52 Week Money Challenge

[*MAD DOG*]

I'm so doing this. You should consider doing it too. I will be doing it fortnightly as I get paid and put it into an interest bearing account. I'll post up my results as I go along.

[*MAD DOG*]

Fortnight 1

[Altitude]

You could also deposit 26.50 each week and end up with the same amount :smile:

[JumpmanYaris]

You could also deposit 26.50 each week and end up with the same amount :smile:

not everyone can afford to do it all up front.

I think its a good idea as illustrated so you can plan a head of time and pay bills that need to be paid so that money that you are putting in there isnt affected

[Altitude]

not everyone can afford to do it all up front.

I think its a good idea as illustrated so you can plan a head of time and pay bills that need to be paid so that money that you are putting in there isnt affected

Then what happens when they hit week 26 and have to add more and more each week. If they can't afford 26.50 each week then how will they afford weeks 27 - 52?

[WeeYari]

Then what happens when they hit week 26 and have to add more and more each week. If they can't afford 26.50 each week then how will they afford weeks 27 - 52?

It's gradual conditioning.

[BEEF]

...and when you do decide you can't afford to do it anymore, at least you have some money in the bank.

[*MAD DOG*]

Then what happens when they hit week 26 and have to add more and more each week. If they can't afford 26.50 each week then how will they afford weeks 27 - 52?

Oh no. I didn't read that far, where am I going to get $26.50 from? My pay packet, that's where.

[JumpmanYaris]

Then what happens when they hit week 26 and have to add more and more each week. If they can't afford 26.50 each week then how will they afford weeks 27 - 52?

It is why I said you plan ahead of time

[JumpmanYaris]

Oh no. I didn't read that far, where am I going to get $26.50 from? My pay packet, that's where.

Lol

[jayeh]

I'd do it but I'd be saving way less than I normally do!

[*MAD DOG*]

I'd do it but I'd be saving way less than I normally do!

Do this on top of your normal savings and you'll be saving way more than you normally do.

[Klink10]

^^^^ good come-back.

[*MAD DOG*]

Weeks 3 and 4

At $10 now :smile:

Anyone else doing this? It doesn't matter when you start. It's a 52 week money challenge.

[yaris2010RS]

i like it...... im going to start as well

[*MAD DOG*]

i like it...... im going to start as well

:)

[david_827]

Will be starting tomorrow

[*MAD DOG*]

Will be starting tomorrow

:)

Post up how your going.

[yaris2010RS]

i will also be starting tomorrow, seeing as im young and i should be making more money then i should spend im going to try to be a little more aggressive with $10 increases per week. this would mean my biggest payment would be $520 but would be left with 13,780 at the end.....

[*MAD DOG*]

i will also be starting tomorrow, seeing as im young and i should be making more money then i should spend im going to try to be a little more aggressive with $10 increases per week. this would mean my biggest payment would be $520 but would be left with 13,780 at the end.....

:) Good to hear. A savings plan is a good thing. This is not the only savings plan I have. But I decided to take the 52 week savings challenge as a challenge.

[yaris2010RS]

unfortunatly i fail at savings plans as i have never had a structured plan. hopefully this one will work.

[*MAD DOG*]

unfortunatly i fail at savings plans as i have never had a structured plan. hopefully this one will work.

Baby steps. My advice do the 52 week challenge separately to any other savings you may wish to do.

[suckerface]

Are any of you familiar with Dave Ramsey? My dad is a HUGE believer in his Financial Peace series (has actually taught 5 or 6 sessions). He's convinced that, had him and my mom started this when they got married, they'd be millionaires. My fiance and I are going to sit down and go through the course before the wedding.

It's mostly just common sense things, and holding yourself accountable for the money you spend frivolously.

LifeHacker also has some good finance tips here and there. It's also nice to set up a Mint.com account to see where your money goes, and set alerts for when you go over a budget.

[*MAD DOG*]

Weeks 5 & 6

It's not hard to do. Just a simple little money saving tool. How's everyone else going?

[ilikerice]

401k is making bank for me right now.. I set mine up at 10% before taxes are taken out. After my wedding, I am going to up it to 20%. I like this because I actually never see my money getting taken out. I just base my life around the money I am bringing home. This is easy if you have a consistant flow of money each week. I can see how it is alot harder for people who live off tips or an unsteady weekly schedule to save like this.

Its all about discipline

[*MAD DOG*]

Weeks 7 & 8

http://i208.photobucket.com/albums/bb65/MADDOGZONER/EE94CB0D-A3CB-48F1-B8B9-68B5DB3965DF-1740-000001196D540FB6_zps3cccd490.jpg

Wow 2c interest credited :) At least I've stuck to it so far. How's everyone else going?

[nookandcrannycar]

If at all possible, take advantage of all of the tax deferred accounts that you may be eligible for, and contribute the maximum to each :thumbsup:.

[*MAD DOG*]

Different countries. Different tax rules.

[Klink10]

Good for you. The only thing that upset my savings plan this month was a bottle of Scotch, replacing cracked bath tub, replacing the sink diposal and a new winter coat. Still managed $1700 bucks.

[tooter]

Baby steps. My advice do the 52 week challenge separately to any other savings you may wish to do.

I think this is a brilliant idea because it is the same sound practical approach regardless of the scale. There is no such thing as too small to work. I do the same "baby steps" idea by creating micro businesses out of the useful things I'm able to do for others in my free time . :smile:

[mazilla]

Then what happens when they hit week 26 and have to add more and more each week. If they can't afford 26.50 each week then how will they afford weeks 27 - 52?



Duh, they take it out of the savings account! ;)

[nookandcrannycar]

Different countries. Different tax rules.

True, but most of the people who have commented on this thread live in the United States.

[*MAD DOG*]

Weeks 9 & 10

How's everyone else going?

[yaris2010RS]

unfortunately i did not have a seperate savings account to do this in so its hard to see but its still money being saved! great idea. My mom is also doing it.

[*MAD DOG*]

Weeks 11 & 12

http://i208.photobucket.com/albums/bb65/MADDOGZONER/518BA0DE-FF4F-432D-8918-1C7E808EB144-26274-000013A053244BAD_zpsfdd18460.jpg

12 weeks and still at it.

[*MAD DOG*]

Weeks 13 & 14

Everyone else still at it?

[tooter]

Are any of you familiar with Dave Ramsey? My dad is a HUGE believer in his Financial Peace series (has actually taught 5 or 6 sessions). He's convinced that, had him and my mom started this when they got married, they'd be millionaires. My fiance and I are going to sit down and go through the course before the wedding.

That's a very smart thing to do. :thumbsup:

It's mostly just common sense things, and holding yourself accountable for the money you spend frivolously.

LifeHacker also has some good finance tips here and there. It's also nice to set up a Mint.com account to see where your money goes, and set alerts for when you go over a budget.

Dave Ramsey is a genuinely good man who does so much good for America by reminding us to be decent responsible productive solvent and frugal. And I can scream "I'm debt free!" :smile: No mortgage debt, no car loan debt, no student loan debt, no personal debt, and a zero credit card balance.

[nookandcrannycar]

That's a very smart thing to do. :thumbsup:



Dave Ramsey is a genuinely good man who does so much good for America by reminding us to be decent responsible productive solvent and frugal. And I can scream "I'm debt free!" :smile: No mortgage debt, no car loan debt, no student loan debt, no personal debt, and a zero credit card balance.

I started listening to him IIRC on satellite radio while driving across rural stretches of Canada on my trip in 2006. I was debt free in each way you describe long before that, but I just like listening to him....like hearing how he interacts with the callers. I switch between 5 different AM stations (only 1 comes in really strongly) in the car and whenever I happen to hear him I usually stop on that station until I get out of the car, lose the signal, or the show ends. At home, if I happen to tune him in I'll listen (as background) until I next leave or when the show ends. If TN ever became a completely no state income tax state, I'd consider moving to where he broadcasts from. I have some friends who live there, and they love it (he's a native, but she's from L.A.).

[tooter]

I started listening to him IIRC on satellite radio while driving across rural stretches of Canada on my trip in 2006. I was debt free in each way you describe long before that, but I just like listening to him....like hearing how he interacts with the callers.

You and I are both on the same page, nook... :smile:
I also enjoy hearing Dave "preach to the choir". There is so much media insanity, it's refreshing to actually hear a sane person on the radio.

[nemelek]

Good job Mad Dog! The question to ask is where is the $1378 going to be in 10 years.

[*MAD DOG*]

Good job Mad Dog! The question to ask is where is the $1378 going to be in 10 years.

:iono:

[sqcomp]

I've been working this plan since the start of the year.

I also occasionally purchase small items for work. I get reimbursed and instead of sticking the reimbursment into the checking, I place it in the savings. I should be at what, $78 going straight with the plan? I'm at $202 and change now.

My wife has NO idea about this either. Something tells me I'll just keep compounding this as much as possible. Perhaps one day it'll pay for a bespoke engine and transmission for a Yaris...

[deathwisher]

Wouldn't it be easier if the bank does an automatic withdraw every time you get paid?

That's how I keep money out of my useable savings account. Then it just feels like you get paid less and there for use less.

[*MAD DOG*]

I've been working this plan since the start of the year.

I also occasionally purchase small items for work. I get reimbursed and instead of sticking the reimbursment into the checking, I place it in the savings. I should be at what, $78 going straight with the plan? I'm at $202 and change now.

My wife has NO idea about this either. Something tells me I'll just keep compounding this as much as possible. Perhaps one day it'll pay for a bespoke engine and transmission for a Yaris...

Keep up the good work. :w00t:

[*MAD DOG*]

Wouldn't it be easier if the bank does an automatic withdraw every time you get paid?

That's how I keep money out of my useable savings account. Then it just feels like you get paid less and there for use less.

No because I hate direct debits and minimise them to as little as possible. I only have 4 at the moment, two separate mortgages, car loan and internet.

However I have also nominated at work for them to take $50 extra a week out in tax. Therefore i'm overpaying my tax and I get it back when I do my tax return. $50 x 52 = $2,600

[*MAD DOG*]

Ta Dah! Weeks 15 & 16

[*MAD DOG*]

Week 17 & 18

Still at it...

[*MAD DOG*]

Weeks 19 and 20.

http://i208.photobucket.com/albums/bb65/MADDOGZONER/19n20_zps4b11cd2a.png (http://s208.photobucket.com/user/MADDOGZONER/media/19n20_zps4b11cd2a.png.html)

Still going.

The 66c is interest :)

[*MAD DOG*]

Weeks 21 & 22

Still going, even on holiday.

[Septembersrain]

It's easier to save money than I thought it would be. It accumulated fast for me. Ended up with 7k in a year.
I put in enough to almost make my Kia brand new before pulling the plug to put the rest towards this new Yaris instead.

PS: That bouncing girl is very distracting at this early hour. LOL

[goliath1812]

However I have also nominated at work for them to take $50 extra a week out in tax. Therefore i'm overpaying my tax and I get it back when I do my tax return. $50 x 52 = $2,600

Sorry for bringing up an old quote, but I just saw this. Wouldn't it be more beneficial to take that extra $50 a week, and have it put into an interest bearing savings account, instead of overpaying towards taxes? That way at the end of the year, you'll still have that $2600, but it will be in your own account (not waiting for your refund), and you'll have extra interest on top of it.

Paying extra every week to taxes is essentially giving the government an interest free loan for a year.

[Septembersrain]

I put in an extra $10 myself. I do it because this last year I ended up owing them money.
I think putting in a little extra is a good idea but perhaps $50 is a bit much.
Though I think it might be a bit more complicated than that with the brackets and such.

[*MAD DOG*]

Week 23 & 24

Still going. Almost half way through now.

[*MAD DOG*]

...PS: That bouncing girl is very distracting at this early hour. LOL

A friend of mine found her on some forum, so I borrowed her. I thought it was cool.

[*MAD DOG*]

Sorry for bringing up an old quote, but I just saw this. Wouldn't it be more beneficial to take that extra $50 a week, and have it put into an interest bearing savings account, instead of overpaying towards taxes? That way at the end of the year, you'll still have that $2600, but it will be in your own account (not waiting for your refund), and you'll have extra interest on top of it.

Paying extra every week to taxes is essentially giving the government an interest free loan for a year.

Yes. Yes it would. But I would more than likely spend it if I had access to it. So to stop me from spending it I send it to the government and get it back in a lump sum when I do my taxes.

[*MAD DOG*]

Weeks 25 & 26 - Half way point - Still going

[*MAD DOG*]

New Financial Year. Great time to start saving.

Weeks 27 & 28

[*MAD DOG*]

Yarisworld was done last time I tried to update this thread. So here is weeks 29, 30, 31 and 32. Still haven't missed a deposit yet :)

[*MAD DOG*]

At weeks 39 & 40 now. Still haven't missed a week. :biggrin:

[*MAD DOG*]

Weeks 41 & 42 - Still going. Over $900 now :)

[Golddeenoh]

i keep eating mine :( semi-literally, keep buying food instead of having money go into savings.

[*MAD DOG*]

i keep eating mine :( semi-literally, keep buying food instead of having money go into savings.

You can't save $1.... You can't even buy ramen noodles for that :P

[*MAD DOG*]

Weeks 43 & 44

Still going. Almost a grand just sitting their untouched.

[*MAD DOG*]

Weeks 49 & 50

Only 1 more pay for me to go and I've achieved my goal of the 52 week money challenge. Woot!

[cali yaris]

^ Keep going! $53 and so on!

[*MAD DOG*]

On the 17th December 2013 I reached my goal of doing the 52 week money challenge. I can tell you it feels good to accomplish something, especially since it took a year to do. Now that it's 2014, I urge all of you that can, to jump on board and start at week 1.

So in total including interest I saved $1,392.57 in the 52 weeks. So interest was $19.52