Jan/Feb Interest on Cash
$ 65.00 - Focus Group (to medical)
$ 80.00 - Discount on cell bill (to medical)
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$ 675.00 - Balance 3/20
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Well, I do get paid today so will fund the ROTH $50 from this check (as I do every check).

Of course, I blogged the other day that I have some competing important goals, and they are retirement and mid-term savings (for things like next cars and house maintenance).

Likewise, all of our extra money this month has been going to our corresponding medical bills, which increases our savings in the end (since we have not been pulling doctor visits and prescriptions from our medical fund. Once the fund hits $3k - same as our deductible - we will ideally have an extra $250 some months, to invest). So not touching it helps our savings grow for the long run.

So I am adding all this to the challenge. It is a little more motivating. Plus I really think all of our extra money this year will go to the mid-term fund. The balance is currently $385. It has a ways to go... Goal to fund it to $5k by 12/31.

& only then will we put anything extra to retirement. So wanted to revamp my challenge. Sticking with retirement will be kind of boring, not much to show this year. Though we also decided to aim for a minimum 5% of income to ROTHs, come summer. But putting much more focus on saving up more cash, in the meantime.

Adding these all to the challenge is slightly more motivating. & more fun anyway.

Last year I came awfully close to $10k. This year, hoping for around $5k mid-term and $2500 to retirement. So I guess I am aiming for $7500???

Unfortunately a good chunk of the stimulus won't count, because I am using it for my $1k IRS bill.

Otherwise that could have been a nice sold $2k for the mid-term fund.

Oh well!!

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