Hello Saturday Savers, today is week 1 of my 365-day penny challenge. I am uploading this post weekly to log my savings challenge on the blockchain to show a small each day can add up to a nice amount after 1 year.
Please visit @eddie-earner and check out the official Saturday Savers Club post uploaded by @shanibeer for full details, anyone can join in at any time of the year!
The Challenge?
The 365 penny challenge is when to save pennies each day for 1 year. You start on day 1 by saving 1 penny, on day 2 you save 2 pennies and so on until day 365 when you save $3.65. This year is a leap year so we have 366 days.
The challenge is easy to adjust any way you please if you have a different target. There are hundreds of ways to boost your savings. You could do the standard challenge and simply add $5 extra 1 day per week, this would boost your result to $931.61. You could say you are doing rounded dollars only so for the first 100 days, you save $1 per day, for the next 100 days, you save £2 per day until to reach $4 per day for the last 66 days of the year. This would result in saving a total of $864. There are hundreds of ways to increase or decrease the end goal depending on what you are saving for.
You could also be saving anything instead of dollars. If you saving goal is crypto, i guess thats what you would be best saving. This could be HIVE, SPI, EDS, Satoshis or even factions of real-world shares.
What im I saving for?
Christopher Ward C63 Sealander GMT
39mm White/Silver Automatic GMT with Consort Bracelet
It's still on pre-sell but no worries as im not buying for until Jan 2025.
The watch costs £1060 ($1350) so $1500 is my target because dollars into pounds and the watch price will increase by $50-80 this time next year.
Lots of people use this challenge to build up some savings which is a really great way to create a nest egg because saving little and often is the key to saving alot in the long term. Im doing this because Im looking to add this watch to my collection and im too tight to use money from my current savings. Its hard to convert $1000 of crypto to buy a watch when I know the same $1000 of crypto will be worth $3000-5000 in 2 years time. I'll probally buy a Rolex during the 2025 bullrun when im feeling rich for a few months but for now, in 2024 when im still a pleb, im saving up for this GMT.
How will get save up to $1500?
Plan of Action
Step 1 - Do the 365-day penny challenge but add $1 extra to each day. I will use the EDSD token which is pegged and backed to 1 HBD as my saving currency. This token yields EDS tokens which is cool while im saving up. This will finish me on day 366 with $1033.95
Step 2 - Use 50 HBD from each HDB interest payment in 2024 to buy 50 EDSD. This will increase my savings by 600 HBD over the year
Step 3 - Overshoot my target early and buy the watch before Christmas 2024
| Week | 365 Savings | HBD Savings | Total Saved |
|---|---|---|---|
| 1 | 7.28 EDSD | - | 7.28 EDSD |
| 2 | 0 EDSD | - | 0 EDSD |
| 3 | 0 EDSD | - | 0 EDSD |
| 4 | 0 EDSD | - | 0 EDSD |
| To Target | -1492.72 EDSD |
Please visit @eddie-earner and check out the official Saturday Savers Club post uploaded by @shanibeer for full details, anyone can join in at any time of the year!
WHO IN?
I'd love to see others join this savings club, there are are already 30+ people taking part and the more the merrier. I know lots of stackers follow my account and this could be an excellent way to save up for silver or gold. The very time time i did this about 6 years ago, i saved up for an oz of gold which i still hold (of course)
Ohhhh lastly, savers have the chance to win free EDS prizes or get upvotes from @eds-vote each week as well!
Thank you to @raj808 for the Saturday Savers Club banner