Many of us talk about being able to save, some of us can save but many cannot.
This is to be very much like the weight watchers thread, put in a goal and track the goal to completion. This is about creating good and positive habits.
- You will save $3 dollars per day in cash.
- Each dollar will be placed in two piles: $2 for saving, and $1 for Investing/or donating to a cause.
- There are no membership fees or anything like that. To be a member of the club simply set your $3 into each pile every day. We’re working on the honor system.
Quote:
First, take $21 out of the bank so you have about one week's worth of savings ready to go. Truthfully, most people don't carry much cash around anymore. You don't want to get in a pinch where you don't have money to put into the savings fund each day.
Second, take the $20 bill and break it into singles. You might need to buy something small like a coke and get $18-$19 back in change. Ask to get the change in all singles. If your bank will give you $20 in singles that will work even better.
Finally, get 2 paper clips to hold the money. Then get 2 slips of paper and label each: Savings, Investing/Give-Away. This way you can track each pile of money.
You might also think about where you're going to place your piles of money. Try to pick a place where you'll see it everyday. That way you won't forget to add money to it.
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You can do this for as long as or as short as you need.
I don't do Christmas club savings, but for some of you it may be the right time to start saving for the holidays if you haven't started already. The stores are already starting to put up Christmas decorations and it's not even past Halloween!
This is simple, write down your goal and what you want to spend the goal money for (if you are saving for something to purchase.) Estimate the end time to hit the goal, example $250 to go out to nice dinner on Valentine's day with spouse will take 125 days. If you start today, you're going to have to make up a few dollars since it is 133 days until Valentine's day. You can use the
Calculator: Add to or subtract from a date to help you calculate date goals.
Why $3? Because this is as simple as the story of the tortoise and the hare. Yes, we can take windfalls and put them towards savings, but the reality is that windfalls rarely happen, or get spent on other "emergencies" or "luxuries".
Further, $3 isn't painful. It's skipping a couple coffees or sodas. Maybe getting a smaller lunch option, or skimping on something for cooking choices.
The point of this exercise is to be reminded every single day that you should be saving $3 towards your goal.
If for whatever reason life hits you where you need to dip into it, dip into it. Post how much you had to dip, and readjust your goal accordingly.
Visit the thread at least once a week and post your progress.
My goal:
Ipod Touch 64Gb $399
Friday, April 23, 2010
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