Tuesday, 31 December 2013

The 2014 52 Week Cash Challenge

This is something that I am going to attempt to do, although I have altered it slightly.

I first came across the 52 Week Cash Challenge via a friend who is on benefits, the reason I mention this will become obvious later in this post.

The idea is that you find an empty jar or pot, and at the start, or end, of week 1, you add £1 to this jar; week 2 you add £2; week 3, £3 and so on until week 52.

Unfortunately, this means that over the last 4 weeks of the challenge you would have to put away £202 (£49 + £50 + £51 + £52), now I work full time and can't afford to put this much money away in just one month, so the fact that someone on benefits can means there is something wrong somewhere.

So, my little tweaks are - I am using a bank account instead of a jar, this is so that I can get a little bit of interest; and my amounts will be - week 1 £1, week 2 £52, week 3 £2, week 4 £51 and so on.  I know I could just put £26.50 per week away, but this makes saving more fun and will make me more likely to carry on with it.

Is anyone else thinking of having a go?

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