The Bread Crumb Savings Plan
Posted on March 21, 2008 - Filed Under Business |
No no no this has nothing to do with the Latte Factor.
If you haven’t read “The Richest Man in Babylon” then you’re missing out. It’s a great little read. It’s message: save 10% of your income.
Oftentimes putting 10% of my income into a savings account is tough. Rent checks come in at the beginning of the month. Mortgage payments drain the account towards the 15th. Stack on some other bills, a few nights out at dinner and suddenly 10% isn’t as cut and dry as that.
With all the renovations, the crazy contractor swap game, the savings plan kind of fell by the way side. With all the extra expenses, suddenly getting 10% into a savings account became difficult. Last November, I set my mind to the task of figuring out a way to get that 10%.
The Bread Crumb Savings Plan.
Maybe a new book for Oprah . . . The Bread Crumb Savings Plan, the Cheeseburger Factor . . .
Rather than hack away 10% all at once, I wondered if it was easier to give a little bit at a time.
Example: The objective is to save $200/month. Divide that by 4 weeks. $50/week. Next step, program the high-yield savings account to automatically withdrawal $50/week from my checking account. At the end of the month, $200 winds up stashed.
As I stated, this was something implemented back in November. Upon checking a few weeks ago, the high-yield accounts had increased quite nicely. My savings goal has been achieved and sustained.
Little victories count too.
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And the answer is . . . . on October 9th, 2005
Yes, Mean Grandma left yesterday.
Attached on September 17th, 2008
I guess my brain just thinks differently.
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