2K in 12 Months... The Nitty Gritty Details

So now that I have gotten my formal introduction and some basic background information done, I can talk about the nitty gritty details of my "2K in 12 months" goal. I will start on July 1st. This will work out great because my current apartment lease runs out at the end of next June, so if I chose to use this money towards a down payment, the timing would be perfect for moving. Its halfway through the year, my birthday month... everything just seems right. I'm feeling good ju ju about July 1st.

So I do have about 500 dollars in a savings account that I don't touch. 498.16 dollars earning just over 1% interest. It's from birthday/Christmas presents of money when I was a little kid. This money will NOT count towards the "2K in 12 months". But that does remind me, I should move this money into a CD or a ING Direct high yield savings account. Perhaps I could count the interest that the $500 earns after moving it to ING. Hmmm...

Speaking of ING Direct high yield savings account, I have decided to put my "2K in 12 months" money into one of these accounts. I don't forsee any problems with this, but I have not had an account with them before so I am not sure. I believe they have no minimum initial balance, and ability to automatically transfer from your bank account. Keeping my money in an ING account does two things for me. It is not in my normal savings account, which is directly linked to my normal checking account, so I will not be tempted to spend it. Also, it will let me earn a high interest rate on the money, and every dollar put towards my goal counts! I am actually really excited to try out one of these online high yield savings accounts. I've heard only good things. I will open it on July 1st.

Onto the ways in which I plan to save the money.

- Automatic deposit from my check every month (after a month or so I won't even notice it), I havent decided the amount yet.

- Never spend any change, save it in a piggy bank.

- I have a roommate living in my apartment for the summer, this rent could be considered extra money, save it.

In addition to saving money, I plan on earning extra money. All this extra money will go towards the goal.

- Sell crap on ebay. Pretty standard. I'm not an expert but I've sold a couple things. I have made a mini goal to stop being such a pack-rat, so I should have tons of stuff to sell. Two birds with one stone!

- Mow my mom's lawn. 20$ a week!!

- Get a second job. Maybe mowing other people's lawns?

- Aluminum cans. We have a place nearby where you can get money for aluminum. Not much, but like I said, every dollar counts.

In general I plan on living as frugally as possible. No big purchases, clipping coupons, spend less on groceries, cutting out netflix, my tanning membership (its summer, duh), etc. I plan on writing more posts about these things specifically.

One week til go time!! I can't wait!