Goal: Save at least $10,000 in my money market account without needing to crack into my BofA CDs. Siphon off paychecks when I don't need the cash, deposit them into my money market account instead.I'm depositing $5,000 today, off an unusually big paycheck. I hope to save the rest ($4,000) by sometime in the summer. This will mean siphoning 2 to 3 regular-sized paychecks.
That was two weeks ago. I've been waiting for a paycheck to boost my regular checking account, but instead today I got three paychecks, all in one check. That is, I got six weeks-ish worth of pay in a single check. I also had a windfall and see no big expenses in the foreseeable future. So I decided to put this triple-check into my money market account. My checking could still use a boost (and will definitely need my next hopefully regular-sized check), but it's OK for now. And I've reached my goal. Two weeks after setting it.
So now what do I do? Well, here's what I said I would do:
Reward: Once I've saved that $10,000, THEN I can start saving for a new computer. I plan to get an iMac. (This saving shouldn't take too long.) At that point, I'll transfer $10,000 from my no-risk CD into my money market and start raking in the interest*. And maybe I'll set a new goal.
And guess what's hitting stores tomorrow? Haha, just kidding. I'm not going to buy an iPad. I still can't see the use. An iMac may be in my future, or maybe I'll get a new laptop. I really didn't think it would come up so quickly.
Here's my new plan:
Next week, transfer $10,000 from my no-risk CD into my money market account. (This will require a stop-over in my checking account, but I won't see it as free money, I swear.) Wait four regular-sized paychecks, which should replenish my checking account to a healthy balance, and then consider the computer purchase.