It was a good week last week!
At the end of Week 11 we are at $31,324.15 for debt amount and $650.00 in savings. That’s a decrease of $573.54 in debt and $120 increase in savings!
Here’s the breakdown for the month of September so far:
- Week 8 – $32,343.54
- Weeks 9 and 10 – $31,897.69
- Week 11 – $31,324.15
Just $180.61 left to meet September’s debt goal and we have exceeded September’s savings goal!
Let’s have a conversation about savings. At the point we save $1,000 I want to do something with it. I want to get more bang for our bucks so to speak. The best rate for a CD I found was about .55% for 9 months. The reality of a CD is that unless you have hundreds of thousands of dollars to put into a CD it just isn’t worth it. After calculating we would get a whopping $3.75 after 9 months. Why bother right?
I have had other advice about investing our money which I love to learn about and hear from people but none of those ways of earning are my style.
After seeing the return we would get from a CD I thought to myself why wouldn’t I invest in myself and in my own business? I could take even $500 of the $1000 savings and turn it around in a month and make 10,000 more percent than a CD. In other words I would invest in myself and in my Etsy shop. I can even track that $500 I spend on inventory for my shop by having a series of SKUs that correspond to that original $500 I invest which can then be analyzed weekly.
I’ll talk more about this in the future but for now that is how we intend to increase our savings even more.
Hope you have a great week!
Next update September 27th – MM