HippieChickadee
Mouseketeer
- Joined
- Oct 24, 2012
You may have seen this going around social media today, but this is as social media as I get so I wanted to share and see who wants to try it?
. There are places that pay 0.1%, places that pay 0.4%, places that pay 0.9%, and even some places that pay 4% up to a certain amount of money. But I agree with DVCLiz that these kind of challenges don't work as much as we want them to. I think it is because it doesn't force you to decide where the extra money you're going to save comes from. I think it would be better to think about what you're spending money on regularly, pick out a few things that you can live without each week, and then give yourself points for each time you do without one of those things for a week.
ooh i like the reverse ideaI saw this on FaceBook today and I thought it would be even better if people started with the higher amount first. It's easier to save $52 the first week of the year when you are highly motivated to do a savings program. Then each week the amount you need to save goes down by a dollar - by the time you are kind of sick of the idea it's 38 bucks a week, then 37, then 36, etc. It seems it would be easier to keep it going for a whole year if you reversed the process.
Also, if you put it in any kind of interest bearing account the amount would grow a little bit more because the interest was being accrued on a larger amount from the beginning.
Love it - thanks for sharing. We are heading to Hong Kong Disneyland on the 20th December 2013 and an extra $1378 will be fantastic. I am going to do it in reverse as well
This is a great idea - can anyone share the method they use to do the savings, i.e. cookie jar, online savings account, and how you plan to "set aside" the money? I ask because we
(a) don't often use physical cash (to put in a jar)
(b) don't have a bank branch near us, and use online banking a lot
Thanks for sharing.