Monitoring My Progress
I’ve added some progress bars to the left to track how I’m doing when it comes to my saving goals. Each bar will constitute the percentage of how much I’ve accumulated and how close I am to reaching my goals.
My first priority is to have a minimum of KWD 3,000 in an Emergency Fund. Yesterday, my friend deposited the 1,000 she owed me into my account and I used the extra funds to pay off my credit card expenses. I put aside 668 towards my Emergency Fund which comes out to be 22.3% of my target. If I stick to my budget I’ll be able to reach my goal by the end of May, a month earlier than I’d anticipated.
My second goal is to save up enough to start investing in the Kuwait Stock Exchange. In the meantime I will have to educate myself or attend seminars on how to invest because I don’t know the first thing about it.
I’m excited about the progress bars because I think they’ll have me stay focused on achieving my saving goals! It’s a stroke of luck that got me to reach 22% so soon!
14 Comments so far
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I am sure you can do it!! I really enjoyed reading it!
Good Luck…
Thank you Amu!
read my new post
Hope you reach your goals even sooner, I have a system I’ve been using for a while now, each salary I get, I divide it as follows, 40% of it goes to my savings, 30% is divided up into a daily allowance, and the other 30% is used for bills and anything I plan to buy like cloths, a cell phone i’ve wanted, etc. Now, lets say that my daily allowance is for example 20kd, its not everyday that someone would spend 20 kd, sometimes more and sometimes less, it realy depends on what day it is. If you spend less than your allowance on any given day, you add that to your next days allowance, so if you spent 10kd today, tomorrow you would have 30kd and so on,because on work days, you might not spend much but on your off days you may spend way over your daily allowance but you have the remaining allowance from days that you didnt finish your allowance. Sorry for writing so much, Im really bad at explaining things
Also setting goals, like ur doing, is also necessary. Hope this helps. All in all, I wish you the very best.
BTW, Great Post Amu
Amu thank you for linking to my blog and sharing your story! It’s inspirational knowing what you’ve achieved despite the pitfalls.
Bader I love your philosophy towards your finances. I will try to map out what my salary will come to if I follow your 40-30-30 technique. I think it might be easier to maintain than my current budgeting system! I am new to this so I’m willing to try out anything
You explained it perfectly. Thank you for commenting!
Thanks Bader
I really think he has provided you with a good example how to save money
you can always change the percentage depending on your expenditures. I usually kept it as 70% saving and 30% expenditure. I used to transfer 70% of my salary first thing when I used to get paid. Its just an example. But as I see you so much determined I am sure you can do it a lot better your self without us advising you.
Good Luck!
Your welcome
Your are 100% right, Amu, the percentage can be always be changed depending on your expenditures and your goals.
And trust me, after reading your post, im sure I can learn a lot from you.
Your advice is always welcome and is always appreciated.
It feels so good to see the progress made that it encourages you to keep on. I love the bars, and I love seeing that an emergency fund is emerging! Wooo Hooooo Kuwaiti Woman!
[...] left me a comment on my Monitoring my Progress post saying, Hope you reach your goals even sooner, I have a system I’ve been using for a while [...]
Thank you all for the support! It’s encouraging to have all this positive feedback
Hi!
You posted a comment on my blog yesterday or today (MyTwoCents) and wished me well on my new writing exercise. I unfortunately deleted it by accident and lost the comment! I’m sorry, thank you so much for taking the time to post and wish me well. Best of luck in your saving endeavors!