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Enter: The Runner's Savings Account
I started a Runner's Savings Account last year. I spend a lot of money on gear and races, so I thought I would set up a separate account just for my running needs. The only trick is that I have to EARN every dollar that goes into the account. After one year of doing this, I am paying for my trip to Boston with my Runner's Savings Account - which is EXPENSIVE. Oy.
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- Set up a separate savings account through your bank. My bank has an account that I can put into over the course of a year, but I can't take anything out. After one year, they pay out to me. I suggest something like that if you can.
- Decide how you're going to pay yourself. Initially, I said I would pay myself $1 for every mile I ran. That quickly became expensive, because I run lots and lots of miles. I dropped it to a more manageable 50 cents per mile.
- Decide how you'll keep track of your miles. I used a spreadsheet and now I use DailyMile. I count the miles I run during every two week pay period to calculate my totals.
- 108 miles x .50 cents per mile = $54 dollars deposited for that period