11.04.08 | Savings Day 1: $25 down, $475 to go!
I opened my ING account with $25. But what in the world am I going to do with this $500 dollar account at the end of the year? Buy a PS3? Save it and make up for half of what I spent on Phillies World Series merchandise last week?  Buy 100 Lattes and start my own assistance clinic for yuppies? Invest in a no-risk CD? The possibilities are endless!
But I guess we have to get there first. The first thing I noticed when I used my trusty personal finance spreadsheet (again, comment if you want it and I’ll e-mail it to you), is that my food expenditures are way out of whack. Using the scientific formula, L (laziness) x D (delicious burrito place around the corner from my apartment) = W (way too much money spent on burritos and other Mexican delicacies), I have found that I am buying way too many freaking burritos, sandwiches, slices of pizza, coffees and the like.
Now, as I said in my first post, personal finance is more about the ‘personal’ than the finance. I’m sure for some people, that mid-day slice of pepperoni is all there is in the world that keeps their sanity in check. Personally, I grab that pizza on the way to the train so I don’t have to spend any more time in the kitchen than I already do. I could certainly do without it. With a little effort, and maybe one more trip to the grocery store (which is also around the corner), I could be eating delicious meals, limit the amount of groceries that go into the trash, and save a ton of money a week.
Lets say I eat out (any meal) at one of these quick food establishments for 2 dinners and 3 lunches a week. On those 5 trips, I spend an average of 7 dollars. That $35 x 8 weeks of contest = $280! I could save over half my mark to the $500 dollar challenge if I stopped eating junk. But I don’t want to stop eating junk. Sometimes that evening burrito is worth more to me than the $6 bucks and change I spent on it. But I could certainly cut back. And I will.
My weekly resolution: Keep burrito expenses (and other quick food) at $20 a week.
And there you have it, an easy way to save $15 a week.
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Watch out for those burritos, they’re filling but they’ll chunk you up! Seriously, real good ideas for people out there. You won’t get anywhere giving people some unbreakable, concrete budget advice. Adaptation to certain people’s needs is key.
November 5th, 2008 | #
I decided to save 30 once a month from my paycheck.. Its small but I think it will add up.
November 6th, 2008 | #
So I have a question, how do we post these savings blogs to earn points? (weekly) ??
November 6th, 2008 | #
That’s the spirit Stephanie! I think you’ll be surprised at how far those little deposits go over time.
November 6th, 2008 | #
I know how it feels to spend way too much on food! There’s only one fast food place near my work, so we all spend our money there or blow $5 every lunch in the vending machines. I’ve started taking $20 out of every check and putting it into my savings account, which comes out to about $80 a month. It adds up fast!
Email that personal finance sheet my way, I’d love to learn how to do something like that! I’ve heard it can be a rude awakening, haha. Thanks!
November 6th, 2008 | #
Can I have a copy of this mysterious enlightening finance sheet?
thanks
November 10th, 2008 | #
Thank You so much I never knew you could do that with savings account. Your info will help me greatly and I can now throw away the shoe boxes I been putting my money into. I am very excited about experimenting with my savings account God knows I need to be more careful. I make good money but I honestly never get to see it.
thanks
November 11th, 2008 | #
Can I have a copy of this finance sheet you were talking about?
November 12th, 2008 | #