Monday, August 21, 2006


The Million Dollar Savings Club: How to Prepare

This post is an update to the Million Dollar Savings Club. If you are not familiar with this club, you can learn more by reading my post describing it.

Wednesday we’ll be kicking off the Million Dollar Savings Club. That’s the first day we’ll begin actually saving money. Here are a couple of tips you should do to prepare (I’m doing these myself):

First, take $20 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 3 paper clips to hold the money. Then get 3 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.

Wednesday will be the day we all start, so be ready!

For those of you in the U.K – Paul Newby over at will be starting a U.K. based version called the Million Pound Savings Club.

The Rules for the Million Dollar Savings Club are here.

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