Week 29 - No Debt New Car Savings
It is week 29 in this mission to save enough money to pay for a car in CASH. Things are looking up when it comes to saving for a new car.
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 29, I was able to add the following:
Mileage Reimbursement: $245.75
New Car Savings: $100.18
Total Addition to the New Car Fund: $345.93
After 29 weeks, I should be able to save $25,000 in 23.7 months or 2 years. We are seeing a down movement of months before I hit $25,000 mostly because I was able to book $346 into the savings versus the last 5 week average of about $115.00.
Here is what the account stands at as of 07/15/2019:
Total in the New Car Fund: $5,515.01
Amount to Goal: $19,484.99
So what happened this week? Well, I run a race timing business and those funds came through this week. Which means I did the same analysis as I do with my side hustle. I take the mileage reimbursement ($0.58 per mile) and subtract my actual out of pocket cost (usually it’s just gas) to get the amount I add to this fund. $67.69 was the difference between my mileage reimbursement and the cost to getting to the client’s site for a race. That is part of the $245.75. I’ve always done that and there is no reason to stop doing it.
The other reason for the spike is that I am off for the summer and therefore have time on my hands to side hustle. That paid off with almost $275.00 added to the pot. I am not promising myself that this will continue at this level, but I am hoping it does. Every week is closer to having enough to buy a car with cash and take on no debt.
I really cannot wait for three weeks from now to see where I am. I would love to get $1,000 more put into this fund before the end of my summer months. That would be very helpful in the end.
Remember, all of the money that goes into the NDNC savings is from side hustle jobs. See my posts about side hustle income here.
That’s it, see you next week.