For a long time I've been playing around with a money "Game" that can at the same time boost savings and significantly reduce non-essential spending.
Here it is and let me know if you think it could work. I call it "double or nothing" literally!
If you buy something non-essential-- a splurge, whether it costs a dollar or $300-- if you buy it, you have to put an equal amount immediately into a savings or investment account, or pay it toward debt. It would essentially **double** the cost of any non-essential item. So you'd really have to think about how much you could actually afford it. Or, if you valued it enough to "pay" double.
In the past, DH and I have also played a "game" where we have to donate an amount equal to the purchase to a charity we absolutely hate-- something that completely disagrees with our social and political morals. That has worked. Just thinking the above would still leave room for purchases, while spurring thought about them, and benefitting ourselves.
Any thoughts?
Big idea for forcing savings?
December 30th, 2011 at 11:37 pm
December 30th, 2011 at 11:50 pm 1325289008
December 31st, 2011 at 12:15 am 1325290518
December 31st, 2011 at 12:40 am 1325292013
December 31st, 2011 at 12:42 am 1325292125
December 31st, 2011 at 04:01 am 1325304095
December 31st, 2011 at 02:31 pm 1325341887
I don't see why that wouldn't work. I absolutely detest clutter and have a rule that if I bring something non-essential into the place, two items must leave. It keeps clutter down to a dull, very dull, roar.
December 31st, 2011 at 03:55 pm 1325346920
Jerry
December 31st, 2011 at 04:50 pm 1325350250
January 1st, 2012 at 01:34 pm 1325424862
For 2011 I met my goal which started mid-November, and that was to save $1000 by December 31st. Well for the days I had breakfast at home, brought my lunch and cooked dinner I transferred $6 to my EF. Next lets say I had McDonalds and the cost was $4.56, then I would round up and add $5 to my EF. Before I knew it I had reached my goal. Now I'm tackling my cc debt. About 3 years ago I did this and got out of debt. Then I lost my job went into depression, stopped blogging and back into to debt. The good thing is I know I can do it.
January 1st, 2012 at 01:36 pm 1325425003
For 2011 I met my goal which started mid-November, and that was to save $1000 by December 31st. Well for the days I had breakfast at home, brought my lunch and cooked dinner I transferred $6 to my EF. Next lets say I had McDonalds and the cost was $4.56, then I would round up and add $5 to my EF. Before I knew it I had reached my goal. Now I'm tackling my cc debt. About 3 years ago I did this and got out of debt. Then I lost my job went into depression, stopped blogging and back into to debt. The good thing is I know I can do it. Playing money games per se, helps me a great deal. I figured by mid January, CC1 should be paid off