If you will check this post over at the NCN Network page, you will see that I have saved 13,000 dollar since February 27, 2006. My goal, starting in February, was to save 20,000 dollars by October 10, 2006. So far, I am on pace to meet my goal (and maybe even exceed it!)
Here’s the breakdown:
Days Between Feb 27 and Oct 10: 226 days
Days Between Feb 27 and July 13: 137 days
Days Between July 13 and Oct 10: 89 days
Amount saved so far: $13000 / 137 = $94.89 per day
Original per day amount needed to reach goal: $20000 / 226 = $88.49
Balance on Oct 10 if I save at current rate of $94.89 per day = $21445.14
So, I am ahead of the pace. But, I must note that a pretty decent portion of my savings came from an unexpected tax return. So, while on the face of things I am doing very well, I may struggle a bit to keep up such a pace. Imagine! Almost 100 dollars a day into my savings account! Yay!
By the way, 94.89 per day roughly averages to about 2900 dollars a MONTH. My wife and I bring home, together, about 5800 dollars a month in salary. So, almost exactly half of our take-home pay is going into savings. We have no payments, so we can both enjoy ourselves and save money. That, my friends, is what being free from debt is all about.