Savings challenge - a cent more a day

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Saving plan

Hi,

@eddie-earner posted a new challenge for the #saturdaysavers post by @susie-saver. Details can be read in here..

For our son, beside the different forms of savings and investment opportunities that we started since his birth, we decided to do a separate one, the penny a day challenge, in our case the eurocent a day challenge as it is the easiest due to the funds available. He gets more in Hive and other cryptos, and also he gets in an account every €5 bill that we receive.

Now back to the challenge. I've created a spreadsheet that can be easily field and when a field is filled, it gets added automatically to the total sum in the end. Like this we can keep track of the value saved. We put all our coins into a stash and pick up the needed sum for this. As we deal with cents the sum is not so high, not even in December, where we would have a value of €108.5. If we had done the € challenge it would have been tough in December, as there we would have been €10850, which is way over our financial level at the moment.

Why saving € and not Hive? Just because € has a higher value at the moment, and it is easier to track and handle. At the end it will be turned into an investment as every year we try to invest into something for him. We did not decide yet in which field and what asset it would be this time.

He has a Hive account with 5 figures, some Satoshis, some Leos and the stash is growing. He is not doing bad for a 2-year-old.

On the savings plan, I let him put the coins in the piggyback. We try to give him a financial education, that we did not receive. We have been financial illiterates when we finished school, as in school this is not taught, or it is not taught for the level we want. There are good business schools, but I went to engineering (not financial engineering) and that was far from financial reality. So, he gets to learn from small on how to manage and what to do with the money, so that it works for him in the end.

Do you save? Do you have a plan for saving? Do you help your kids, if you have, with investing?

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34 comments
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This would certainly be an interesting thing to try with Hive. I think towards the end it would get hard to sustain unless you were really brining in some great rewards. Awesome stuff. I have no kids, so I get to keep all the money!

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Hello @bozz, why don't you join us at the Saturday Savers Club? The challenge has another day to run 😁. I learned a new trick this week, too, about how to manage those larger payments towards the end of the period. All will be revealed on Saturday!

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I will see what I can do. I have to work on Saturday though.

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Oh you can post any day 🙂. I write the Saturday Savers Club post then but everyone joins when they can.

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Oh, okay, thanks!

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Thank you for your engagement on this post, you have recieved ENGAGE tokens.

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Or save in the end for the power up. There are many versions of it, one where you start with one cent, the next day 365 cents. In odd days you add a cent to even subtract one. You have then the same saving rate at the year. @shanibeer, this would be interesting to do next year. :)

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I was doing it using fiat before as well. But I decided to start doing so on HIVE by depositing some HBD into my savings. However when I was calculating the math, I didn't want to fail to save enough HBD for those final days. So I started with 0.001 HBD and plan to show it transparently on the chain (last day would be 0.365 HBD). I plan to make a post tomorrow for the contest.

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It's a good plan to plan ahead 😁.
Starting small and knowing you can maintain it is a great way to go.

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Yea I hope you look forward to my post tomorrow. I'll probably just add my progress towards my monthly goals so everyone knows how I am doing too.

!ENGAGE 20

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YEs, I love reading everyone's posts 😍

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Liked your post. Have a !BEER

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Thank you for your engagement on this post, you have recieved ENGAGE tokens.

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Thank you for your engagement on this post, you have recieved ENGAGE tokens.

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(Edited)

Great way to help your son get to grips with money.
I visited my niece and her family last year and her three daughters (8,7 and 4) had started the penny a day challenge. At the weekend, they stayed with their grandparents and earned pennies for their savings by doing small jobs and chores. The eldest one told me she was saving for university "and a mobile phone".

I like the spreadsheet. Can you upload it?

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Thank you. Need to check how to transfer it easily. I've tried building a similar on Google sheets but the script was not functioning. Will let you know this days.

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(Edited)

I'm finishing a bachelor in economics and we don't learn anything about investing. Other than calculating the returns (basic math) and learn how to read earnings reports (Useful to buy stocks)... Most stuff I learned for free on youtube. We should learn about investing and taxation in high school, we're taught so many useless stuff and the one thing we will have to deal with our entire life (Money) we're taught nothing about

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This is so true. Finance or better said, how to finance shall be taught from early on. A simple budgeting, not for the earning reports, but for real life, shall be one of the most important classes.

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There is so much about money that is never taught and has to be learned the hard way or some never seem to learn.

It is almost as if they don't want to teach self empowerment through finance in school.

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Most teachers are cut out from the real world and they have a steady income from an almost 100% sure state employment. Why bother to change something if money comes in, no matter what.

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My kids are way behind this and are much older! - I have been tempted to start posting art work on HIVE to start to learn how it all works. They are already pretty good at saving. They HODL their money from every holiday and somehow get Dad to spend his for all their stuff.

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Wise kids, seems to have received the right education. :)

You should post art work on Hive, definitely! If it is real good, make NFTs out of it and promote them on Hive.

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Actually, I have an idea to have a wallet for the kids where I can add some "Pocketmoney aka Taschengeld"

Love to have a Hive wallet or service where the kids learn to use their funds. Maybe one with a double signing feature.

Any ideas??

Btw. We will put more funds for the kids in crypto as in Euro - last year Euro has still the same value but last year crypto..... ;-)

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