Valued Contributor
Posts: 2,717
Registered: ‎08-13-2009
Re: Hop in! On my way to a 100k!
[ Edited ]

In the last few years, I have downsized in so many ways!  I have sold and given away so many things that I didn't have a use for.   My home no longer has a guest room or a spare bathroom.  In the last seven years, we have downsized from an 8 bedroom house to a studio.  (At the time, we had 7 kids if you count the foster kids and everyone had thier own room.)


In this journey to a 100 grand, I started with five simple steps.


1.  Transfer all balances that are not earning interest into interest bearing accounts.   (The checking account that is not earning anything, dropped the balance to a penny.)

2.  Close out all unused bank accounts.  (I am from the day where out of state checks were not accepted, so a bank account was necessary in many places.)

3.  Start a spreadsheet to list all bank accounts, the bank balances, and the interest rates.  (Got a HUGE surprise there!)

4.  Add a bottom section to list what each bank offers for a 5 yr CD - the minimum balance and the interest rate. 

5.  Step back and look at what you really have and reconsider where the money is going.


I have spent the last two days following the first five steps.  Smiley Happy   And in the process, I discovered that I had an extra 1k+ tucked away here and there that was not obvious when I did the first big picture look.   It took going through and listing every account, no matter how small the balance was to realize I had a little more than I thought.


Edited to add - DH doesn't believe the numbers.  We literally live paycheck to paycheck.   And to see that we have xx amount available shocks him.  And to think we could reach 100k by years end, well, he doens't believe it, but he is willing to try.


I did have two "duh" moments.  


1.   When I was in the shower (in the hotel), I was like duh, I should have asked for another free shampoo!  I always take them with me and use them all up.  If I don't need it, I don't ask for it.   So in this case, a hotel shampoo will give me one day of hair washing...not sure what the dollar (or cent) value of that would be...but still, every penny adds up!


2.   The hotel was doing free cookies tonight.  I couldn't eat them, so feeling kinda bummed.  DH had suggested we spend a dollar or two and go buy me cookies.  I said no - remember the goal.  Instead, I asked the employee if I could have a breakfast muffin instead.   The  employee said sure!   Sweet!  Saved two dollars.  Smiley Happy