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Bruk Fund

Whenever you set a goal that seems insurmountable, it is best to start small and manage the process at bite size. This is easier said than done because I have been struggling for years to save money. Although I have failed many times to just put aside money, I have found that I am more motivated to save when I have a goal set. The problem is, I sometimes, set unrealistic goals. Well I should take that back. No goal is unrealistic in the true sense of the word. A goal is a goal. Nonetheless of all the goals I have set and achieved; the winners are always those that were managed at 'bite size'. I break the big goal down into smaller targets and set out to achieve them one by one which in turn materializes the overall goal.

I had a wonderful conversation with someone who shared his experience on how he manages money and some creative ways he applied to achieve his goals. The greatest take away from our talk was that the best way to save money is to put aside a little, no matter how small from all income sources. Yes, this sounds simple but I was intrigued by his ability to achieve goals with big price tags on a small income base. The most novel tip he gave was the "Bruk Fund". This is where you and your partner each put aside an agreed amount of funds daily in a location that is visible to you both. The sum of money can be as little as $50JMD each. The fund grows through the commitment of both partners putting money in the jar daily. This he says promotes discipline from each other. Like reading my mind, he warned against putting in weekly or monthly lump sums into the jar. The discipline of each partner putting in that small amount daily, is a show to each other that no matter how bad things get they are always committed to finding their portion and placing it in the jar. The money saved can be used to address small emergencies that may pop up without having to go into the regular savings account.

As a humble man, he shared how he is able to achieve things that seem daunting to some of his colleagues who earn the same as him. He explained that discipline is key and cutting back is an important step to achieving a financial goal. He said the more you are able to cut back, the more you will be able to save. Yes it will be hard but you must remain disciplined. He said he was amazed at the amount of money he let waste on a monthly basis and I could relate as would you.