Skip to main content

WEEK 52 of the 52 week money challenge! YES! I MADE IT!!! £52 IN THE POT!!


Happy Holidays! This was touch and go because Christmas is an expensive time, and I wasn't sure if to put in a final IOU but I thought it was good to end on positive note for the year. So I get the cash together from my bank accounts. 

I'm posting this earlier in the week - basically week 52 - because I have other stuff to do, like buy Christmas presents - I tend to be late.  I guess it's probably a good time to do a final review. 

Review of 52 week money challenge

This challenge is based on saving money 52 weeks of the year, but the caveat is you save the according to the week number. So in the first week of the year £1 or $1 is saved and this increases as the year goes on until the final week of the year - week 52.

What's good about it 

1. It highlights saving. So as result, I did review my 'proper savings' plan which is a regular amount each month. 

2. It is fun to start with!

3. It simple to understand.

What's not so good about it!

After the first few weeks it can get quickly expensive to do this saving. At times, I couldn't afford it or I have a fair amount of IOU or debt notes in the money jar.

It also gets boring and tedious trying to remember each week to put the money away - I forget some weeks and others I lacked the motivation, especially towards the end. I only stuck with it because I was blogging about it. 

Putting money in a jar isn't the safest way to save money - it's too accessible. It can be stolen, or you can use it in casual emergencies, borrow from it intending to payback etc. 

Lessons and Takeaways

I need to point out, I'm not qualified to give financial advice so please contact your bank or any qualified financial advisor. 

It's better to have regular savings, a constant amount each month that goes into a savings accounts, than messing about with it. You can do it automatically by bank transfer if your bank/savings society  offers that facility.  Like most things, it's best to do this when you get paid or your paycheque/check, so you feel it less. 

Some people stipulate a set amount each month but I just think it needs to be something the saver is comfortable with and can afford. 

If you can't afford any savings, I'd suggest a token amount could be as little as a pound or dollar but the caveat/warning is whenever you have any spare cash lying around just sweep it into the account. 

At times when I was in between jobs, I'd take a savings holiday because I couldn't afford it,  but as soon as I got a job, I would start off again. 

Overall it was an interesting and tediously experience. 

I shall be counting the cash at some point and doing a blog post when I do.

Thank you. 




Labels:

Comments

Post a Comment

Popular posts from this blog

Up Date on Happenings: Newly Single & 17% pay raise.

Hey Everyone, So update since my last entry. Well I had a brief fling with Mr Sexy Guy and decided he wasn't the one for me. He was cool but I learned the difference between lust, chemistry and personality. It just didn't tango for me. I'm still grossly overweight, well, fat. I don't think there is anything wrong with being called fat. I am fat. I need to lose weight but that means getting organised and stop eating delicious food. Then again my knees are hurting me and joints feel the ache. I also haven't been to the gym in three months despite paying for it. But when I do, I normally go for the sauna, hot tub and   steam room session. I've thought of cancelling the exorbitant membership but in the climate apart from bills it's the one thing that is just for me...that when I use it. Work is fine, managed to get a 17% pay raise. A big thanks to my boss who also pushed for it. It's good to work for people who support you in that matter. I think tha...
Post a Comment
Read more

Show me your desk: Books, magazines, bottle of water, and same old clutter.

Today I have more of a writerly desk, so let's roll. From the far left handside is my writing magazine, I treat myself to it, and it has some interesting articles at times. It's just something I flick though the way other people buy GQ, Vougue or Marie Claire. It's my monthly interest magazine, and no I don't do the writing exercises but then who buys all the clothes, make-up and perfume advertised in the high-end women's magazines.  Next is a bottle of vitamins, this was a gift from Sis. Yes, as you probably realise, Sis is very generous with her gifts as they are normally featured on my desk. If fact the Apple Notebook is also one.  A small fact is that I bought my first phone only two years ago because for the last ten years, Sis gave me all her hand-me-downs. She's very on top of technology - ahead of the curve, wave or early adaptor.  Anyway she got me them because she's into healthy eating and body care, and probably got them on discount. ...
2 comments
Read more

March Update: Photoshop Composting, Writing, Meal Plan, My first trip out of my area.

  This is one of the composites, I created in one of the courses. This was based on graphic design and I feel like an island floating in a new landscape. It is a composite of three images with a bit of blending.  This was from a boo Photoshop Composting I'm still finding my way with this, so I have the technical skills which I realise it a matter of masks and blending modes however the next thing is to keep on doing it until I learn the principles of graphic design. It's complicated to explain and I'm still finding my way but basically at some point I need to start doing my own stuff, and right now those images look a bit awkward until I get the design aspect right. It can be fun but also some aspects can be tedious and boring. And I guess it's a matter of keep on practice,  and I also want to get to the point, I can use my own pictures.  Writing  Going well and steady, nothing significant to report on that front. But I'm looking at a soft deadline of completing...
Post a Comment
Read more