Sunday, August 19, 2007

Baby Steps to Wealth: My $2 a Day Challenge

Going through a pile of junk, (finally cleaning and sorting my bookcase), I found an unusual challenge in a March 18, 2007 issue of Parade magazine:

"Goal: Be a Millionaire
Step 1: Save $2 a day."

--How to Set Goals and Reach Them by Joy Browne

The rationale: We achieve our goals by taking baby steps. Indeed, that's how I wrote a book this spring/summer. I gave myself a small goal each day and was astonished by the process: My daily commitment produced a manuscript.

On a bad day, I typically met the minimum small goal; on a great day, I accomplished far more than the daily quota. There is --I discovered --a lot value in momentum and daily habit.

Therefore, I'm setting a daily goal of saving $2 each day. I'm going to find a concrete savings plan each day, stash the cash in a bank and then invest the funds at the end of the year.

On a daily basis, I will post where, why & how much I saved on my blog. On Saturdays, I'll post my $2-a-day-account around midnight. On days that I can't post, I'll post a day-by-day update at a later point.

At the end of the year, Aug. 19, 2008, I'll decide where to invest 90 percent of the funds and give 10 percent to charity. My first post will be made tonight: shortly before midnight.


Digg! src="" width=85>

The Frugal Duchess Booktique
The Frugal Duchess of Beauty Store

Book Shop of Fear
The Poetry & Drama Queen
Frugal Jazz & Blues
Frugal Comic Book Connection


Mrs. Micah said...

I think this sounds like a great iea. Baby steps is definitely the way to go, much more realistic than expecting it all to fall into your lap. I look forward to hearing about these.

My two cents on saving money is making recipes based off of simple ingredients, like rice and beans. Costs a lot less than meat; we don't eat meat more than a few days per week.

Ravi Karandeekar said...

Hello Frugal Duchess!
I like your name. I like your blog. I am your subscriber. But this is too much. I doubt. Do you believe it is possible? Sorry, you do! I wish you all the best. Please let me know if you become a millionaire by saving $2 a day. I will hate you!