Saving Money in 2016

Ah Money. Supposedly people eat collard greens at the new year to bring wealth in the coming year. I don’t know that what I eat matters all that much, but I do know I need to recommit to my savings account.

Airport Adventure

Being unemployed all summer definitely got in the way of my 2015 Savings Goals. I dipped into my savings for the South America plane ticket, but that was worth it! I also had to invest in some apartment purchases, but now I’m pretty much set thanks to Bed, Bath, and Beyond coupons.

save money in 2016

Now I do have other savings, I don’t want to make it seem like this is it. However this is what I’m comfortable sharing. Everyone’s money situation is different. I would love to increase this amount however I want to start with an easy amount to build a solid habit.

Do you have a savings plan that you’d like to share? Or an easy way to build a budget?


10 thoughts on “Saving Money in 2016

  1. It is so hard to talk openly about savings as it’s such a personal thing to each of us. I do save a high amount but I also work in an industry with a high level of volatility/low level of job security so I feel like I have to save a lot to prepare for an event of being let go down the road. For me, I have to make savings automatic, so a certain amount of every paycheck goes to my online capitalone savings account. I like using that because the APR on it is better than my bank (Wells Fargo) can offer and it takes 2-3 days for the money to get transferred to my WF account when i want to use some of my savings so it eliminates the risk of me quickly moving money over.

    Good luck with your savings goal for the year! I have a somewhat aggressive one as well!

    • I didn’t realize capital one had savings accounts also! My bank definitely makes transferring quick, so once that account is high enough, maybe I’ll make another savings account.

  2. I like your idea of a staggered plan and may have to copy it. One of my goals is to save money this year and pay off 1 of my 2 student loans in full.

    • That’s a great goal! I am really nervous for those end of the year transfers, so I might end up switching some of the cheaper ones.

  3. I treat my savings like a bill. I pay my bills as soon as I get paid, and I have an automatic transfer to savings. And then whatever dollars I have left in my account get swept into savings on pay day!

  4. I wish I did! I’m a long term freelancer, so have become used to always erring on the side of frugal just in case my current gig is my last for a while. I manage okay that way, but saving up for big things can be a non starter!

    • Erring on the side of frugal is always smart! I made sure to pick an apartment that I could afford, but I know I don’t have 6 months worth of expenses saved up right now. Here’s hoping I can get a better safety net this year!

  5. I’m working on the debt snowball plan by Dave Ramsey to pay off student loans, truck payment, and credit cards… But my monthly personal budget operates on a rule of at least 25% goes into savings each paycheck and 10% goes to a charity or a cause.

    • Way to go Jake!! I was home last weekend and Joel spoke about the VLM projects going on, so its about time for another camp donation for me!

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