Money Challenge for 2013 – Week #5 – Spend Wisely

Total Saved to date: $15
Balance in ING Savings Account: $15

How are your efforts going this week?  Have you kept up with saving? Week #5 ends this week, so that means that $5 has to go into the account.  That’s 1/2 of what you saved in all of January!  Now things are getting serious!

I guess that $15 doesn’t seem like much, but by next week, there will be interest added to our bank accounts and even though that won’t be much yet, it’s our reward for sticking with it!  My friends at ING always offer a decent rate on their savings accounts too, which is a nice perk!

Recently, I have been thinking a lot about the money we spend and the money we save.  Part of the reason is that I have ventured into this effort and part of it is because for most of January, I have been packing to move by the end of February.  One thing that has become clear during the clean-up/purge stage of my move; I have a lot of stuff that I no longer need.  As I was filling a bag for garbage collection and another for the Value Village, I started to think that I really should think twice before I spend money.  Balance off the wants and the needs.  Most of the things I was getting rid of, were things I wanted at some point.  Most of them didn’t address a need.  There were loads of impulse buys that seemed great at the time, but after a day or a week, the item ended up on a shelf or in the basement collecting dust.  Wouldn’t it have made more sense to take the money and put it into a savings account and let it collect interest?  I likely would have had more vacations in the last few years and less stuff to throw out or donate.

If we all thought twice (or maybe three times) before we bought some of the things we have in our basements and on our bookshelves, would we make the same decisions? If we equated the item to the percentage of a vacation, if we saved those funds would we make the same decision?  What do you think?  What can you stop buying to help you save a few dollars for a bigger goal?  Message me on Twitter or leave a comment here with your thoughts.

Leave a Reply

Your email address will not be published. Required fields are marked *