Bryan C. Fleming

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.

For those of you saving along, you’ve probably come into some challenges with trying to save $1 per day. The biggest problem of course is having only 5 or 10-dollar bills on hand to put into your fund, but no singles.

By now, on day 8 you should have $8 in each pile of money (savings, investing, and giveaway). If you only have a 5-dollar bill on hand to put into your fund, you can now make change for yourself. You are in effect being your own bank!

Let’s look at how this idea can grow as we continue to regularly add money to our savings.

On the 20th day you’ll have $20 in each pile. Then you can break $20 bills. For those of you actually in the club you’ll know this is a big deal.

Perhaps further down the road, you may need to take a small loan from a bank. If your savings were large enough you could borrow the money from yourself and pay yourself the interest. The interest would go back to you and not to the bank.

Maybe a co-worker needs to use a payday advance service because they’re low on money. Could you not loan them the money and collect a small fee for providing the service? You certainly could.

We’ll talk more about this, but I wanted to get you thinking of the world of opportunities that begin to open up because you’re starting to save money.

Being your own bank to change a 5-dollar bill into singles may not seem like a big deal today, but it’s a window into the opportunities that will follow.

Keep saving. Keep putting $1 per day into your 3 funds and your life will change in amazing ways.

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!

Hey Gang. We’re back again this week with a lot of good submissions. Keep them comming. I find myself going back to this page throughout the week to read these articles. It’s like having a personal growth book each week for free!

Enjoy…

Brian Kim presents The Myth of Thinking Big posted at Brian Kim.net - Invest in Yourself and Make It Happen.

Katie presents Financial bloggers losing focus posted at Aridni, saying, “Thanks for hosting–”

Milo Riano presents You Ought to Know that Career is a Marathon not a Sprint Race posted at Milo Riano, saying, “You have been working the whole year like there’s no tomorrow. You sacrificed a lot of things including your loved ones for the sake of work explaining to them that it is for their future. You were a very good soldier diligently following your manager and putting up through all his shortcomings and mistakes.”

Brandon Peele presents New Life Course I posted at GT.

Brandon Peele presents Gestalt Therapy posted at GT.

Peter Kua presents Only 10 reasons needed for venture capitalists to fund your idea posted at RadicalHop.com.

David Trager presents The Key To Freedom posted at Dave Trager.com.

Steve Faber presents The Three Strategies to Maximize Your Financial Success posted at DebtBlog.

Peter Kua presents 21 plain sailing habits toward creativity posted at RadicalHop.com.

Beverly Keaton Smith presents Jumpstart Your Life Through Affirmations posted at Embrace Your Gifts and Soar!.

David Maister presents Integrity Impugned posted at Passion, People and Principles.

Matt Inglot presents Go Ahead and Check Your E-mail First Thing in the Morning posted at Matt Inglot.

Jeannie Bauer presents 7 Tip Offs that Politics Run Rampant in Your Company posted at Bouncing Back.

Alexander Becker presents Subjective Reality: How Desire Always Overrides Methods posted at WOW, saying, “Get rid of limiting beliefs and start receiving directly.”

Simran Gill presents Personal Finance and Simulation Modelling posted at Simran Gill –> Article and URL Archive, saying, “Article on personal finance and modelling - hope it works”

J Clegg presents 10 Ways to Change Your Life This Weekend posted at A Life Journey.

Conn Stell presents Genuine Desires – how to use them to Succeed posted at Personal Growth - achieve excellence in your life.

If you have an article you’d like to see posted on next week’s carnival, post it using my carnival submission form.

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personal growth carnival, blog carnival.