The satisfaction of putting hard-earned cash toward your financial goals is difficult to match.
Last month, with the New Year looming, we asked you, our readers, what you’re saving for in 2014. Your answers, which numbered in the hundreds, spanned the savings spectrum from emergency funds to new cars to trips around the world. Thank you to everyone who shared their savings goals with us.
We’d like to congratulate 26-year-old Caitlin, who works at a property management company in Scottsdale, Arizona, for winning the Saving for 2014 Challenge.
Check out Caitlin’s savings goals, in her own words:
“I’m saving for several things in 2014. First, I’m continuing to build my retirement savings, as well as working to boost my emergency fund to a full year of expenses. The importance of having an emergency cushion was made even clearer to me when I was laid off this year. Although I was lucky enough to find a new job within a week, I know I may not always be so fortunate.
“In addition to those financial goals, I’m saving money to get a new car—new to me, that is. My goal is to purchase a used vehicle in late 2014 or early 2015 with cash. On the fun side, my boyfriend and I are saving up for a trip to Japan. We want to see the country, the city … and Tokyo Disneyland.
“To reach my goals, I’m reducing my budget everywhere possible. I’ve sworn off buying any new clothes or accessories for six months, and we’ve reduced our eating out from a couple of times a week to a couple of times a month. I’ve gotten our utility, insurance and phone costs lowered by negotiating with our providers, and we’re being smarter about energy use at home.
“I know (from reading LearnVest!) that it’s not enough to reduce my costs‚ so I’m also increasing my income wherever I can. I have started my own social media and blogging business and already have my first three clients. I see every extra dollar I can earn or save as being one step closer to my goals, and that’s extremely motivating for me.”
Are you sticking to a special money resolution this year? Enter our January challenge for another chance to win!