How to save $5000 and pay off debt at the same time.

I made $5000. Well, more like I had it already. I didn’t realize it though until I added it up.

Between all my accounts including retirement which I never added into my goal budget I have $5000 worth of assets. I didn’t include my IRA because there is a penalty for withdrawing that money until I reach a certain age. 59-1/2 I think.

But, I do have it.

Screen Shot 2017-05-27 at 10.11.29 PM

So I guess my next goal is the big $10,000 mark. That would be big for me. I’ve never had that much cash I made myself available before.

I hope to have it by the end of the year. By 2018.

Screen Shot 2017-05-27 at 10.14.18 PM

I should be getting a raise next week too for my one year review. I might be offered a higher-paying job as well. Either way I should be able to boost my savings a little bit.

I currently net about $400-$700 a month.

This is how I distribute the savings:

•$97 (about 15% of my income)  between my savings and Betterment account every week.

•$72 to savings

•$25 to Betterment

• The balance goes to my checking.

This seems to be working pretty good. As long as you can scrape together a little bit of cash every week you’re on the right track. I have a budget set for my debt repayments and I have been working my way down from the highest interest rate account to the lowest. I pay the most I can comfortably while still having some left over to save and, you know, live a life.

My macro goal is to get $1000 into both savings (currently $750) and my Betterment account (currently $503) and have a months worth of spending plus 25% or so in my checking (currently $1150).

This should hopefully happen within the next few months and for sure by the end of the year.

 

 

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