Wednesday, August 30, 2006


Million Dollar Savings Club Update: Day 7

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.

Day 7:

How have your saving efforts been coming? Have you been able to save one dollar per day in each pile (Savings, Investing, Give-Away)?

By now you should have $7 in each pile for a total of $21. Today, I will share with you some of my challenges and rewards:

Building the habit is difficult. I won’t kid you. Keeping the money in a place where you can see it, perhaps next to your bed is key. Without having the money in plain view I would have surely forgotten to add to it daily.

Another challenge is keeping cash on hand-- single dollar bills to be exact. I regularly have to keep a pipeline of singles in my wallet and not spend them.

So that’s the hard part. Here are some rewards:

It’s amazing to see how quickly these piles of money build up. Again, seeing the money is key. Let’s be honest $21 is nothing special. But seeing it build up is powerful. It seems like yesterday this club started and already there is a pile of money on the side of my bed.

Here’s something else: Because I’m setting money aside everyday, I find myself thinking more about saving money. Again, seeing the money makes me think more about saving.

Also, I’m much more conscious about spending money. For example, do I really want to pull $20 out of an ATM machine and pay a $3 fee? After all, that’s a days worth of savings!

Hopefully you’re experiencing the same challenges and rewards. If you forgot to add to your pile for a day, don’t quit. Just do the best you can.

Remember it’s a marathon. Not a sprint race!

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