“I think I’m ready to start my Masters next year.”
I looked up from the email I was sending, “oh yeah? Well, let me take a look.”
I sent the email off and opened up my excel spreadsheet, then whistled.
“What?” Ashlea asked, coming around the table and looking over my shoulder, “we have that much saved?”
“Yep. A bit over sixteen grand if exchange rates continue. Where are you going to go?”
Getting started with small wins
In the end, Ashlea decided to delay her Masters program another year (which means we get to save even more), but this conversation is a perfect example of the power of small money wins, and how they can affect both your personal life and your business.
About four years ago, Ashlea mentioned that she eventually wanted to take her Masters in Education, a program that will end up costing a not-small amount of money: between $20,000 and $50,000 depending on where she goes and if she takes time off work to complete it.
We decided to start saving for Ashlea’s Masters Degree immediately. We didn’t have a ton of expendable cash in my business or our personal life to start the savings process, so we harnessed the power of small money wins to make it work (though we didn’t call it that back then).
I started moving 5% of my monthly business income into a “Masters Saving Account”. Every time I received payment from a client, or a subscription payment for my membership, 5% of that money went to the account.
At first this looked a bit ridiculous. 5% of some of these payments meant I transferred $1.75 into Ashlea’s Masters account. Even when I received payments from larger retainer clients the money transfer would “only” be $175.
When working towards a goal between $20,000 and $50,000 those deposits felt a bit silly, and sometimes we would skip them and use the money for something else. We didn’t believe in the power of small money wins….yet.