Edinburgher's New Start Challenge 2010!

edinburgher

Another year, another challenge

I want the moon on a stick in 2010. I'm planning to be debt free for the first time in 8-9 years, I'd love to be able to buy an engagement ring for my wonderful GF and I want the best Christmas in living memory. Big ask, right?

To that end I have devised the New Start Challenge 2010 (or NSC for short). It takes the best bits of some existing challenges and concepts, chucks in some tips culled from the world of personal finance literature, blends these and then turns it up a notch... Yup, I was full of caffeine when I wrote this :rotfl:

The challenge consists of:

1. A regular sealed jar – every coin I get which is worth 50p or less will be put in here.
2. A £2 coin savers' jar – every £2 coin I get will be put in here.
3. Pay myself jar – 10% of every ATM withdrawal will be put in here. If I withdraw cash and end up with lots of £2 coins I'll pay either the £2 coins or 10% into the relevant jar (whichever is highest).
4. Virtual sealed jar – I usually check my current account balance once a day (sad I know). On days where there's an odd numbered balance, I will pay the odds + £1 into an electronic savings pot set up for this purpose. So, if there's £100.45, I'll pay in £1.45.
5. Anything else – any extra money which I get will go in here (for example, what little earnings I get from free scratch cards, unexpected work bonuses etc.)

I'll bank sealed jars as and when necessary. After all, there's no point in missing out on interest unnecessarily!

I realise that this challenge is a little nuts and I'll probably end up withdrawing more money than I might normally to feed my sealed jars, but that's fine. My debts are close to under control, I have access to a reasonable wage and my earnings should be going up a little in the new year. Also, like all good DFWs, I'm starting to become a savings obsessive.

Feel free to join in, or just throw mince pies at me from the sidelines from time to time :xmastree:

ruby_eskimo

Such a good idea Edinburgher and the goal is a really nice one! I kind of do the same already: all £2 coins and any change left over at the end of the week go into the jar, I round up to the nearest £5 on my bank balance once a week and deposit it in the savings account plus budget the hell out of the month!

Wishing you the best of luck with this! *subscribes*

InaPickle

Lol @ Ed. Be careful that you haven't decided to bank so many things that you won't acutally have any money left, but great idea!

If we are swapping 'pot' stories, I have a copper pot. No, it's not much, but it's all I can really afford at the minute and does seem to work. (I also throw other random amounts of cash into it when possible). Last time I opened it, there was over £13 in it, which isn't bad for a small pot full of only coppers. We shall see how much there is next time...

Best of luck Ed. Keep us updated. x

gwen80

Long time, no post. Happy New Diary Ed! Your 'pot' system is even more complicated than mine! :rotfl:

edinburgher

Thanks for the encouragement guys! :T

Be careful that you haven't decided to bank so many things that you won't acutally have any money left, but great idea!

Cheers Pickle Actually, it's not as nuts as it sounds. I've been doing it for 6 weeks now as a trial run and I've only run short by about £20. Will have more spare cash in the new year, so it should be a glowing success (I hope).

Will try to update when my balance goes up..

Swinstie73

Good luck edinburgher, always a good idea to have a plan for the New Year! I'm still trying to come up with mines!

edinburgher

First update for the New Start Challenge (and last before the end of the year!)

£25 is now winging it's way to my savings account :rudolf:

SarahNeedle1872

Love all your pots ideas Ed, atm I only have a giant whiskey bottle for 1p/5p, a small pig for 2p (because they don't fit down the neck of the whiskey bottle!) and a 'pocket in a jacket in the back of the cupboard that OH won't find' for my £2s.... infact I think I might count them all up and start again on the 1st Jan, and see just how much I have

Sx

edinburgher

infact I think I might count them all up and start again on the 1st Jan, and see just how much I have

Thanks Sarah (and good idea about having a fresh start on Jan 1st - it's always a good opportunity to refocus and start planning for the year ahead).

edinburgher

Payday today - £55 has wound its way to the NSC account - taking my total so far to £80.

Doing a little shopping after I received my end of December wage today, so the sealed pots will be in for a feed tonight

I will be free one of these days!

edinburgher

I set up a small regular payment into my NSC challenge account this month, which has now cleared into my account along with a small interest payment.

My new total is £125.18