52 Week Money Challenge

Zola.

Isn't there a bit of a flaw in this whenever you are merely moving money from one account to another, the money isn't physical / in your pocket so its not really being saved, you are merely moving it from one digital pot to another where it is already safe.

I already empty all change into a sealed jar I have, when its full I empty it and usually end up with a couple hundred quid.

I love the idea, but unless you are carrying about a lot of money towards the end of the year it doesnt make sense to me.

Am I the only one who thinks this way?

I'd love someone who does this to tell me what way they approach it.

Zola.

El Bumpski

Al1x

If I kept the money in my current account or wallet then it would get spend on household things, food, stuff for the kids etc. By moving it to the savings account it makes it hard to spend so it keeps building up. It makes me think more about the food budget and makes me think twice before buying treats that the kids don't actually need.

So for me the money is being saved, I prefer it in a bank account because I get 5% interest so that helps a bit too. There is no difference between saving in a pot or a bank account other than banks you get interest and the pot is easier to dip into.

benten69

Week 11 transferred on friday, up to £66

pozza_73

I would like to join this challenge. I've drawn a table and put the numbers 1 to 52 in them. As long as I put a corresponding amount away each week, I don't really care what order they are in. I'm going to make a start tomorrow

marco1dog

Did this last year it's a great idea but had to give up.
I will start again today.
Week 1 £1.

marco1dog

Week 2
£2/£3

gargoyle

Sounds good, I'll give it a try. Would be mice to have something tucked away for next Xmas.

pozza_73

I'm up to £18 now. Got another £11 to put in my credit union

marco1dog

Week 3/£3
£6 now saved.
I am going to put in week 4
Week 4/£4
£10