Cynthetiq

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.

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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Xerxys

This is cool. My savings strategy has always been "If it brings you joy, you can't have it".

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Cynthetiq

This is exactly how I feel about it too.

Pick something that brings you some joy, and save for it, and actually spend it and buy it for yourself. That's kind of my point of this for myself...

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Daniel_

How do you reconcile this with free online porn?

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mrklixx

Where does the extra dollar go?

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Cynthetiq

thanks! fixed it. see how bad at math I am.

It's supposed to be $2 for saving, and $1 for Investing/or donating to a cause. The original idea came from 3 piles, one for saving, investing, or donating to a cause. We all are such instant gratification folks that saving only $1 a day would take so long to get towards a goal and discourage people.

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mrklixx

Whew, I thought I was missing something there. I read it like 3 times before I asked. Then I was thinking that it was like the Missing dollar riddle - Wikipedia, the free encyclopedia. Or it was a "transaction fee".

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Cynthetiq

hahha send the $1 to cynthetiq via paypal. that's a great idea and I can get to my savings goal even faster!

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eribrav

I don't get the part about taking $21 out of the bank, then spending some to break the $20 bill.
So you're taking your own savings out of the bank and wasting some of it right off the bat, all the while aiming to be wealthier?
Surely there are better ways to do this?

Cynthetiq

most people don't bother to ever KEEP money in the bank. it's a rotational space so that they can pay bills and that's it. if people were actually SAVING money in their bank accounts they'd have some savings. Also, if people tend to take out MORE for the week, for whatever, the point is to take a portion of that and put it towards savings.

We're a bunch of people who are relatively smart here, yet there are many who cannot save anything at all.

Simply put, take $21 every and save it. Each and every week.

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Grancey

I was so confused about the extra dollar. I think I read the OP four times before I quit and decided I must really be stupid if I can't figure it out. No one else had posted so I was waiting to see how others did the math. Thanks all.

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Cynthetiq

so no one willing to commit a goal of saving $3 every day?

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Plan9

Don't need this given my inability to spend the giant pile of useless government ooh-lahs in my bank account, but I think it's a great idea for others.

Tangible money is less likely to run off if it's in mason jars labeled "NO!"

...

Also: Some banks, such as Wachovia, transfer $1 to your savings from your checking every time you use your debit card.

An indirect way of saving money if you use your debit for regular reoccurring expenses such as fuel, cigarettes or parking.

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Grancey

I need $1000 on March 1. At this point $3 a day won't do it. So, to follow the scheme of the thread I could save $3 a day to have a part of it, or I could increase the amount per day that I save.

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Cat lovers can readily be identified. Their clothes always look old and well used. Their sheets look like bath towels and their bath towels look like a collection of knitting mistakes. - Eric Gurney

They say cats have no sense of time. I don't believe it, but that's what keeps me sane.