Introducing the Save the Savings Challenge
The whole idea of this goes back to a conversation I would have with my dad every few months. Whenever I would buy something new (or used in a lot of cases) I would proudly come home with it and show it to my dad. He would ask me the same couple of questions. The last one as you’ll see I never answered.
The conversation would go something like this:
Dad: How much did you pay for it?
Me: It’s an awesome new guitar amp and it’s normally $399 brand new
Dad: (Interrupting as he could see that I was justifying my purchase) How much?
Me: It was only $199 on sale
Dad: “So how much did you save?
Me: I saved $200! Isn’t that great. I could afford it because it was on sale
Dad: So where did put the savings? Where did the money go?
What my dad was getting at, and what I didn’t really grasp at the time, was this… I didn’t really save anything. Not physically. It was a fake saving. I wouldn’t have bought the amp for $399 because I didn’t have that much money. If I did have the money, it sure wasn’t something I was putting away into savings. It just meant I could buy more stuff.
These conversations rattled around my head for years. I love talking about money and how much I save here and there. But I don’t have anything to show for it.
After January’s spending from becoming mortgage free, I realize that I saved $1000 and have nothing to show for it.
To put it frankly: That sucks. So what’s a person to do? I started thinking of all the things I have bought, from groceries to electronics to cars etc… What if I actually saved that money? Instead of saying I saved it, I actually physically saved it. I would have thousands of dollars extra.
So I’m taking a challenge. For the next 30 days, I am saving the amounts I actually save on my purchases. If I buy an iPad and save $150 I’m physically putting that $150 into a separate account and saving it along the way. The same goes for buying a bag of chips on sale and saving $0.50. It all is going into a separate account. I plan on sharing the details with you here.
If you are wanting to join me on this challenge I more than welcome you. I encourage you to. This is going to be an adventure of savings and I can’t wait to see what happens.
FREE Ultimate Guide: How To Get Out Of Debt
Sign up for our weekly emails and we will send you our guide to becoming debt free and other useful resources to help you with your money.