Savings challenges.

People have been wondering how I do things like fund a random trip by train to New York to go touring for a day and my pencil habit.  I’ll admit I don’t have a specific way…yet.  The pencils themselves came out of my allowance I had saved, and my comic habit suffered a little in exchange.  So be it.  

      First off my wife and I use the envelope system for some things and a budget on the rest.  We run a little bit of investment here and there nothing big, it really amounts to just multiple savings for the time being.  However to do things like randomly adventure it is a good idea to have a side savings, so this is what I looked and found.  The weekly savings challenge and the daily penny challenge.   

 
The weekly challenge starts at 1.00$. The increment increases by a dollar every week.  The idea is that you stuff this amount in a jar.  Now I started a new bank account, and jars (having free checking will help the bank account part.)  The amount does start to get higher, by the time you’ve done half of this you are putting 26$ in a week and it keeps growing.  The touted savings after one year is 1378.00$ which is nothing to scoff at. 

     The penny challenge is daily.  It starts at 0.01$ and doubles everyday.  This is where the envelope system and doing our allowances in cash comes in handy.  We already have a decent stash of change on hand to carry this out, but I am guessing that it will evaporate pretty quickly into those jars as the amounts go up.  I am doing the jar and bank account for this one as well.  The savings at the end of it is supposed to be 667.95$.  This is also a decent little savings.  

  However these are challenges, and these are the difficulties I see coming.

  1. Remembering to do something daily or weekly is usually a short lived challenge.
  2. Having the correct amounts on hand for your jar.  There are a lot of very odd numbers on the penny challenge.  I would advise not to be afraid of doing a small amount of rounding to make it work with whole dollars if possible or even to the next change increment I.E. Turning 1.11-1.19 all into 1.20.  
  3. Having the cash on hand as well for the weekly one, even if you use an ATM you get whole larger bills, you will have to be willing in both cases to not be afraid to inconvenience a cashier for change when you are already checking out.  
  4. Again just keeping up with it, I am putting the checklists next to my calendar so that I see them everyday.  
  5. If you use a new bank account make sure you have free checking with no minimum amount and no monthly fee as this could quickly kill your savings.

     It will be a pain and towards the middle of the weekly one the amounts may even become a challenge.  If you can pull both of these off though you will have saved 2045$ after a year. This is my plan for future adventures.  You can use it for whatever you like though, saving for a down payment, vacation, an investment (my bank asks for a 1000$ minimum to start most investment funds.). I wish you the best of luck and I hope this helps you fund and plan adventures and that it is fun along the way. 

Hrolf The Ganger

Advertisements

Create a free website or blog at WordPress.com.

Up ↑