Category Archives: finances

#42 brown bag my lunch and walk to work 3 x week

There goes the luxury of sleeping in!

Okay, I admit it. I did craft a few things on my list that would dovetail into other goals. Like this one with #65 “lose 20 to 30 pounds.” I also thought this would be a good way to save money that I can dump into my savings account in order to scratch #44 off my list.

Gotta think smart and efficient!

Here’s what I’ve done so far to execute #42 —

I went to Mountain Equipment Co-op and bought this:

Except my backpack is all black. My walk to the office is about an hour from where I live. I basically have to hoof from the furthest western end of Queen St. W. all the way to the downtown, so I needed something sturdy to carry my macbook, headphones, lunch, wallet, change of shoes, make-up, etc. I was sure to purchase the backpack that had a sturdy mesh liner which separates the pack compartment from my body to keep the air circulating. Arriving at work looking disheveled with a sweaty back is NOT my idea of cool.

I figure if I walk to work three times a week, within two weeks the backpack will have paid for itself.

My other task this weekend will be to grocery shop for food to pack in my lunch. I’m on a protein-veg diet right now (that’s it. No bread, starch, sugar, fruit, alcohol, etc.), so the shopping should be pretty simple.

As with everything in life, it all comes down to execution. Can I actually peel myself out of bed an hour earlier to walk to work? AND make my lunch the night before so it’s ready to go??

-e

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#44 save $75k

Whew. This is a doozy. Save seventy-five thousand dollars in 1001 days

Since this is one of the loftier items on my 101 list, I thought it would be best to get a really clear idea of what I have to do to break this down. A lot of the other items on my list are things I can cram just before the deadline. Saving this kind of dough ain’t one of them.

Let’s see. I have to break this down into baby steps. For now, I’m not going to worry about how to make the money. That’s for another day.

Today, I checked my current guaranteed interest savings account, and I have a balance of approx. $8,400. That’s not a lot of rainy day cover for a self-employed person, which is why #44 is on the list. I am slowly becoming my mother’s daughter, and the idea of being poor in my old age scares the pants off me.

Yes! Fear seems to be quite the little motivator where some of the items on my list is concerned. So, let’s reframe that, shall we? Rather than being fearful of being poor, I am actually VERY excited by the prospect of being wealthy and enjoying a certain level of affluence.

Ah, that feels better!

Now the nitty-gritty.

In order to save $75 K in three years, I need to put $1800 a month into my savings account that yields, on average, 3% interest. This is not a lot of interest, my friends! So some of my future homework will be finding a better place, say GICs, to save my money and use the magic of compound interest to my savings advantage.

But what does that break down to a day? Because that’s where my money seems to be flying out the door. You know, on Starbucks, parking, lunches and dinners. Oh sure, there have been a lot of big, frivolous expenses too, but the little ones… they’re the ones I can curb without feeling the pinch too much.

In order to save $75K in three years, given my current savings balance in an account that yields 3% interest, I need to save (or deposit into said account) $60/day.

Yikes!

Well. This certainly puts all those Starbucks Americanos and twelve bucks a day for parking into perspective.

My current plan of attack:

Put 20% from every paycheck into my savings account.

Now that I know how much I need to save on average every month to accomplish my goal, I will cross check my savings and what I’ve deposited every month with what my target is. If I’m having a flush month, I’ll deposit more since my income fluctuates.

I was about to write that I feel scared and daunted by this goal, but the truth is, I’m not. I feel more open and aware of what I want out of life, what I can do to accomplish it, and I feel confident that I can meet my target.

And even if I don’t, I’m already ahead of where I was yesterday.

-e

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Filed under 101 in 1001 days, finances