"Sealed Pot Challenge 5"

IanisAmazing

Hi,

I imagine this question has been posted before - but, in the interest of saving money - is it not best to put all this money in to a bank account instead????????????? Gaining interest that you won't gain from leaving it in a pot in a house?

I read in the weekly e-mail that £40,000 was saved in last year's sealed pot challenge .... I got excited and thought this challenge sounded like one I should be taking part in, but, now having read the concept it sounds like moneysavers lost quite a bit of money last year from the lack of interest they were earning on their unused cash???

Am I missing something?

Raspberrysauce

£1.00 for me today:)

sparky0107

IanisAmazing wrote: »

Hi,

I imagine this question has been posted before - but, in the interest of saving money - is it not best to put all this money in to a bank account instead????????????? Gaining interest that you won't gain from leaving it in a pot in a house?

I read in the weekly e-mail that £40,000 was saved in last year's sealed pot challenge .... I got excited and thought this challenge sounded like one I should be taking part in, but, now having read the concept it sounds like moneysavers lost quite a bit of money last year from the lack of interest they were earning on their unused cash???

Am I missing something?

Yes you are.
The measley interest that the banks are offering is not a great deal. Some people who have joined this challenge have never managed to save anything in their lives, so the encouragement & support we give each other helps people to believe they are part of something. The concept of sealed pot challenge is exactly as it say's "SEALED". Some people do bank as they go along, but most of us like to wait until the end of the challenge for the surprise of how much we've saved.

We have had 4 very successful years of SPC and as you can see from the members we have it looks like we're going to have a 5th one.

nanto3girls

I banked £100 yesterday, can i add this to my total at the end of the challenge,or would it be considered cheating.

Kerfuffle

IanisAmazing wrote: »

Hi,

I imagine this question has been posted before - but, in the interest of saving money - is it not best to put all this money in to a bank account instead????????????? Gaining interest that you won't gain from leaving it in a pot in a house?

I read in the weekly e-mail that £40,000 was saved in last year's sealed pot challenge .... I got excited and thought this challenge sounded like one I should be taking part in, but, now having read the concept it sounds like moneysavers lost quite a bit of money last year from the lack of interest they were earning on their unused cash???

Am I missing something?

Hi IanisAmazing,

Yep, this question has been asked before, at least twice each year.

Each person joins this challenge for their own personal reasons, and I'm sure most people are aware that they'll be missing out on some potential interest if the money was in an account rather than sat in a pot in the house. Having said that each person can do what they choose, some people only put the bear minimum in the pot and put the notes straight into the bank, some put everything into the pot and then take it out and periodically bank it (to gain interest but also so that the money is safe) and some people just throw everything into the pot and are quite happy for it to sit there so that they have the thrill of how much has accummulated over the year. Whichever method they choose it up to them, but ultimately the very fact that people choose to do this challenge because of the encouragement, banter, fun and incentives that this thread gives far out weighs the dire interest rates that are being offered.

Sue_UU and Sparky do a brilliant job looking after this thread and both put a lot of free time and effort into making sure every Newbie is welcomed and that their comments are noted and responsed to, something that a lot of other thread ops don't do. This is time that neither Sue_UU nor Sparky get paid for but they do purely for the enjoyment, in the same way that Newbies join the challenge, for the enjoyment and the optimism that the thread provides.

Elle1267

Hi everyone and welcome to all newbies!

I received my terrramundi this week. It is now sitting on top of the fireplace. It is so pretty, all pink and gold. I have put all 50p's £1's and £2 coins in to it but no notes. Good thing too as my boiler has decided to pack up so I'll have to use that money to get it fixed . Maybe I'll win at bingo tonight. (you never know).

I had a good haul of roadkill this week while I was at work. The only day I didn't find any was on Friday. It's amazing how much you find when you actuall start looking for it.

Enjoy the rest of the weekend

little_sweetie

IanisAmazing wrote: »

Hi,

I imagine this question has been posted before - but, in the interest of saving money - is it not best to put all this money in to a bank account instead????????????? Gaining interest that you won't gain from leaving it in a pot in a house?

I read in the weekly e-mail that £40,000 was saved in last year's sealed pot challenge .... I got excited and thought this challenge sounded like one I should be taking part in, but, now having read the concept it sounds like moneysavers lost quite a bit of money last year from the lack of interest they were earning on their unused cash???

Am I missing something?

Hi, I'm new to this concept too but I think the idea is to start thinking of saving small amounts ( a few pence even) and banks certainly wouldn't like me trying to pay in my 50p a time! Of course larger amounts are safer in an account but many people (myself included) don't have the spare cash to do that. Anyway, the paltry interest paid by the banks doesn't make much difference in the long run...

mummytogirls

Thanks Sue, will pop on next week and update the total xx

stressedshopper

Kerfuffle wrote: »

Hi IanisAmazing,

Yep, this question has been asked before, at least twice each year.

Each person joins this challenge for their own personal reasons, and I'm sure most people are aware that they'll be missing out on some potential interest if the money was in an account rather than sat in a pot in the house. Having said that each person can do what they choose, some people only put the bear minimum in the pot and put the notes straight into the bank, some put everything into the pot and then take it out and periodically bank it (to gain interest but also so that the money is safe) and some people just throw everything into the pot and are quite happy for it to sit there so that they have the thrill of how much has accummulated over the year. Whichever method they choose it up to them, but ultimately the very fact that people choose to do this challenge because of the encouragement, banter, fun and incentives that this thread gives far out weighs the dire interest rates that are being offered.

Sue_UU and Sparky do a brilliant job looking after this thread and both put a lot of free time and effort into making sure every Newbie is welcomed and that their comments are noted and responsed to, something that a lot of other thread ops don't do. This is time that neither Sue_UU nor Sparky get paid for but they do purely for the enjoyment, in the same way that Newbies join the challenge, for the enjoyment and the optimism that the thread provides.

Couldn't have put it better myself.

I have always saved small coins but since joining this thread I have put lots more change in the piggy as you feel inspired to save more by all the lovely people on here.

Keep up the good work everyone:)

sparky0107

nanto3girls wrote: »

I banked £100 yesterday, can i add this to my total at the end of the challenge,or would it be considered cheating.

Of course you can nanto3girls
Just pop any amounts you bank into your signature, so you can keepa running total over the course of the challenge & well done on banking £100 :T