'A penny a day' saving game 2016

RedfordML

Please delete/ignore if this is something already on going on this forum.


Simple


Day 1 = 1p
Day 2 = 2p
Day 5 = 5p
Day 100 = £1.00
Day 130 = £1.30
Day 245 = £2.45
Day 365 = £3.65


etc, etc - pot builds quickly!


Would get you to £671.61 in 2016 - nice little extra for Xmas 2016!

AndyT678

Would get you to £671.61 in 2016. The problem is that all of January costs you less than £5 but December will cost you over £100.

I'd suggest that if you can afford the £100 at the end of the year then just do that each month.

RedfordML

Exactly. My friend is doing a £1 a day so easy way of saving plenty or it is just a bit of fun!

Archi_Bald

Damn, can't do that now since I missed the starting day. May be next year.

racing_blue

or how about:

day 1, 1p
day 2, 2p
day 3, 4p
day 4, 8p...

https://en.wikipedia.org/wiki/Wheat_and_chessboard_problem#Origin_and_story

RedfordML

Archi_Bald wrote: »

Damn, can't do that now since I missed the starting day. May be next year.

Good luck - I appreciate 10p is hard to find at this time of year!

weenie15

AndyT678 wrote: »

Would get you to £671.61 in 2016. The problem is that all of January costs you less than £5 but December will cost you over £100.

I'd suggest that if you can afford the £100 at the end of the year then just do that each month.

Or divide £671.61 by twelve and set up 12 standing orders for £56 into a savings account to even it out.

Malthusian

AndyT678 wrote:

I'd suggest that if you can afford the £100 at the end of the year then just do that each month.

It may not be of interest to those of us who already save but it's a good exercise for those who are convinced they can't afford to save anything at all. The idea is to stick at it for as long as possible and you might surprise yourself.

Archi_Bald wrote:

Damn, can't do that now since I missed the starting day. May be next year.

I have a feeling this is going to be a "whoosh" moment, but all you have to do to catch up is to stick 10p in a jar.

Archi_Bald

Malthusian wrote: »

I have a feeling this is going to be a "whoosh" moment, but all you have to do to catch up is to stick 10p in a jar.

I don't have a jar either.

dasherman

Shouldn't it be a total of £675.27 with it being a leap year?

mummyroysof3

I'm trying this. I found enough change in my purse to do upto day 20 already lol

I'm also doing a seperate save of 30 a month till October to pay for its of Christmas so will be able to put in Decembers money for this saving challenge as I won't need it for Christmas. I have heard of people doing this starting with £3.66 on day one so backwards