Week 23 - No Debt New Car Savings
It is week 23 in this mission to save enough money to pay for a car in CASH. This week I was “off” from side gigs and therefore there isn’t a lot of movement in the No Debt New Car savings. It is minimal, but there is some to be added.
To understand the basics, check out my first week’s blog where I talk a lot about this entire breakdown by clicking here.
In week twenty-three, I was able to add the following:
Mileage Reimbursement: $190.82
New Car Savings: $146.75
Total Addition to the New Car Fund: $337.57
After twenty-three weeks, I should be able to save $25,000 in 23.7 months or 2 years. Not a bad week at all. Interest was earned on my deposits of $6.29 was include in both of the numbers above.
Here is what the account stands at as of 05/27/2019:
Mileage Reimbursement: $2,945.06
New Car Savings: $1,636.04
Total in the New Car Fund: $4,581.10
Amount to Goal: $20,418.90
There was a perfect storm that lead to a large amount being put towards the NDNC savings. The first being a holiday last Monday. This meant that I could earn a lot of money on that holiday. Then we had the usual weekend. If you compound the amount I made on the holiday plus the weekend, I was able to add even more to my NDNC savings. Remember, all of the money that goes into the NDNC savings is from side hustle jobs. See my posts about side hustle income here. Mondays are usually slower days and since I work a full-time job, I hardly get to gig on Mondays. However due to the holidays, everything gets pushed a day and the opportunity to gig is huge.
In Week 24, I don’t have ALL of the time to gig this week. You’ll probably notice a decrease next week because I have other work to tend to. However I am hoping that we will add another $200 - $300 to the fund.
That’s it, see you next week.