RECENT DISCUSSIONS

12 Financial Resolutions
Author: Amy Proctor

Making Managing Your Finances Fun!
Author: Chris Davis

Beware the '12 Online Scams of Christmas'
Author: Ken Hartley

Holiday Savings Tips
Author: Sherry Gibbon, Vice President, Community Relations and OMNI Manager

Establishing a Personalized Budget
Author: James Sheridan, Senior Vice President, Lending Officer

I'm a Victim of a Checkcard Breach. Now What?
Author: Sheri Parish

Back to School
Author: Karen Partee

Debit Card Tips for Travel and Large Purchases
Author: Crystal Hardy, Vice President and Bank Card Manager

Is now the time to purchase the home of your dreams?
Author: Lora Hollins

The End of the Savings Challenge
Author: Tawny Ormes

Financial Planning--Helping You See the Big Picture
Author: Carl Newman, Financial Advisor

Are you struggling with moving from paper and wonder what is in it for YOU?
Author: Sheri Parish

52 Week Savings Challenge
Author: Tawny Ormes

Myths and Facts about Social Security
Author: Mitzi Bjork, Financial Advisor

The World of Virtual Banking
Author: Chris Davis

52 Week Savings Challenge
Author: Tawny Ormes

Getting Organized in 2014
Author: Sherry Gibbon, Vice President, Community Relations and OMNI Manager

52 Week Savings Challenge
Author: Tawny Ormes

52 Week Savings Challenge
Author: Tawny Ormes

How to Save Money During the Holidays
Author: Sara Collins

 

How We See It

Tawny Ormes

Tawny Ormes

Posted:
June 30, 2014

The End of the Savings Challenge
Week 52

The 52 Week Savings Challenge has ended! (Please insert desired celebratory music here). I cannot believe that a year has already passed. Congratulations to those of you who participated and completed the Challenge. Also, a big thank you to the readers of this blog who have followed me on my year-long journey, many of whom encouraged me along the way when I felt like crawling under a rock and living as a hermit for the rest of my days.

If you did read my last blog, I left you by saying that with the massive expense that my wedding was becoming, I was not sure if I would be able to complete my Challenge. Well, I am happy to inform all of you that I DID IT! (Happy jumping took place at this news) That’s right, even with all my other expenses, I still managed to put back my money. It feels pretty awesome to have completed a goal that I set out to finish a year ago. Now, I must be truthful with you as I have been thus far. To complete the Challenge, I put back wedding expense money into this account to be able to reach my goal of $1,378, which I am technically going to count because it is still money that I was saving. At the end of 52 weeks, I had a whopping $1,575, exceeding my original goal by $197! Again, snaps for Tawny.

I now must regretfully tell you that I did spend ALL of my Challenge money this week. It paid for wedding items so it’s not like I just went on a massive shopping spree, even though I would have much rather done that. As I mentioned before, saving money for future needs is what the whole point of this Challenge was about. We all need to be more aware of our spending habits and establish a routine of putting money back into savings on a regular basis. I say that making it sound easy, but I will admit saving money is a very hard thing to do. Can I get an Amen? With all the life bombs that happen, and will happen, it becomes very difficult to set money aside when there is an actual need for it elsewhere in your life.

This Challenge taught me a lot about self-discipline, will power, budgeting, and really defining my needs vs. wants scenario. I had to make a lot of hard decisions and sacrifices, and get pretty creative on how to make things work, such as trying to fix my broken window or what I could make for dinner with what I already had at home, e.g. grilling bread and cheese together makes a darn good sandwich. If you search hard enough and honestly decide what is an actual need (not cable TV), everyone can make cuts in their spending to save a little more. I am sure glad I did, so I had a reserve of money for when I needed it and was not scrambling to come up with the cash.

I do plan on taking the Challenge again in the future. I think this will be great for me and my new hubby to start together! I have had suggestions from others, such as starting the Challenge at week 52 and working backwards or doubling the amount every week (only brave souls should attempt this).

I want to hear from you on your experience or what suggestions you have. How did the Challenge go for you? What would you have done differently? Will you do the Challenge again? I know many started the Challenge, but a life bomb happened and had to use their savings. I encourage you to try again and see what happens. Let me hear your story. 

 
 
 
 

Replies

Robert  |  Posted: July 1, 2014 - 10:34 am
Wow that is really amazing that you were able to complete the challenge. I myself wasn't able to complete it this year but I am going to try and get it done in the next 12 months. Way to go!
Amy  |  Posted: July 3, 2014 - 10:34 am
Congratulations Tawny! You did it! I'm proud of you and excited that you had the money saved to pay for wedding expenses. Hopefully this won't be a yearly challenge, but a forever life change of saving each week. Way to go!
Maurice  |  Posted: July 17, 2014 - 10:02 pm
I followed you all the way and completed the savings challenge myself!! Is the bank still planning to hold an elite savers reception.

Post a Comment

All comments are subject to approval. Read more.

 
 

About TBT

Who We Are Join Our Team People Who Make a Difference TBT Spirit of Giving Contact Us Site-Map

Helpful Links

AnnualCreditReport.com FDIC Consumer News FAQs

Consumer Protection

Fraud Protection Center FDIC Update Privacy / Security Disclosures
Member of FDICAn Equal Housing Lender
 
Powered by Encore Multimedia.
ABOUT SSL CERTIFICATES