Week 30 - No Debt New Car Savings
It is week 30 in this mission to save enough money to pay for a car in CASH. This week was just as good as last week (minus the extra pay last week).
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 30, I was able to add the following:
Mileage Reimbursement: $138.62
New Car Savings: $90.10
Total Addition to the New Car Fund: $228.72
After 30 weeks, I should be able to save $25,000 in 23.2 months or 1.9 years. The average of the last 10 weeks was $174.50. This week’s addition exceeded the average which is a good sign for growth in this savings challenge.
Here is what the account stands at as of 07/22/2019:
Total in the New Car Fund: $5,743.73
Amount to Goal: $19,256.27
I didn’t get as much side hustling as I would have love to this week since it was basically a free week. The main reason is due to putting time into making videos for my classes for the fall and that took up a good chunk of the week. It wasn’t something that I “HAD” to do this week, but getting them done is a good thing overall. I’ll be seeing more of that over the next 5 - 6 weeks and hopefully finishing 12 sections of videos before the start of the school year (I doubt that I will do all 12 sections before school starts, but at least getting over half will be a good sign).
With that being said, I hustled over the weekend to achieve a pretty good amount added to my NDNC savings. During this week I didn’t drive as much which accounted for a decrease in reimbursement for mileage. Most of my side hustle jobs were pretty close in distance which is GOOD for timing, but not good for getting to write off more expenses (mileage is a valid expense for tax purposes and I don’t pay taxes on that amount). Since my drive was pretty close in nature, I only put $138.62, which in comparison to a week where I made a similar amount of money I was able to put away $196.62. So the efficiency was good, but not the savings.
Over the next few weeks we will probably see a decline as I have events that I have to be at and I am traveling a lot in August, which means I don’t get to side hustle to boost this NDNC savings, but that’s okay, it’s worth it.
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.