Thursday, May 8, 2014

How I saved 20,000 in 15 months!

"If your goals don't feel impossible, then you should create new goals."~Sapphire Starr

Saving money can be challenging but if you're committed, willing to make temporary sacrifices, and invest in yourself then you can live your best life ever!


S.M.A.R.T. is an acronym for the 5 steps of specific, measurable, achievable, relevant, and time-based goals. It’s a simple tool used by businesses to go beyond the realm of mundane goal-setting into an actionable plan for results. Recently, I came across this pic on a vision board I created back in 2012
Hmmm, sounds like a SMART goal to me!  You may not want to travel the world, but whatever your goals are, be SMART! I want to save 20,000 in 15 months to travel the world! Or I want to save $500 in 4 months for a new laptop. My good friend set a goal to save 30,000 down payment in 3 years to purchase a beach home in the Florida Keys. I challenge you to search your heart's desire and start planning today! As a man thinketh, so shall he be! Not sure what you want to do? Create a vision board, surf the net, and start brainstorming ideas. I thought traveling the world would be super expensive until I researched and stumbled across this blog Travel the World for 14,00 per year!

Get out of debt!

"The borrower will be slave to the lender" 
~Dave Ramsey The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness

It took 3 1/2 years to pay off 33,000 worth of debt. Once I became Debt-Free
the money I was paying toward debt, I was now paying myself! It's very easy to get distracted with this "free" money, but I remained focused. If you haven;t paid off debt, still create a habit of saving. Saving $1 per day for 1 year is a whopping $365 dollars that can be used toward a dream vacation!

More Mula Baby!

I'm not  a lil Wayne fan but hopefully this gets your attention and laughter! Now that I got your attention, 
the more cash you stash the sooner your dreams can become a reality! I was fortunate enough to have a second job that offered flexibility and income. My entire second income went toward savings account. Working two jobs can be hard, but it's just a season! There are a variety of ways to generate extra income ie, search craigslist for freelance work, cut grass, sell  pizza, baby sitting, blogging, etc. Tap into your passions, you could be sitting on a gold mine!

Cut spending! 

Budgeting  is essential and if you cut spending by 40%-50%, you can generate funds for your SMART goals. I cut eating out from  $200 to $100 per month, Blow money (woman impulse disorder) from $200 to $100, and Groceries from $350 to $200. I saved $200 per month in gas by moving across the street from my employer. Disconnect cable or call for current discounts. Once I called Comcast threatening  to disconnect cable service and they not only upgraded my internet and cable package, my bill was reduced from $79.00 to $54.99 for one year. I discontinued gym membership and started using gym facility in apartment complex.  Also Fitness Blender offers over 200 different workouts for free on YouTube! Lastly,  I switched cell phone carriers from Verizon to T-Mobile (no contract) and monthly bill was reduced from $100 to $50 per month. Clark Howard offers great resources on how to save money, spend less, and avoid scams.

Get A Roomate
This may not be your cup of tea, but it's worth considering. If you can live with another human being without going to jail, then this would be worth it once your sailing on a gondola in Venice! Seek out family members and friends for familiarity or check out sites such as Craigs List, Roommates, and Roomster

Be Adventurous

You don't have to sacrifice your social life to the savings gods! I LOVE hiking, biking, and running which are free and inexpensive (bike initial investment was $165.00) ways to meet people, save money, and stay fit. I joined We Love 2 Hike Atlanta
at for free! I also roller skate weekly that only cost $8 dollars! 
We Love 2 Hike

Set it and Forget it! 

Once I had the extra cash, I created a separate savings account ("see the way my account is set-up") with Capital One 360 (fee-free, no minimun, online banking) and designated account Round the World (RTW). I linked account to my personal checking account (easily managed through capital one app) and set savings on autopilot! Every 1st and 15th of the month, $500 was autodraft into RTW account.  If I had extra money at the end of the month,  it went to savings account. For example, if I had an extra $100 at the end of month, $600 would be transferred on the 1st. After 15 months,  20,000 saved!  

See ya in Paris!


Andrae Orr said...

Great job, stay focused, and I love this page design, once again great job

Andrae Orr said...

Great job, stay focused, and I love this page design, once again great job

sapphirestarr said...

Thanks for stopping by! I really appreciate it!

AngelCharmaine said...

Great advice and the site looks great!

sapphirestarr said...

Thanks Angel for stopping by!

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