About to start my personal Money Saving Challenge

in LeoFinance •  3 months ago 

A couple of days ago I read this post from @spinvest where it proposes a popular and interesting method to save a few hundreds $/€/£ at the end of the period of the challenge.

The Penny a Day Saving Challenge

And as the title suggests, you must save a penny everyday, compounded until the day 365 where you'll end up with about ~667,95€.

I've decided to try this on my own, as I'm a big fan of the magic of the compounded interest and I'm a huge believer in recurring savings rather than depending on the gov to retire.

Build up the habit of saving is very important, because starting (+) early, the pocket 'burn'decreases exponentially and sets up ourselves in a better position overall. It's about empowering us after all uh?

My Own Touch

The challenge encourages to start with 0,01€, the following day 0,02€ (and so on), and (just) because this is a very small amount to feel the challenge relevant in the first ~0-100 days or so I've decided to start throwing in away all the possible spare cash that I have in hand right now.

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I'll be using this sheet and Ill be using this initial sum of cash to mark most of the early days boxes.

Counting...
...
...
...

Yay! 6,61€ Not bad at all for a nice start :)

I proceed to mark a few boxes and to put it all into a jar.

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I also should say that my intend is not to save all this money (progressively) thinking about early next year. I see it as a way to save some money in a agressive way which would allow me to prepare for the next months, as might be travelling and I'll surely need the cash. Dunno yet.

If I'm able to save 200-400€ with this gamified savings plan I'll be more than satisfied.

I'll keep you updated. Sure it will be a funny experience (I'm thinking to clean the car atm... maybe I'll find some more coins under the seats).


You can follow me on Twitter

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