Back in May, I decided that I was spending too much money on shoes and buying too many pairs. I thought up a great plan to reward myself for not buying them.
I opened a Smart eSaver account with BankWest, it is an account that pays higher interest if you make regular deposits as oppose to next to no interest if you make withdrawals during the month. Being an accountant this appealed to me because I knew if I touched the account I wouldn't receive interest on my savings and that would make me sad!
The basic premise of my reward system, was to build up my savings account to pay for my shoe allowance during my 2013 trip overseas. These are the rules:
* Each and every time I control myself and DO NOT purchase a pair of shoes I must transfer the price into my savings.
* If the shoes are on sale and I purchase them, I must transfer the difference between the original price and sale price into my savings.
* No money can be withdrawn until I book my overseas trip.
Since opening the account in May, I have over $1,000 saved. Such a great feeling to know despite being a Shoeaholic (confessed here in an earlier blog post) I slightly curbed my shoe buying habits and have something very exciting to look forward to with my reward.
Do any of you out there have something similar in place? How would you suggest I rejig this system to maximise my saving potential?
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