Business & Finance 52 Week Saving Challenge

[PACatter]

Why not just stash $1,378 as fast as possible and then spend freely the rest of the year?

The problem with something like this is it seems to say "Hey, it's okay if you only save $1 this week" when the goal should be to budget and be efficient on an every-week basis.

Not to mention that, even at a very low interest rate, it'd be better off to have the big money at the front end.

 

[Hamingja]

I understand if you have a family and mortgage that it would be tough to put money away but it is surely not that difficult for most people (in terms of bigfooty demographics where the majority here would be young) to set up a savings account and automatically transfer 50/100/whatever when you get paid to the secondary account.

 

[Scotland]

I would go one step further and suggest it's not that difficult to work out how much you earn and (on average) just don't spend more than that.

I save all my coins also. Not for any particular reason, I just don't want them in my wallet or pockets. All the coins I have are spread between the drawer in my office desk, the console in my car and a couple of old beer jugs. One for gold coins, one for 50c coins and one for the rest. Every once in a while I take them to the bank, had about $700 or so last time.

 

[Leper]

A much better outcome is to put in 1 cent in week 1 and double the contribution each week.

You'll have $671k by the middle of the year. And by 30 December you'll have $45.036 trillion to pay off the US national debt and throw a cracking new year's party with what's left.

 

[TheFreshBanana]

A much better outcome is to put in 1 cent in week 1 and double the contribution each week.

You'll have $671k by the middle of the year. And by 30 December you'll have $45.036 trillion to pay off the US national debt and throw a cracking new year's party with what's left.

No you won't!!!!

 

[Leper]

No you won't!!!!

Yes you will. Actually a fair whack more if you add interest.

 

[PACatter]

Yes you will. Actually a fair whack more if you add interest.

No I won't, because I'll have given up at the 250-bucks-a-week point.

 

[TennisPlayerAndy]

$100 a week automatically transferred into savings.

Builds up nicely.

 

[Scotland]

All money paid into one account offset to home loan, all expenses drawn from that. Balance increasing over time, home loan interest decreasing over time.

 

[Freofalcon]

At work our paymaster will take out any amount you prefer from your weekly wage and give it to you at the end of the year plus any interest.

I find it an easier way of saving some cash for the Christmas Holidays. I don't have the discipline to do it off my own bat.

 

[Gasometer]

At work our paymaster will take out any amount you prefer from your weekly wage and give it to you at the end of the year plus any interest.

I find it an easier way of saving some cash for the Christmas Holidays. I don't have the discipline to do it off my own bat.

PLUS interest...how does that work?

 

[Freofalcon]

PLUS interest...how does that work?

He deposits it all in a separate bank account.

 

[Gasometer]

He deposits it all in a separate bank account.

Wow...you should kiss his arse.

 

[Freofalcon]

Wow...you should kiss his arse.

I find buying him a beer every now and then, more pleasurable for both of us.

 

[sprockets]

...
I'd be careful about doing that. Change jars are the first thing that burglars go for, and most H&C insurance policies only let you claim a very small quantity of cash.

Agree with this. Our house was broken into according to my non-working, gambling addicted, dope smoking brother, during the day, while he was home, and all that was taken were my bags of loose change worth about $75 according to him. How they knew where the money was is truly mind boggling as only he and I knew where I had it hidden. Burglars. Don't get me started!

 

[Gasometer]

Agree with this. Our house was broken into according to my non-working, gambling addicted, dope smoking brother, during the day, while he was home, and all that was taken were my bags of loose change worth about $75 according to him. How they knew where the money was is truly mind boggling as only he and I knew where I had it hidden. Burglars. Don't get me started!

****

 

[Cuzz09]

Giving this a crack. Randomly though.

Eg. Put $37 away the other week and crossed off weeks 30 and 7.

Hoping If i do it that way I'll save more.

I'll give up by March no doubt

On [device_name] using BigFooty.com mobile app

 

[Hawk Dork]

Im a random saver,If I want to save, I dont go to the shops, instantly theres a pile of moneys in the bank after a few months.
Avoiding the shops at the moment to have spending money for my Japan trip.

 

[Shell]

I'm a regular saver- will save around a grand a month. Sometimes less- probably not more tho now i have a mortgage.

 

[Billy ray]

I prefer the push up challenge
1 push up on january 1
2 push ups on jan 2
Etc
Come nye I am doing 365 push ups

 

[Pakenhamsaint]

I understand if you have a family and mortgage that it would be tough to put money away but it is surely not that difficult for most people (in terms of bigfooty demographics where the majority here would be young) to set up a savings account and automatically transfer 50/100/whatever when you get paid to the secondary account.

That's what I do. I have another account that gets higher intrest and 50$ gets transfered every friday. I also chuck in another 100 on top of it.

 

[perthblue]

1) put $19,230.77 away each week
2) millionaire in a year

for more get rich schemes, paypal me $49.99 and i'll send you my 'get mad money with unky pb' eBook

 

[PT Bar None]

A mortgage is going to have a much higher interest rate than any savings account. So "save" into your mortgage as many lenders support redrawing the money you're ahead.


* Refer to product T's & C's. Beware of hidden fees or increased interest rates. Not appropriate for all borrowers. Gamble responsibly

 

[Scotland]

A penny saved is a penny earned is still valid.

 

[utility]

A penny saved is a penny earned is still valid.

Your problem is you think in pennies. Think big!