Savings Account

A few years ago I made a broader goal of achieving 1 million dollars in my savings account by the time before I will turn 60 in 2045.  The plan went well until the Pandemic hit my portfolio in March 2020, later that year I bought an apartment in rural Latvia I really didn't need and spent a lot of my funds there on renovation works. Also, we have kiddo now, the cost of schooling at an international school here in Tbilisi now cost us about $5,500 per year, but soon will reach $24,000 per anum…

About 2 years ago I started a simple, so-called 52 Week Money Saving Challenge. The rules for this challenge are very simple - to deposit in the first week one euro, in the second week - two, third week - three, etc. The amount after each week continues to grow, up to the last week of the year, when it is 52 euros. Back in 2018, I was saving in the jar, but I must admit I dropped the challenge in after some 6 months, as we were relocating from country to country and I didn't have any more…

I first heard about such challenge from SEB Latvia bank - How to save 1,400 euros per year? The recommendation is simple - to deposit in the first week one euro, in the second week - two, third week - three, etc. The amount after each week continues to grow, up to the last week of the year, when it is 52 euros. As I love challenges and believe they are the great way to master new skills and make good habits, and in fact, there have been a few long-term challenges already passed in the frames…

I'm 31 now, I have a goal to save one million dollars by the time I will be 60. That's 29 years. That's $34,482.75 I should save each year, next 29 years in the row. That's a lot. I currently make less than $20,000 per year, by US standard I'm the one who falls into the category - working poor. However, unlike my colleges in US, I live overseas (see living in Georgia) where standard of living in much much lower if compared to US , and in fact with funds I have here in Georgia I can afford…

Welcome to my third savings report, today I will look at historical exchange rates of GEL/USD and EUR and compare those with at the end of January (2015) with February 24. I started to save some chunk of money back in September 2014, since my "investments" was too small to buy some bonds, stocks or mutual funds, I decided to open a Savings account here in Georgia (I'm currently living here) in local commercial banks. I started low - by depositing some 300 GEL (what back then equaled to  to $…

n September 2014, I started a journey to build a savings account in the fast-developing economy of Georgia. With a strong command of the Georgian economy, I saw the potential to grow my income from my online sources and put it to work for me in the form of savings. My Income Sources At the time, I was earning my income solely through the internet. My primary sources of income were Google AdSense and affiliate marketing, with the latter accounting for about 90-95% of my total income. Starting…

For many years, I have been envisioning how to optimize my personal finances. Despite my aspirations, I have never established a savings account. However, I have decided to rectify this situation. A savings account serves as a secure repository for one's funds, and numerous options exist for opening one. For example, a compound interest savings account will provide earnings on deposited funds. While residing in Georgia, I opted to focus my search for savings accounts within the country.…