Challenge Results Compared

Oct 05, 2010 11:32


Some of you may remember that I did a short series of challenges Penny-a-Day, Dime-a-Day, and Dollar-a-Day.  The challenge was how would you get the most out of $3.65, $36.50, and $365.00 after saving them over the course of one year.  One of the things I was interested to see was how people thought about money would change as the amount changed.  ( Read more... )

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Comments 10

strivingtoohard October 5 2010, 18:14:08 UTC
I don't always save a set amount but I do put my loose change in a coffee can each day. Sometimes, I'll throw a loose dollar or two in if I have them in with my change. I usually count, roll and wrap it when it fills the can and then either put it in savings or use it for something special I normally wouldn't spend it on.

What is so amazing is how fast it builds up. I never really miss my loose change so it's not a loss or a hardship.

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minimumwager October 5 2010, 19:18:25 UTC
I think saving a set amount is a good idea for a lot of people, but not normally practical to do on a daily basis. This was intended to mostly be a mental exercise.

But yes, it's always delightful when your savings builds faster than you expect.

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minimumwager October 5 2010, 19:19:54 UTC
P.S. While you don't have a regular amount, you do seem to have a regular system. There's a lot to be said for that.

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peachiekene October 5 2010, 21:15:22 UTC
I don't think the results are that surprising. That's how it tends to be.
When you have "nothing" there's plenty of it to go around. When you have more, you have to be careful with how generous you are because there are people who will take advantage of it.

Neat exercise though. :)

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polychrome_baby October 5 2010, 21:47:29 UTC
I seem to recall reading a stat that said, percentage wise, low income earners give more of their income to charity than high income earners. Interesting to see that trend show itself a bit even in hypothetical little mental exercises.

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minimumwager October 6 2010, 08:01:14 UTC
This is way too small a sampling to even begin to draw any conclusions. It's more about critical thinking. Why would be prone to give the answer we do. And you're probably right. The large amount represents a larger portion of any one person's actual wealth. $3.65 is relatively small, while $356 is relatively more significant.

Probably the same reason we only see a business idea at the $3.65 level. We know that businesses involve risk, and we're more willing to gamble with a small amount...even if the business would have a better chance of succeeding with a larger investment.

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moonseternity October 7 2010, 19:56:06 UTC
I've decided to toss $5-$10 a week into my paypal account to forget about for a while and see how much I can save and then send it all back to my bank. Since most banks require you to have at least $300 in a savings account.

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minimumwager October 8 2010, 07:21:44 UTC
Good plan. You have to look out for those minimum balances...my brother some wasn't paying attention and got charged a $3 fee for several months in a row.

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