Savings Story

$48,000 Goal Update: 5 Months

This year I am trying to save $48,000 (60% of our gross household income). To read more about my goal, and to see how I’m doing, you can click on the $48000 category.

After 5 months I have managed to save, in various types of accounts, a total of $19,500. Here’s a chart detailing my progress.

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I spent the month of June ‘paying myself back’. Why? In March I ‘borrowed’ money from my ING Direct Savings account so that I could fully fund 2 Roth IRAs for the 2006 fiscal year.

Saving $48,000 in one year requires a $4000 per month deposit. So, after 5 months, my goal was to have $20,000 saved. I have saved $19,5000. So, I’m ‘behind’ $500. I’ll work hard in June to save an additional $500, over an above my original goal amount.

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2 thoughts on “$48,000 Goal Update: 5 Months

  1. Congrats on your progress!! Would you explain the $8,000 each IRA category? Are you self employed, or over a certain age? I thought that the contribution limit was $4,000 each for 2007…
    Thanks!

  2. MacGregor,
    $4000 for fiscal year 2006 (which ended April 2007) and $4000 for fiscal year 2007 (which ends April 2008). (I opened both Roth accounts in March 2007!)
    Thanks for the question,
    NCN

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