Last week was a very enlightening week for me. I had a well needed talk with my boss’ Insurance Advisor which got me thinking hard about my current financial status. Let us just say that financial literacy has never been something I had an excellent grasp on until recently & I still have more to learn.
Back to my conversation with the Insurance Advisor….. she reminded me of something I learned a long time ago but had not put into action for awhile…. paying yourself first! She stressed that I should have been saving at least 10% of my monthly earning since the day I started working there in 2012.
Like I said before, this concept was not new to me by any means but for some reason I have constantly used bills & unnecessary wants as an excuse to not save a [substantial] dime.
Fast forward to Friday…my bestie Shauna & I were talking & she mentioned to me that she was going to start the $150 Challenge!
At first I thought, the $150 USD Challenge? which made me not even consider attempting that challenge. Luckily for me she meant the $150 JMD!
My Jamaicans are probably saying, “That is not money!” & on a normal day the most it can give you is one-way ride on a JUTC bus. It may seem small but it can make a difference after a period of time.
Back to the challenge…
The challenge is to save at least $150 JMD a day & at the end of the month whatever is saved, I would match that total & then lodge it in the bank.
Therefore, I can save at least $66,000 JMD (at least $600 USD) at the end of the year.
The money saved can go towards “My Retirement” saving plan or help me finance a trip somewhere.
Of course I will also continue my current saving pattern & ensure that my 10% “self payment” goes to my saving account where it will remain untouched until I am ready to make a “big purchase” or invest it wisely.
Wish me luck & share with me any other saving strategies you may utilize.