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.
2 comments:
We've been teaching our kids about managing money since April. They get paid the same weekend we do, and they immediately pull out 10% for tithing and 20% for savings. This has thankfully become a habit because when they got money at Christmas they did the same thing. :)
We also stink at adding to our savings, so we have it automatically come from our paycheck into a separate savings account at a different bank, lol! And there it sits! :)
END OF MONTH FOLLOW-up: Our kids are all grown and we only have two left living with us. They have been raised to save and the amazing thing over all with this experiment was the fact that in order to save, we need to have a plan and we need to apply constant daily action to this plan... Even if it is just a penny, we need to create the habit. Our little bottles, sitting on my desk, was our daily reminder and we paid attention. The 52 week envelop which was in my drawer out of site, was only a thought because of the bottles. Kind of like the thought "out of site, out of mind". It has been a very educational and interesting month... Even for us adults!
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