Bicycle Fund Allocation by Miles Ridden

We all like to buy shiny new parts and gear but can easily overspend. While out on a ride yesterday, I had an idea to curb my spending and encourage myself to go out riding more. I've decided for every mile I ride I'll put 30 cents in a bicycle fund that I can use on parts and gear. If I want a fancy new jersey, I'll have to go out and put some miles in to earn it!

Thoughts? Has anyone done something like this before?