goals

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The 10% Plan: Save 10 Percent of Everything You Make

10% of everything!

10% of everything!

I’ve started a new savings routine that is blowing me out of the water. That sounds weird to say, but it’s true. It’s an idea I directly lifted from a book called “The Automatic Millionaire” by David Bach.

The crux of the idea is that you put 10% of everything you make into a savings or retirement account. Everything.

If someone hands you a dollar, you put a dime into savings. You make $1,000, well, $100 goes into your savings account. 10%, all the time. From the savings account, you can distribute the money in a few ways:

  • Leave it in there to serve as a cushion (it’s a good idea to have 3-6 months of expenses saved)
  • Transfer to IRA
  • Save up for a goal (down payment on a car/house, repairs/renovations, etc)
  • Pay down student loans or other debts
  • Simply save it for peace of mind

After I read “The Automatic Millionaire” I started putting this into practice. It’s been about 2 months by now, and I’m kind of amazed at how much I’ve already been able to save – automatically.

It also signaled a shift in my mindset.

Why 10%?

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Time to Set New Travel Goals

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gooseneck_03

Goosenecks in Utah

The first of the year is always a good time to reassess everything in the FF universe. All the clocks have just been reset to zero and we hang onto our statuses until the end of February. I’m going to lose Platinum with American. It’s my first time in a few years not having status with any airline.

I also have to decide whether or not I want that British Airways Travel Together certificate. I’ve been weighing the pros and cons – and as of right now, it’s not looking so appealing just due to the dang fuel surcharges. I’m also not sure if I want this year to be as Europe-centric as last year. My travel goals are pulling me to Asia and back to South America, although there are still many European countries I’d love to visit.

With all this in mind, I’ve begun the process of writing down my goals for the year.

I have four categories that I set up for goals:

  • Personal
  • Career/Business
  • Health
  • Travel

I set up a file in Evernote and type everything out, stream-of-consciousness style, in no order at all.

Then I go through and polish it up a little, connect the dots, expand, and refine.

I also did something this year that I’ve never done before: I wrote a letter to my future self, with a reminder set for one year from now. This is my way of holding myself accountable for the goals I set, and it gives my subconscious something to strive toward. It was also surprisingly cathartic.

I find that writing/typing out a goal is much better than keeping it in “the back of my mind.” If you don’t have Evernote, it’s a great thing to have even if you just use it for this one purpose.

Travel goals

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