Not Impressed with our Debt – Week 11

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

Published by marymargaretripley

I am a professional Bakery Manager at a privately owned grocery store. I also owned my own bakery for over four years. I have been baking for 15+ years professionally. I also teach canning and preserving classes and have been gardening since I was 5 years old. I live in Western, NY with my husband, teenage son, Bernie the Cat and Muffins the Hamster.

One thought on “Not Impressed with our Debt – Week 11

  1. That is a great idea Mary Margaret. DH has invested my retirement into the stock market, but only because he had to. He deals only in commodities, but it has been a steep learning curve. Now that I am finally eligible, we are looking for how to get it out without paying huge penalties before our dear friends in Washington decide we are not capable of managing our own funds and “protect” us by replacing our stocks with US bonds.😳

    Like

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