In an email newsletter I get, the author mentioned this news article from yahoo about the 3x5 savings account.

http://biz.yahoo.com/wallstreet/080601/sb121226759448935495_...

The gist is, in order to more effectively be aware of your money and eventually save money, to keep track of your income and expenditures for awhile on a 3x5 card. I think I will do this this month. Would anyone like to start a 3x5 Savings Challenge with me?

Sorry, everyone. I haven't made many posts lately, and definitely not a Challenge post, in quite awhile. I haven't been feeling well, but I am feeling better now.

Anyway, I was doing laundry and found $0.82 in my pants, bringing my Challenge total to $19.81.

Woo-hoo!

Oh, take a look at this photo. I guess there's no crime in this town!

Hi, folks. Some weird stuff is happening in my universe. I have checked my checking account balance. I am about 1 week from my next payday and I have about $300 left! This is unheard of! I don't want to question good fortune, but this is definitely weird. I haven't been doing anything differently.

DH and I have agreed that when the truck gets out of the shop (it is in the shop for mechanical work), we are going to take it to another shop to have the rear windshield replaced. The rear defrost does not work because some idiot prior owner cut the wires that make that work! Go figure on this one. I sure can't. After having that repair, which is supposed to be about $200 or so, I will transfer whatever is left to the short term savings.

A few days ago when I discovered this excess cash (which I think is due to a combination of factors, like lower health insurance and less driving due to bad weather), DH and I decided to revamp how we have been doing our money. I am going to build up the short savings to $300. Then, while still making regular deposits each month to short term savings and dream savings, I will begin to whack really hard at the credit card debt. My APR is currently 18%. I had the balance down to $1961, but because of the high APR, my amount due skyrocketed to $1992! I figure the only way to combat this is start hitting it really hard with payments that are 2 times the required payment. I have not charged anything to this card in months, but I have been making regular payments of more than the minimum, plus also making payments out of my Challenge money.

I have collected coins and bills totaling $6.50 for a deposit to my checking account. When the deposit clears, I will send it directly to the credit card.

I am beginning to fell really prosperous and wealthy. I am continuing to see the debt amount coming down and down and down. It's very exciting and inspiring at the same time. I am also continuing to see my savings and retirement go up and up and up.

I just talked with the retirement guy from the company I use through my work and we adjusted my allocations to be more aggressive. I just started contributing last year and I am 36. I need to start being more aggressive with my investing since I have had a late start. I hear some investment people say you can figure in what you social security benefits will be into your "income" you will receive when you retire. I am not sure there will be social security when I retire, so I don't intend to depend on it. When my raise comes through next spring (probably about 3%), I am going to increase my retirement contributions by 1% and also my budget allocations for debt payoff and savings.

I have an extra $.19 to add to my challenge money, bringing my January total to $18.49. I told my dh about a book on the giveaway shelf at the library that I thought he might like me to pick up. It only costs $.50 and he gave me $.69. He called the extra money "transportation fees." Go figure. ;P

Hello, everyone. I just requested a check from one of my survey companies. It's only $5.00, but when it gets here, it's going right into my Challenge money and to the credit card before it can be spent on something else.

Hey, I was just doing the laundry and found $1.30 in change in pockets of clothes. This brings my Challenge total for the month to $18.30.

This is fun!

Howdy, folks. Well, the sad story is that I had to use my $38.20 in Challenge Money for a trip to a nearby city to take my husband to a doctor. However, I did find $17.00 cash after searching through my purse, pockets, etc. which I am going to deposit to checking on Monday and swiftly send it to the credit card before it can be spent. This brings my January challenge amount back down to $17.00 and my credit card balance to $1961.83. I also made payments on our medical bills, bringing our total debt to $7080.20. Yeah!! I don't think I can go to the bank until Monday, though, because there is a winter storm warning in effect and our car is not starting reliably. The storm is supposed to pass around Monday, I heard. The roads are also icy and makes even walking somewhat treacherous.

I also reinstituted a rule I had been using for awhile. At the end of a pay period (day of payday), whatever money is leftover in my checking from last payday I will divide up equally among my Dream and Short Term Savings accounts. For awhile, I had not had any leftovers or at least not much and so had not done this. I had $62.76 leftover in my account Friday before payday, so I divided it and put it into the two accounts. I like this game.

I just found a dime on the laundry room floor, which brings my total for January to $38.20. All this money is rolling in in dribs and drabs, but it is rolling in.

Hey, I just found a penny in my wallet. I have no idea where it came from, but I'm going to just put it in the piggy and be grateful. This brings my total for January to $38.10.

Yippee!

Hey, I just got the gas bill today and found a surprise. It seems that the deposit that we had to put down to open an account earns interest. The company credited $6.29 worth of interest to our bill, so $6.29 more will be going to the credit card on Friday the 12th. This brings my total for the month to $38.09.

I'm adding another $.03 to the challenge, which brings me to a total of $31.80 for the month of January.

Woo-hoo! This is fun!

I have another $4.05 to add to the Challenge. That makes $31.77 for a monthly total so far.

I like this rollercoaster ride!

Howdy, all.

Well, the end result with my $20 Challenge is a surprising $18.50. Not bad, I say, seeing as I started it on Dec. 26th, I think. I had budgeted $100 to the cc, so I sent that plus this $18.50 to the cc. I'm feeling really jazzed.

Add on top of that the fact that the college I work for has health insurance, which we only have to pay for twice a month. Since I got 3 paychecks in the long month of December, I have about $27.00 extra in my account. I am putting that on my $20 Challenge for January. Wow. That's cool. I've already met my $20 Challenge for January. I'm not stopping there, though.

I went grocery shopping this morning and saved $14.55 with store specials, my store card, and using my own bags.

I also made regular deposits to my Dream Account and Short Term Savings Accounts.

My husband will get his first paycheck, probably about $250, from his new job on Tuesday. It is the first step to getting our truck fixed so we can drive it. In the meantime, our car is also not very reliable, as we think it may have something wrong with the transmission. I have been riding my bike to work for the last 2 weeks (yes, it has been very cold, and some days, very warm here in the midwest) which has not only save me a lot of gas money, but has given more strength and stamina. (I have asthma, so this is important.)

Despite the car and truck problems, I feel really fortunate and blessed to be a part of this group that shares ideas about how to save money, the struggles to pay off debt, and create a better life. I want to wish the best for all of you and your families for 2007.

Hello. I am starting a New Year's Resolution.

I am beginning a resolution to save an extra $20 per month and pay it towards my credit card. This extra money will come from pocket change I will toss in my piggy each night when I come home from work, rebates, refunds, and unexpected money. We are also going to cancel my cell phone, since I don't use it very much.

I have been maintaining a payment of $50 per month without fail no matter what the balance is. From now on, I will continue to make that $50 regular payment, but also pay a separate $20 payment.

My current challenge balance with all the pocket change I have is $7.59. I know it's the 25th of December and I may not make $20 by the 31st, I am going to try to accumulate as much as possible. I will report my progress here on the 1st of each month.