DAILY SAVINGS CHALLENGE

This daily savings challenge is my idea of fun. I know, I'm even more boring in real life. Get over it people. Here goes the fun. We have six daily savings plans for you to choose if you are joining. I so hope you are. We are saving up to R150,000 (about $12,500) per year each. This is an accountability stokvel and savings club of sorts.

How it Works:
We will each choose the plan we are comfortable with from the six listed below. We will then save our daily amount mentally and leave it wherever it is. We will then open our emergency (or any) fund accounts in 2 weeks time. The 24 hour (one day) notice account requires R500 initial investment. The ETFs require about R300 per month. Please remember that each plan has our investment and no interest added. We will save everything in interest bearing accounts or stocks.

Some of our readers are saving towards building their:

1. Emergency fund.
2. Children school fees fund.
3. Deposit on their home.
4. Deposit on their car.
5. Investment for retirement.
6. Investment for passive income.
7. Business capital.
8. ETC.

Remember, depending on each one's needs, one can save in a notice account, money market account or invest in exchange traded funds (ETFs) for better returns. For those who prefer a monthly plan, we'll work on a few options for the beginning of next month. For now, choose from one of our daily savings challenge plans below.

daily savings challenge

This is our basic daily savings plan. You may just save R280 per week. If you convert it into a monthly savings plan, you will save less because there are a few extra weeks in a year. A year is not made of exactly 4 weeks per month. Keep records of this and follow us on Facebook to keep track of where we are.

daily savings plan

 Above is the double of the basic plan. A number of the readers can spare more than the R500 per week. Remember again that if you convert it into a monthly savings plan, you will make less because there are a few extra weeks in a year. Keep moving with us.

And now we look at half of the basic plan. Students and young professionals who are starting out might go for this plan. The most important part of building wealth is consistency. We are developing a culture of saving here more than anything.

Below are R50K to R150K daily savings plans.

All the best to you. I will keep reminding all of us on our Facebook page. Stay tuned.

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