Coffee Club With A Twist The New Savings Plan

Written by admin on August 6, 2009 – 1:34 pm

Coffee Club With A Twist The New Savings Plan

Coffee Club Savers Plan Join the Coffee Club with a twist. What’s the twist? We are not buying coffee we are saving coffee money. Here’s how the Coffee Club works. For the next 100 days we are making our own coffee. The next step is to open a savings account. You will need a separate savings account to track your progress. I’m opening an ING Orange savings account. There is no minimum balance requirement. Your bank’s requirement may be different. Nevertheless, the current interest rate for an ING Orange savings account is at 1.40%. If you want to open a savings account with ING go to their website at INGDirect.

http://www.youtube.com/watch?v=nCdI3dQuiso

Recap on the Rules of the Coffee Club

You can not buy (pre-made) coffee for the next 100 days
Get a jar and start dropping the $5.00 bills in – I’m recommending that you deposit your Coffee Club savings at the end of each week
You must open up a simple savings account to track your progress
When you reach your bank’s minimum requirement — deposit your Coffee Club savings. Take the money out the jar and deposit it in the bank. Remember, the ING Orange savings account discussed above does not have a minimum balance requirement. Therefore, at the end of week one you can deposit your Coffee Club Savings into that account

Now it time to input your figures into the Coffee Club calculator. I’m recommending that you deposit your Coffee Club savings once a week. That means, if you are saving $5.00 per/day you will be depositing $35.00 per/week into your Coffee Club savings account

Coffee Club Calculators (click here)

Coffee Club Savers – Who are you (you can use a nickname or first name only). This is just used as a way to identify one savers from another. Please use the same identifier each time.
Bank Info – All we want to know is where are the best rates. We don’t want your account number. The only questions in this area are: What’s the interest and At What bank
Deposit Info – Each time you make a deposit or received interest into your designated “Coffee Club Savings Account” tell us about it. Inspire others with how big your Coffee Club savings has grown.

Coffee Club Calculator

Here’s Your Coffee Club Hook-Up – Get The Coffee Club Savers’ Pack

Why Use The Coffee Club Savings Plan

The Coffee Club is a great way to save and have fun with others. We will be reporting the progress of our Coffee Club Savers. Don’t worry, we are not asking for your real name or any bank account numbers. All we want to know is “how you’re getting along” to prove that saving coffee money can be a big deal. And maybe share some information with other savers. By reporting interest rates we will all see which banks are offering what rates and don’t forget competing in something inspires people to do great things.

Within 3 1/2 months you should be somewhere around $500 dollars. It’s know time for the next step. Take your $500.00 and open a CD. I recommend opening a CD at TD Bank. Currently the best offer is a 60 month CD at 3.00%. Who knowns, in 3 months we could be getting better rates elsewhere. Nevertheless, continue updating the coffee club calculator with the interest income each month. With a CD you can elect to withdraw the interest each month, and have it transferred to another account; or you can wait for the end of the CD term and get the lump sum.

I’m focus on creating a living wage with interest income and passive income sources. Therefore, I have elected to withdraw the interest income each month. The other reason why I have elected to withdraw the monthly interest is — if a better rate comes around I want some money available to invest. The decision is yours.

Once you’ve invested in a CD, other than reporting interest to the Coffee Club calculator you’re pretty much done — NOT. Do it again, now that you know the value of saving you should be able to rake the money in. And don’t stop at coffee, make some more cuts into your expenses and save — save!

Coffee Club Savers’ Reports are coming soon (once number start coming in)! Bookmark this site to track the Coffee Club Progress.

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2 Responses »

greg on August 8th, 2009 at 3:38 am:
Sigh…

People still pass around this bogus information anymore? I know far more people who take this tired yarn of a financial old wives’ tale and end up worse off in the red than they started. The problem isn’t the idea… it’s that people don’t live and make decisions like their Excel spreadsheets, and human behavior is never that calculating in reality.

The ones with simple coffee habits don’t lose much, but they end up no better because they go back to their old habits because they prefer to pay someone else to make their coffee for them. (Like who sews, knits socks, changes their oil, or even truly “cooks” for themselves anymore? Seriously.)

The ones who buy expensive home machines trying to justify the expense end up deep in the red because they’re left with the additional expense plus end up back in line at their favorite cafe because they don’t like their home version as much … and that they’re also lazy and would rather pay someone else to make their coffee for them.
admin on August 8th, 2009 at 4:19 am:
Sorry you have such a bad outlook on people trying to improve their finances. My first point is that the coffee club savers are only “not drinking pre-made coffee for 100 days”. So, returning to their old habit is fine. Secondly, this is just a way to show how a little effort goes a long way. Thx for your reply, anyway.