The 52-week Money Challenge

[Pho3nix]

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

Prefer to just transfer the cash manually.
App makes it seem less

 

[Ocali]

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

great i will open 1 this evening.

 

[cerebus]

I fail to see the purpose of this. It's gimmicky and complicated. What happens in week 53 when compounding starts to hit?

 

[googoodoll]

I fail to see the purpose of this. It's gimmicky and complicated. What happens in week 53 when compounding starts to hit?

I think if you have coins lying around and keep them in a piggy bank it could be nice but trying to transfer money and keeping track of the stuff in your account would just make me spend the money in week 3 already...

 

[rorz0r]

If you can afford to put away the R1980 in the last month (week 48-51) then why not just do that every month and save around double than some crazy scheme you have to keep track of?

 

[Pho3nix]

I think if you have coins lying around and keep them in a piggy bank it could be nice but trying to transfer money and keeping track of the stuff in your account would just make me spend the money in week 3 already...

Thus the notice account. You can access the money earlier but at a pretty hefty cost if memory serves

 

[Pho3nix]

If you can afford to put away the R1980 in the last month (week 48-51) then why not just do that every month and save around double than some crazy scheme you have to keep track of?

Didn't read the link but I am assuming it's to get people into the mindset of saving. Asking someone to put in R10 here and a R20 there is a bit of an easier task and something a lot of people do when buying take-aways and the like.

 

[LaraC]

If you can afford to put away the R1980 in the last month (week 48-51) then why not just do that every month and save around double than some crazy scheme you have to keep track of?

Maybe the aim of the project is to keep it interesting. File and forget quickly dies.

 

[googoodoll]

Thus the notice account. You can access the money earlier but at a pretty hefty cost if memory serves

I'd use a different system of choosing how much to put in then. R1 is too little and R10 too much. The R1, R2 thing is cute but for cash.

 

[heartbroken]

If you can afford to put away the R1980 in the last month (week 48-51) then why not just do that every month and save around double than some crazy scheme you have to keep track of?

Then you should start on 1980 and aim to increase the savings each month.

 

[SaoirseB]

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?!

I like this idea. I already have a few savings plans, so I won't do the weekly increments. I'll just commit to a R100 a week.

Edit: I just realized your plan is way better. I'll do the Week 1 - R10, Week 2 - R20 plan

 

[cerebus]

Then you should start on 1980 and aim to increase the savings each month.

How about just learning to budget properly in the first place instead of taking up pointless 'savings challenges' that you're only going to burn out on after a month?

 

[Pitbull]

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?

Agree, but you put it the first week of the month for the whole month. I think it's a brilliant idea. I use R 100+ a week just on Monster here from the 30th week onwards it's going to get harder to put the money away as it does seem like a lot. The difference is though as you will see how much you have already saved so you will mentally have no issue with saving the amounts as they get bigger. By week 30 you have already saved R 4650 so the amount for week 30 to 34 = R 1600 Easy to put R 1600 into something already standing at R 4650 mentally speaking.

 

[Pho3nix]

Agree, but you put it the first week of the month for the whole month. I think it's a brilliant idea. I use R 100+ a week just on Monster here from the 30th week onwards it's going to get harder to put the money away as it does seem like a lot. The difference is though as you will see how much you have already saved so you will mentally have no issue with saving the amounts as they get bigger. By week 30 you have already saved R 4650 so the amount for week 30 to 34 = R 1600 Easy to put R 1600 into something already standing at R 4650 mentally speaking.

Good point

/deposits initial R100

 

[Pitbull]

If you can afford to put away the R1980 in the last month (week 48-51) then why not just do that every month and save around double than some crazy scheme you have to keep track of?

As per my previous post. It's about the saving mentality. Mentally saving R 1980 for me is just stupid. I'd rather go to Spur . However this way it doesn't feel like much if you look at what you have already saved. If that makes sense.

 

[The_Ogre]

How about just learning to budget properly in the first place instead of taking up pointless 'savings challenges' that you're only going to burn out on after a month?

Some of us save thousands, yet still has money the last day or two before payday precisely because of "budgeting properly".

So instead of going out and spending it on booze and prostitutes we are trying to get a short term savings habit into place.

If you're not interested, would you mind moving along?

edit: just to add, this is also a fun way of teaching your kids to save a minimum amount each week and then to use that money over Christmas.

 

[cerebus]

Some of us save thousands, yet still has money the last day or two before payday precisely because of "budgeting properly".

So instead of going out and spending it on booze and prostitutes we are trying to get a short term savings habit into place.

If you're not interested, would you mind moving along?

edit: just to add, this is also a fun way of teaching your kids to save a minimum amount each week and then to use that money over Christmas.

I'm just trying to discuss the value of this sort of plan, because obviously any sort of saving is better than none at all. I kind of feel that this isn't the best approach to take to learn how to budget and save. Mainly it's because it's done 'blindly' and doesn't force you to come to terms with your own spending. And also, because I don't think it will be sufficiently habit forming to have any longevity. So please, explain why this is an optimal saving method?

 

[Pitbull]

I'm just trying to discuss the value of this sort of plan, because obviously any sort of saving is better than none at all. I kind of feel that this isn't the best approach to take to learn how to budget and save. Mainly it's because it's done 'blindly' and doesn't force you to come to terms with your own spending. And also, because I don't think it will be sufficiently habit forming to have any longevity. So please, explain why this is an optimal saving method?

What's this budget thing you talking about?

I get paid, pay my bills and buy what I need. That left over at the end of the month carries over to the new month. Some months I have big expenses and have money for it and it levels it self out.

This way I can consciously put away money and see it grow instead of just laying in my account and when it gets a bit much I spend it on shyte

 

[heartbroken]

How about just learning to budget properly in the first place instead of taking up pointless 'savings challenges' that you're only going to burn out on after a month?

How about no.

Having a proper budget is only the first step. The idea is challenging yourself to consistently spend less than the budget and increase your savings.

 

[cerebus]

How about no.

Having a proper budget is only the first step. The idea is challenging yourself to consistently spend less than the budget and increase your savings.

Yes that's what budgeting is all about. However you go about it, it's a method of analysing your spending to trim areas of wastage and increase saving. Not sure why you think I disagree with you there.