Some of you asked for the "Brooke's I Owe You" money saving system!
Here it is:
I OWE YOU!
What you need!
2 Large Envelopes – “Cash” and “IOU”! You will want to label them.
Savings Bank Account: Do not use the bank you already go to. You'll need a “NEW” bank that you'll only use for savings(Not Checking!) Make sure this savings account will not let you access the funds through a ATM/Debit Card of any sort!
Getting Started:
Cash Envelope: Everyday go into your wallet pull out every “$1” dollar and “$5” dollar bills, put into envelope. Also, when you are in a position of paying for an item,(food, etc) never use any bill under $10. Never ever use 1's or 5's again! Add your change too! Everyday add all your change to this folder, as well as the cash explained above!
IOU Envelope: Every week you owe yourself $25-50.00! Every week! Write out a check, or go through a ATM and pull out this amount(which ever you can afford). Don't slip and say I'll add it for next week. Do it every week!
Also, you have to add all the money you save – through coupons, store savings etc etc etc. Example you have a coupon to save $0.40, sure you'll use it, but do you save it? NO! It's called you “pocket” the money. There is a difference between “pocket saving and money saving”. You'll never notice the $0.40, but lets add it up, shall we? If you save $0.40 a week -that's $20.80 a year. Save $20.00 a year? Big Deal, right? Wrong – Shut up and keep listening to me!!!!!!!
Now, every Friday, you'll go into the bank(EVERY FRIDAY). You will deposit this money! Take each envelope that includes:
Change!
$1 and $5 dollar bills!
$25-50.00 per week!
All of your Coupon and Stores Savings!!!!(the store savings will tell you on your receipt of how much you saved)
Let's get crafty and add this all up!
$0.63(average) a day. Yearly = $229.95
1's and 5's! Lets say your collecting 12 a week! Yearly = $624.00
Personally owning yourself $25-50.00 a week? Let's say $35.00 (average). Yearly = $ 1,820.00
Coupons and Store savings! Average $3.50 weekly. Yearly = $182.00
Grand Total: $2,855.95!!!!!!
That's almost $3,000 a year you're saving by not changing your lifestyle at all! Most people save money by pocketing it and never really seeing the cash on the table. Go out to eat, purchase the IPOD if you want, but you “OWE” yourself money every week! Picture yourself as another bill that you have to pay.
Want to save more? Anytime you come to extra cash such as Anniversary, Birthday, Christmas, or Tax Return etc etc etc – put it in the Savings Bank Account! Or, instead of going out to eat or buying a huge unneeded purchase – throw that “Wanted” items “cash” into the saving account. Adds up!
I know, you'll be running to the bank every week and it may look stupid giving them tons of change or 1's and 5's – believe me it looks stupid - I know. However, look at it this way, $0.78 a day is 284.70 a year. All you have to do is try it for 90 days – after 90 days, look at the amount in the account and you will never go back to pinching pennies again!
Now saving $3,000 a year or more(not going through any hardships resulting in lack of money) you will be able to buy a car in 5 years with cash, or a nice down payment on a house!
People may think I am an idiot or a complete genius(I say genius), but at the age of 23 I had close to $30,000 saved up for my 1 st house. My cousins use this system and one of them gave his parents $50,000 in cash for their current home. It takes will power. After doing this, its actually fun – like a game in a way.
I hope those that use this ”I OWE YOU” system will see the benefits from it! Plus, you can alter some of this. Example ; Monday go to the bank etc.
Brooke
p.s. Here you all thought I was stupid....hahaha