Saving the year's week in pounds

londonlydia

Not sure if this has been highlighted already, but saw this really neat idea doing the rounds on social media. Effectively, whatever the week number is of the year, you save that much in pounds. So 1 pound this week (week 1), £20 for week 20, going to £52 for week 52.

The original suggestion is that you use a large jar, which is a nice visual way of doing it (and any kids out there could do this with pennies). However, instead I've set up automatic weekly transfers from my current account to a savings account, as I figure I may as we'll get some interest! It's quite satisfying seeing all the transfers set up!

Anyway, thought I would share the inspiration

freezspirit

Interesting if I'm right by the end you would of saved £1378

Eco_Miser

So this week you save £1 -easy.
Next December you save £49, £50, £51 & £52 = £202, in addition to your Christmas spend. Not so easy.

There's another easy-start systematic savings scheme you might like to try: First week, save a penny; second week, 2p; third week, 4p; then 8p, 16p and so on. You'll find it soon adds up.

londonlydia

Yup, which is a nice amount. Because I've set up all my transfers already, I'm hoping it will build up over the year with no effort giving me a nice chunk for New Year 2015!

londonlydia

Eco_Miser wrote: »

So this week you save £1 -easy.
Next December you save £49, £50, £51 & £52 = £202, in addition to your Christmas spend. Not so easy.

There's another easy-start systematic savings scheme you might like to try: First week, save a penny; second week, 2p; third week, 4p; then 8p, 16p and so on. You'll find it soon adds up.

Well I actually don't spend too much in Dec, as I tend to buy my pressies throughout the year. Appreciate though not everyone does that. Maybe though people could ask friends and family for a contribution to that savings pot for their xmas pressie?

freezspirit

You could do the opposite, wk1 £52, wk1 £51 and so on until wk52 £1

anamenottaken

londonlydia wrote: »

Yup, which is a nice amount. Because I've set up all my transfers already, I'm hoping it will build up over the year with no effort giving me a nice chunk for New Year 2015!

Which bank allows you to set up 52 separate future payments to the same account?

verybigchris

Eco_Miser wrote: »

There's another easy-start systematic savings scheme you might like to try: First week, save a penny; second week, 2p; third week, 4p; then 8p, 16p and so on. You'll find it soon adds up.

I did that last year. Took a bit of effort scraping together the £22.5 trillion at Christmas, but well worth it.

splodgethefirst

https://forums.moneysavingexpert.com/discussion/4841861

Shameless plug - but this challenge is already running over at the DFW board

PasturesNew

It fails as by the end of the year, you're trying to save over £200 in December. Many people don't start out with £200/month (or even £100) before they've eaten!