|Show Me The Money from PeanutoakPrint
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
- Add in some bonus payments. Example: I pay myself $2 per mile for every mile I RACE during a pay period. I also pay myself $5 for every time someone yells "Run Forrest, Run" at me. If I have to take a potty break on a run, $5. If I throw up, $10! Make it fun and reward yourself for all of your hard work!
- Pay yourself first every payday! This is just a good rule of thumb anyway. When I get my check every other week, the first thing I do is take move my running money into my runner's savings account (along with my other savings accounts, 401Ks, bla bla bla)
- At the end of a year, you'll have a nice little cushion that reflects all of your efforts and it will help you pursue your future running goals. Sweet!