Bryan C. Fleming

We’ve been working away at the Million Dollar Savings club for just over 100 days now.  I want to ask, “Why are you saving money?”

If you don’t know why, you probably won’t stick with it very long.  We’re approaching the New Year.  It’s a great time to set goals.  That’s what we’re going to focus on this month, setting some serious money saving goals.

With the Million Dollar Savings club, hopefully I’ve gotten you into the habit of saving a dollar per day.  Hopefully you’ve seen a big pile of money appear seemingly out of nowhere.  That was the point– To see first hand how money builds up over time by taking a little off the top of what you earn.

Some of you went on to make some bigger commitments by opening an online automatic savings account, just like I have.  If you’ve been doing this for even a short time, you’re enjoying the safety of having some serious savings tucked away earning you a nice interest rate.

You can read more about how to set up an automatic savings account here.

Start thinking about some savings goals for the next year.  Here are a few I’ve been thinking about:

If you earn more than $15/hour you should be able to save $50/week in your automatic savings account.  That would give you around $2,600 this time next year.

If you earn less than $15/hour you should be able to save $25/week.  That would add up to $1,300 one year from now.

We will talk about this more throughout the month.  Just spend some time thinking about exactly how much money you want in the bank by 12/31/2007.  Then you’ll start to discover the power of goal setting.

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