Savings is my goal

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harry787
Posts: 2
Joined: Mon Jul 30, 2012 5:21 am
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Savings is my goal

Postby harry787 » Fri Aug 03, 2012 5:17 am

I graduated in May 2008 with approx. $60k in student loans and finished paying those off in December 2011. I was lucky enough to get a well paying first job and my parents were nice enough to let me live at home so I could pay Sallie Mae instead of a landlord. Now I'm 26 still making good money and decided it is time to get serious about saving.

My basic financial snapshot:
Weekly Income: $802 (after tax, health ins, 401k deductions, etc.)
Weekly Expense: $550
Savings Balance: $5,000
Car Loan Balance: $9,700
Credit Card Debt: $0

My goal is to contribute $13,000 to my savings over the next 12 months and have $18,000 in savings on 8/1/2013. I opened an account at Ally Bank for my savings and $250 of my weekly pay check is automatically deposited there while the rest goes to my checking for the expenses.

There's nothing too exciting about my situation just thought I should post my personal story because I've been reading through all the other posts on these forums :)
Last edited by harry787 on Fri Aug 03, 2012 5:34 am, edited 1 time in total.

harry787
Posts: 2
Joined: Mon Jul 30, 2012 5:21 am
Contact:

Re: Savings is my goal

Postby harry787 » Fri Aug 03, 2012 5:31 am

Here is a breakdown of my weekly expenses:

Rent & Utilities 162.00
Food & Entertainment 150.00
Cell Phone 14.00
Car Payment 68.00
Car Insurance 28.00
Car Maintenance 4.00
Car Tax 4.00
Gas 40.00
Slush Fund* 80.00
Total Weekly Expense 550.00


*I'm not spending $80 a week on slush. I believe most of it will end up in savings pushing me above my $13k goal but wanted to budget for my occasional desire to buy a new gadget or take a weekend trip.

JenniferGwennifer
Posts: 29
Joined: Mon Jul 25, 2011 12:52 pm
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Re: Savings is my goal

Postby JenniferGwennifer » Wed Aug 08, 2012 8:55 am

Congrats on paying off those loans so quickly!

What is the interest rate on your car loan? You might consider upping your payment a little bit to help you pay it off earlier and free up more income for savings (maybe cut into the slush fund?). My payment is $188 a month, but I always round it up to $200. I think it'll only save me about $50 in interest over the life of the loan, but I like thinking about how I'll have it paid off a few months earlier. :-)

Tightwad
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Joined: Mon Nov 01, 2010 5:15 pm
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Re: Savings is my goal

Postby Tightwad » Wed Aug 08, 2012 9:43 am

JenniferGwennifer wrote:Congrats on paying off those loans so quickly!

+1


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