The 52-week Money Challenge

[The_Ogre]

This might have been posted here before, if it was, apologies.

I stumbled across this on Tumblr and thought I'd post it here to see if we could get something like this going.

Basically you start of with R1 and increase that by R1 for each week that goes by, eg. R2 in week 2, R8 in week 8, etc. At the end of the 52 week period you'll have R1 378.

You can increase this by whatever factor suits your pocket. I'm thinking of starting off by increasing the amounts by 10 and see if I can commit to it for 52 weeks.

Who's with me?!

 

[M@gn3t1c]

Sounds good. But maybe we must start with R 10.00 in week 1. The table in the link is in USD. You can do much more with USD 1,3 k than R 1,3 k.

 

[SpoonTech]

This might have been posted here before, if it was, apologies.

I stumbled across this on Tumblr and thought I'd post it here to see if we could get something like this going.

Basically you start of with R1 and increase that by R1 for each week that goes by, eg. R2 in week 2, R8 in week 8, etc. At the end of the 52 week period you'll have R1 378.

You can increase this by whatever factor suits your pocket. I'm thinking of starting off by increasing the amounts by 10 and see if I can commit to it for 52 weeks.

Who's with me?!

Or you could set a recurring payment of R114.84 and forget about it and come out with the same amount in your savings pocket.

 

[heartbroken]

Sounds good. But maybe we must start with R 10.00 in week 1. The table in the link is in USD. You can do much more with USD 1,3 k than R 1,3 k.

Even at R10 you would still not have the buying power of a USD.

Or you could set a recurring payment of R114.84 and forget about it and come out with the same amount in your savings pocket.

I think the plan is to get yourself to gradually save more and more. If you are able to save and forget R100, you should aiming to save more. I suppose the second year starts where the previous one ended?

Perhaps you should start your first week at the maximum amount you can 'easily' save and then increment from there.

 

[Pitbull]

I'm in. At R 10 a week. That would give me R 14310 after one year.

Doesn't seem like much (R10) but does seem to add up though.

 

[Ocali]

im also keen on this...

any idea if you can open like a savings pocket sort of thing with standard bank online? will be easier to transfer the money to a different account.

 

[Pitbull]

im also keen on this...

any idea if you can open like a savings pocket sort of thing with standard bank online? will be easier to transfer the money to a different account.

I'm sorted on FNB. I just transfer it to my savings pocket No idea if Standardbank has such a service.

 

[The_Ogre]

I have this 32day notice deposit with Standard Bank, at the moment it seems the easiest to use. I have some bucks in it already (not much, just over a grand, I think). The only problem is it only accepts a minimum transfer of R250, on the flip-side, I don't pay any monthly account maintenance or admin fees.

So theoretically I can only start after the 7th week when my total amount due would be R280 . I'll only be crediting this account at the beginning of each month for all four/five weeks in that month though, so eventually I will be on par with my my capital contributions. I will likely add a few bucks each month anyway!

 

[The_Ogre]

im also keen on this...

any idea if you can open like a savings pocket sort of thing with standard bank online? will be easier to transfer the money to a different account.

As per above, I opened mine using Internet Banking and I was able to use it immediately

Its restrictive in that you can't access the funds without giving 32 days' notice (which you can also do via IB) - this is great for an impulse buyer like myself

 

[Compton_effect]

Is this test to identify people who took Math Literacy? By Week 51 you'd have to pay in R689.

Lottery: A tax on people who are bad at math.”
― Ambrose Bierce

 

[The_Ogre]

Is this test to identify people who took Math Literacy? By Week 51 you'd have to pay in R689.

I'm fairly good at maths, but I just cannot see how you got to R689 in Week 51...

 

[LaraC]

I'm fairly good at maths, but I just cannot see how you got to R689 in Week 51...

I’m sure he worked on the principle of doubling your contribution every week which will make it unsustainable very quickly.
Your example works on increasing your contribution with the week number.

 

[Compton_effect]

I'm fairly good at maths, but I just cannot see how you got to R689 in Week 51...

Ah - it sounded like you were doubling the amount each week.
The explanation was a bit weak.
Much more feasible.

 

[RanzB]

The explanation was a bit weak.

Basically you start of with R1 and increase that by R1 for each week that goes by, eg. R2 in week 2, R8 in week 8, etc. At the end of the 52 week period you'll have R1 378.

Nope, the comprehension was a bit weak.

 

[Pho3nix]

So :
W1 = R10
W4 = R40
----------------
W49 = R490
W50 = R500
W51 = R510
W52 = R520

--------------

Last month alone needs R2020 :erm:

Sounds like a great idea though. Going to be using my Notice Account as well.
Monthly deposits of the months needed amounts.

@YingYang I will probably need a reminder of sorts, happy to keep us abreast of your progress?

 

[^^vampire^^]

1) Set up debit order for Rx every month
2) Wait...
3) Profit

 

[LaraC]

1) Set up debit order for Rx every month
2) Wait...
3) Profit

Debit order usually attract service fees which would reduce your return unnecessarily. Only use it if your bank does it for free.

 

[Xino_sam]

I think this is a good idea - will be using this for some extra spending money in the Dec period. Will have to start now with I think R20 and stop at the end of Nov, if my calculations are correct, I will end up with R11 220?

 

[Xino_sam]

Debit order usually attract service fees which would reduce your return unnecessarily. Only use it if your bank does it for free.

Should not cost you, if you are paying a fix monthly cost at the bank, e.g. Standard Bank

 

[The_Ogre]

@YingYang I will probably need a reminder of sorts, happy to keep us abreast of your progress?

I can remind you, but you could also use a Stop Order, but you'll have to change it every month so I'll need to remind you of that in any case as well