One of my goals this year is to teach my children savings options, We have a savings debate going on at our house. Over the past week we have talked about different ways of saving without breaking the pocket book. I personally like putting 10% aside at the same time I pay my tithing. But with the thought of my lucky pennies last year and trying to teach my kids to become money independent, we decided to try a little lucky penny experiment this year. So along with taking on the 52 week saving challenge that has posted here on Facebook this past month, we have chosen to save up some pennies using two other plans... Just to see which plan has a higher amount at the end of 30 days.
PLAN #1. (Red & Pink Bottle) - "Double the Day"
This is a monthly plan is where you drop pennies in the bottle and you double pennies from the day before. So...
day 1 - one penny.
day 2 - double the 1 penny to 2 pennies,
day 3 - double the 2 pennies to 4 pennies,
day 4 - double the 4 pennies to 8 pennies
And so on for 30 days.
PLAN #2. (Blue & Yellow bottle) - "Pay the Day"
This plan can be either a monthly or a yearly plan, very easy and yet gets harder the longer you go into the year. So for the sake of our experiment we are going monthly...
day 1 - pay yourself 1 penny
day 2 - pay yourself 2 pennies
day 3 - pay yourself 3 pennies
day 4 - pay yourself 4 pennies
And so on for 30 days.
Now, I know, we are all adults here at our house and you are probably thinking that all we would have to do is to add up all the pennies on a calculator and we would know which plan will have the most pennies, but it is the habit of saving that I am trying to create here people... Lol... . Do you know how hard it is for some of us to plan ahead enough to drop even 1 penny a day into a jar, never mind 30 pennies. And how about 365 pennies that you would have to drop in the jar December 31st, if you were to choose plan 2 for the whole year? See, think about it!.....
We would love to have anyone that wants to join us and also share stories of other savings plans you have all tried. We love to read stories of things that have worked.
Date: Thursday, January 2, 2014 GMT Views: 616
Registered: February 13, 2005 Location: Southern Ontario Posts: 23550
Thu, Jan 02, 2014 @ 11:23 AM
What a fabulous idea. Love it. Like Karen says we are without any new pennies in Canada but that is a whole other thing..don't get me started...nobody will have a penny for your thoughts, no good luck, no wishes, ......sigh*....
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Registered: July 27, 2007 Location: Dublin, Ireland Posts: 69616
Thu, Jan 02, 2014 @ 1:26 PM
This sounds great! And a fun way of incorporating the WT challenge.
I always allow myself the coin from the shopping cart when I do the big supermarket shop - it goes into my piggy bank. And when DH says he needs me to find something which he should know perfectly well himself where it is, another € goes in each time, LOL.
Registered: June 25, 2006 Location: Chicago 'Burbs Posts: 7772
Thu, Jan 02, 2014 @ 3:04 PM
Saving money is an excellent virtue, and any way is an awesome way! Cute little jars would sure help me save :) Thanks for sharing an awesome moment with me this week to begin 2014!
------------------------------ Hi, my name is Michelle Single, and I'm a craft addict. Check out my Caffeine & Stamps blog. I Know How to Use It - do you?? Come play with us every Thursday!
I'm trying to mix it up with Mix-Ability every Friday (little behind!)