It's something I created five years ago. As I became more budget conscious, I decided to create a savings account to save up for fun stuff. Here's what I put in:
- spare change
- any five dollar bill I receive
- birthday / Christmas money
- side job money (admittedly a small stream of revenue, at least right now it is)
Problem is, I can think of four things I'd really love to have. I'm burning to buy a Nook, even though I'm not a super-avid reader. An SLR digital camera would be cool. Oh, a new laptop would even be nice. And, let's not forget, nav system for my car.
Yet there's an adage in sports: if you have two #1 goal tenders, you have no #1 goal tenders. I think this applies to my savings quandry. If I have four things I really want to buy, I don't have anything I really want to buy. So, it's time to apply the 30-day rule: If July 19 arrives and I still want any of the items, maybe then I should act.
Or, I can limp along in my life of abundance and do without the four items: we have a new iPad that I'm just untapping as well as a library card. We have a point-and-shoot camera that's pretty nifty. I signed out my work laptop for the summer. I'm good with maps. Besides, my wife has said a nav system would diminish my usefulness.
Maybe it's time to get away from things and saving up for events. Maybe it's time to lock away that money for 6 months in low-yield-CD purgatory.