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Archive for April, 2008

Challenge on Hold...

April 30th, 2008 at 06:24 pm

Looks like I am going to have to put the Challenge on hold, alas. With an unexpectedly high electric bill, high satellite dish bill and my health insurance premium having gone up because of my age - I turned the big 5-0 back on the 11th, it's all a bit over the budget for now. Thankfully, this is a 5-paycheck month for most of us, so that'll help.

Hopefully next month.....

My take on the $20 Challenge

April 27th, 2008 at 12:39 pm

I've decided to join the $20 Challenge, perhaps because it will get me disciplined in the true art of saving. At the same time, I can pass this challenge on to my kids - one's 23; the other almost 20.

I've got a pretty good start on the challenge. $86 to be exact. One way I add to it is by checking a newspaper vending machine at work for coins left behind in the coin return slot. I also believe in picking up coins, be it pennies or of the silver variety, and adding it to my coin jar. I don't like mixing coin and paper money.

Something else I do when I get my weekly paper check is to deposit an even amount into my checking account for paying bills. Then the odd amount of dollars and change will go to my Challenge Account.

I've decided to invest my money in SmartyPig where the savings yield is currently 4.30%.

My rebate check...

April 27th, 2008 at 12:29 pm

I've decided to deposit my rebate check of $600 as a contribution in my Health Savings Account. I need to work towards my deductible, which is also the max amount I can contribute tax free.

The beauty of a HSA is that all contributions and distributions (medical payments/expenses)are tax free; they lower one's tax liability.

A worthwhile endeavor if you want to avoid paying too many taxes.....