Sunday, December 29, 2013

2014 Money Challange

Several times I have posted the yearly money challange.
It can be started at any time, but as most people make New Year's resolutions this time of the year, here it is again.

Week
Dep amount
Balance
Week
Dep amount
balance
1
$1
$1
27
$27
$378
2
$2
$3
28
$28
$406
3
$3
$6
29
$29
$435
4
$4
$10
30
$30
$465
5
$5
$15
31
$31
$496
6
$6
$21
32
$32
$538
7
$7
$28
33
$33
$561
8
$8
$36
34
$34
$595
9
$9
$45
35
$35
$630
10
$10
$55
36
$36
$666
11
$11
$66
37
$37
$703
12
$12
$78
38
$38
$741
13
$13
$91
39
$39
$780
14
$14
$105
40
$40
$820
15
$15
$120
41
$41
$861
16
$16
$136
42
$42
$903
17
$17
$153
43
$43
$946
18
$18
$171
44
$44
$990
19
$19
$190
45
$45
$1,035
20
$20
$210
46
$46
$1,081
21
$21
$231
47
$47
$1,128
22
$22
$253
48
$48
$1,225
23
$23
$276
49
$49
$1,275
24
$24
$300
50
$50
$1,326
25
$25
$325
51
$51
$1,326
26
$26
$351
52
$52
$1,378


I have had people tell me that they can not afford to do this.  If you truly can't, then just do what you can do.  

I have also had women from 2 income families tell me that they do this and also their husbands do it.  So by year end, they have double the amount.  One told me she and her husband make a contest of it to see who can save the most. 

I don't do mine in this order.  I put my November and December months during the spring time--April, May and early June, because that is when we don't have any A/C or heat bills. In November and December we have the propane bills, Thanksgiving and Christmas (gifts and a slightly higher food bill).  So, for us, this rearrangement of the schedule works.  I also put my "found money" in as well.  We have one grocery store where I always find at least 10 cents on the ground in the parking lot, several times I have found bills, and once I even found a twenty dollar bill.

If you think you can't afford it, look at what you can cut.  What about that morning coffee you get on the way to work (make it at home)??  Or a magazine subscription that you take but don't read (read it for free at the library),  or that pack of cigarettes, or that junk food??

One year in March a woman wrote in and told me she could only afford to do this by giving up her vending machine habit at work.  By March, she had already lost 8 lbs (she went walking on her breaks instead of buying a soda and candy bar) but had saved $122 thus far.  Her method was a little different.  In the early months she was putting what she would have eaten out of the machine at work into a jar.  By the end of March, she had $122 in there.  In November she told me she was still saving and losing weight and her doctor had removed her off of some of her medications as a result of the weight she had lost.  So, she was taking that money (saved from her prescription co-pay) and adding that to her money jar as well. 

Many banks require you to have a specific amount before you can open an account.  Others don't.  So shop around.  I put ours into an old money market account.  If I need to get it out, I do.  But with it in an account other than what I carry a checkbook for, I'm not going to spend it.

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