Monday 23 September 2019

The Homestead Fund Update

Okay, so it is that time again, when I update how my progress is going on my “Grand Savings Plan!” (to build my "Homestead Fund") 

Okay, so let’s see how I did . . . 

For review, here is how things looked from last payday . . .

That is 11.6% (of my Savings Target).

And this is how things look like, after the dust settled on this payday’s budget . . . 

That’s right things jumped up to 12.1% of my savings target. 

That means I put away 0.5% of my total Savings Target this payday.

Okay, this was expected because I am building my personal library, “The Homestead Archives”.

There will be another hit to the savings next payday as I pay for that next bunch of books that I bought to jump start my library.

I am still debating as to whether or not to buy $100.00 worth of books each payday, or each month (on the 7th). 

I have a long list of books that I want to buy, so another bulk buy will not do, so buying in small bits over time is the best way.

Anyways, the point is that while my savings took a hit, I still put something into savings while remaining debt free.

With those two basic principles in mind I will continue to venture forwards. 

On the upside next payday will see me fully-fund my Mid-Term Savings and put a good chunk into my Long-Term Savings (specifically my TFSA).

I use the term “Long-Term Savings” to mean the collection of bank accounts/investments that take more than a day to get money out of. 

Those are used for long-term savings and thus pay more to compensate for their lack of convenient access to your money.

I will continue to remain positive as I move forward as I build a better future for myself through my frugal ways.

As always: Keep your head up,  your attitude positive, and keep moving forward!

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