Wednesday, 28 January 2009

Million Dollar Club

After strong encouragement from Budgets are Sexy I have been inclined to make an oath of commitment to my becoming a millionaire. I am a firm believer that we get exactly what we strive for out of life, so I'm putting my plan out there in the hope that Mr Universe will start helping me out in my quest.

My Millionaire To-Do List:

1. Don't Spend My Government Loan. If I manage to keep this up I will leave university with in excess of £8000 + interest. Not a bad lump sum to plough into my future, be that through property, shares or the start up of my own small business. Of course this is money I will have to pay back eventually, but saving it for the future means I will be able to put it towards a much more productive outcome. How am I doing this? Without getting too deep into the figures, I currently work about 20 hours a week, pay a tiny amount of rent and have the use of a car for next to nothing, a sweet set up I know.

2. Budget Each Month and Create a 'Fun Fund'.
I've figured out that having one lump sum of money in one bank account doesn't bode well for savvy spending. So, I've started to spread it out and vowed to strictly budget every month so that I'm completely clear on what I have to spend on what. I will also set up an account to treat as my 'Fun Fund' - somewhere I can put spare cash for anything non-essential like meals out, clubbing, internet shopping(!) etc. This way I can put a figure on these activities too, rather than just letting them chip away at my financial status as a whole.

3. Save £1 a Day. This is so ridiculously simple yet potentially very lucrative. That pound that would have gone on a pack of chewing gum or toward a trashy magazine, I'll put it in a jar and watch my money grow! I've figured out that by keeping this up until the end of my degree I will have gathered around £840 + potential interest, a nice addition to the nest egg with very little effort.

4. Earn Money on My Overdraft.
Free overdraft, moved into a high interest savings account, need I say more? It won't make me my million but every little counts!

5. Look to the Future. Obviously, as a student there's never going to be a great deal of money at my disposal, but in the future there will be. By aiming at and working towards my dream career now and striving to achieve it all costs, what do you suppose the chances are that I'll end up that bit better off than if I left it to the last months of my degree?

"Instead of thinking about where you are, think about where you want to be. It takes twenty years of hard work to become an overnight success."
Diana Rankin

What do you think, have I inspired you to consider your own financial situation? Will you join the Million Dollar Club?

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Jen said...

Such a good idea! I'll be joining you in the £1 a day idea I think. Good luck wtih becoming a millionaire!

Anonymous said...

I was so inspired by the idea of putting a gold coin aside each day.

If I put $2 aside a day this year, I'll be able to go to a conference interstate in 2010!


Keep the good ideas coming, girl!

sandraaa_xo said...

ooh i will indeed!
once i get into uni anyway.
but deffo some ideas i can use now.

Anonymous said...

im in!

fashionknitsta said...

Your tips are good, I wonder if I can control myself not to spend from the £1 a day fund after about a week! i did that overdraft thing though, must remember to put it back eventually...

J. Money said...

Sexy! I don't know how I missed this earlier, but I'm lovin' it. Adding your link to the master list :) Keep rockin' it out girl!

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