Savings Challenge 2020

[Hamster]

Anybody keen to participate? Not really a competition, but a nice initiative. The idea is simple:

Pick a base amount and every month you save the base amount x the month of the year. Eg. R100 as base means R100 in Jan, R200 in Feb and R1200 in December.

It is a challenge so I thought I'd pick a value high so that it does end up being "difficult" by the end of the year and it would result in a decent amount of savings. Also, there's no point in funding it from your existing savings else what is the point? It's over and above what you already put away every month.

Anyway, it could be a nice experiment to see how far one gets, if you force yourself to spend less money on kak and maybe have enough to fund a big December holiday (or make a down payment on debt if you are boring but mature about it)

 

[Hamster]

I'm going to try run two challenges using R400 as a base for each. One cash (Tymebank) and one equities (EasyEquities) starting on the 1st of every month (tomorrow).

 

[beefymoocow]

I have 2 challenges. One is more saving but cutting down expenses. Biggest driver of expense is food and possibly insurance and gym. I’m actually in the process of reducing my insurance and gym. Should be saving under 2k soon.

The other part is to increase my income through Ebucks and discovery. The aim to make R6000 per month on Ebucks and about R500 per month back in miles from discovery and R1000 back from healthy food and R600 back in fuel.

 

[Gtx Gaming]

I have 2 challenges. One is more saving but cutting down expenses. Biggest driver of expense is food and possibly insurance and gym.

The other part is to increase my income through Ebucks and discovery. The aim to make R6000 per month on Ebucks and about R500 per month back in miles from discovery and R1000 back from healthy food and R600 back in fuel.

Damn R6000 from ebucks, I am ramping mine up my self with my fake spend generated, but wont be that much.

Indeed miles will be really nice, 300 miles a week for reaching the 3 goals and 4 plays on the boards for reaching all 3 goals. Might start buying more healthy stuff to get more money back lol

 

[beefymoocow]

Damn R6000 from ebucks, I am ramping mine up my self with my fake spend generated, but wont be that much.

Indeed miles will be really nice, 300 miles a week for reaching the 3 goals and 4 plays on the boards for reaching all 3 goals. Might start buying more healthy stuff to get more money back lol

To get 6k back I would need to 36k in ebucks a month. Got full control over my account and dads. Tweaking my brothers account will be hard. Since he doesn’t care about reward programs.

If I can get all 3 accounts on level 5. I would be able to get R4.5k in dischem vouchers. The hardest is to get my bro on lvl 5. Then I know about 3 work colleagues who don’t use their voucher allocations. Hopefully they will let me use theirs for some cigarettes.

 

[LaraC]

I'm going to try run two challenges using R400 as a base for each. One cash (Tymebank) and one equities (EasyEquities) starting on the 1st of every month (tomorrow).

How will you fund your 60k contributions for the year?

I cant believe that you haven't included it your budget already.

 

[The_Ogre]

I think I'm in.

I'm cheating a bit though since I opened two EE accounts for my daughters two weeks ago. I haven't made any deposits though.

I might not be able to double the amounts on each every month though because that would be quadrupling the savings I'm making

On the plus side for me (who keeps cashing out my EE investments to buy **** I don't need), with their investments I won't be able to withdraw because EE doesn't allow withdrawals to an account not in the EE account holder's name: and they don't have bank accounts yet.

 

[LaraC]

I think I'm in.

I'm cheating a bit though since I opened two EE accounts for my daughters two weeks ago. I haven't made any deposits though.

I might not be able to double the amounts on each every month though because that would be quadrupling the savings I'm making

On the plus side for me (who keeps cashing out my EE investments to buy **** I don't need), with their investments I won't be able to withdraw because EE doesn't allow withdrawals to an account not in the EE account holder's name: and they don't have bank accounts yet.

Double your contributions every month? No way you'll be able to afford it.

Hamster suggested you add your base value each month.

 

[The_Ogre]

Double your contributions every month? No way you'll be able to afford it.

Hamster said you should add your base value each month.

It would bankrupt me by June!

OK, I'll start off with R400 into each account. This will all be allocated to ETF's with international exposure.

 

[Hamster]

How will you fund your 60k contributions for the year?

I cant believe that you haven't included it your budget already.

Cut more costs, negotiate higher salaries, do more work on the side.

If I:

• do not get an Uber Eats for the wife and I when putting in some effort is inconvenient
• do not buy that new iPhone via a trade in deal this year
• do not buy that new camera body/lens
• do not buy too much meat for the braai
• etc

...it can be done. If it was easy it wouldn't be a challenge now would it

 

[LaraC]

/snip
...it can be done. If it was easy it wouldn't be a challenge now would it

This is an awesome idea to get someone into the habit of saving however:

Generating extra income comes at the cost of less time for yourself.​

Also, you don't seem like a person who spend foolishly which will make cost cutting difficult.​

ps. Sorry for hijacking your thread.

 

[beefymoocow]

Cut more costs, negotiate higher salaries, do more work on the side.

If I:

• do not get an Uber Eats for the wife and I when putting in some effort is inconvenient
• do not buy that new iPhone via a trade in deal this year
• do not buy that new camera body/lens
• do not buy too much meat for the braai
• etc

...it can be done. If it was easy it wouldn't be a challenge now would it

If you with fnb. I think you get an effective 25% off Uber eats.

If you don’t mind jumping the discovery band wagon. You can get a free iPhone. I’m on my third month and got over 2k back so far. If you do mind you can always get ask some discovery peeps to get you a new iPhone for a 10% +-discount.

Camera body might be tricky but you can try find someone on momentum multiply and get them to buy you camera body on the multiply shop or at least some takealot vouchers. Usually multiplier members can get 25% off on vouchers and 40% off items.

I’m trying to eat less beef and more chicken and trying to lean towards plant base diet. That will cut my grocery expense more than 80% hopefully.

 

[Hamster]

If you don’t mind jumping the discovery band wagon.

Got the card, gave it back. No intention of moving to Discovery.

Thread is not about scoring more eBucks, free Uber Eats and Kauai vouchers. It's delicious, I use them and I love my eBucks. It's about saving extra on top of all of that.