A thread on the The money challenge #2019MoneyChallenge
Here’s how it works
Months are assigned a number from 1-12
Jan = 1
Feb= 2
Mar= 3
And so on to Dec = 12
We then have a multiplier lets 2 and an example. how this then works is you multiply the multiplier by the months’s respective value i.e 2 in the case of Feb.
So Feb would be 2 * 2, then you multiply the results by Rands you want to start with, could be for now lets use R100.
So in total you would have
Jan = (1 * 2) * R100= R200
Feb = (2*2) * R100 = R400
Mar = (3*2)* R100 = 600
And so on till Dec = (12*2)*R100= R2400
In total you would then save R15600 over the 12 months
Whats cool about this is you can change the “Rands” value and the “multiplier” value to suit your goals and afffordability
Examples
Multiplier = 0.5
Rands= 50
Jan = (1 * 0.5) *R50 = 25
Feb = (2 * 0.5) *R50 = R50
Mar = (3 * 0.5) * R50 = R75
…… Dec (12 * 0.5) *R50
Total = 1950
Last example
Multiplier =3
Rands= 200
Jan = (1 * 3) * R200 = R600
Feb = (2 * 3) * R200 = R1200
Mar = (3 * 3) * R200 = R1800
… Dec = (12 * 3 ) * R200= R7200
So depending on where you are in life financially you can start snow balling into higher savings rate. From small amounts to big amounts.
