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Revamped money goals and revamped tiki challenge

September 24th, 2008 at 01:42 pm

Finding those two bars for sale has really been a kick in the pants. It's true that chance favors the prepared, and it's time to REALLY get prepared so that when my dream tiki bar location goes on sale, I will be ready to jump on it.

So, I'm revamping the savings strategy and the tiki bar fund strategy.

From now on, any money I make from jobs or freelance will be divided as follows:
50 percent to the family savings account
25 percent to extra on the student loan
25 percent to the tiki fund

My goal is to save $40k to start the bar and buy a building, without significantly impacting my family's finances.

This new system will allow me to compile the money faster, while still padding the savings account and paying off our one debt. It will allow me to save without hurting the family money and while getting ahead.

All of this is predicated on us accomplishing the overall savings goals
outlined on my sidebar.

For instance, if we haven't met our goals for IRAs, 529 contributions, etc., then no deal, and the money will flow to those first, and to the tiki last.

I have about $1150 in the tiki fund this year. Obviously way short of the goal, but as this was the first year, it was more of an experiment to see what could be done by saving little bits. And all of that money came from money I made not from my usual line of work.

I think this new system will also motivate me to track down more freelance money and more odd jobs. It may even help me get my photo business up and running, as that pays well.

Motivation has a cascading effect: the more I make for the tiki fund, the more I am making for my family. What better motivation is that?

I am also thinking of going on a "seriously trimming down the consumption" kick for me and the hubby. We seem to spend a lot of money but not really buy anything substantial, so it's time to slow the leak.

Boy, I am feeling the burn of inspiration.

2 Responses to “Revamped money goals and revamped tiki challenge”

  1. Ima saver Says:

    You go girl!!

  2. thriftorama Says:

    Thanks, Ima. I've decided it's time to get serious. I'm not getting any younger.

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