The Money Tin Challenge

Posted September 20th, 2006 by Penny Wise

There's something so inviting about the word 'Challenge' isn't there? Like when Barb Kane first wrote to me of her $21 Challenge, it was the way she turned the name into a challenge which made it sound so appealing. It implies 'bet you can't do it' and has a great effect on strengthening resolve. I have to admit, since then I have thought of a few more challenges I would love to get our family on to - such as a 'Power Saving Challenge' or a 'Petrol Saving Challenge' but I keep putting them in the 'too hard' basket due to the amount of planning required. Never a dull moment in the Simple Savings world though! If you haven't already heard about it in the Discussion Forum, one of the 'regulars', Kristen has started a Money Tin Challenge, which you can take part in straight away! All you need to get started is a money tin of some kind - you can pick up a cheap money tin for a couple of dollars from the $2 Shop or Warehouse. These 'unopenable' kind are the best for making sure you won't be tempted to dip in or count your savings before 'opening day' but any kind of tin or money box will do - a clean and empty formula tin, a Nesquik tin - you name it! Here's what you do:

Step 1 - Get yourself a money tin

Step 2 - Do your best to fill it! Every spare cent or dollar you have at the end of each day (or find lying around) must go into your savings tin.

Step 3 - Do not open your money tin until December 31st 2006.

Between now and then, you must aim to safely stash away any coins you find lurking, no matter how small they will all mount up! What a great way to start the New Year - most of us could all do with some extra post-Christmas money in January and this is a great way to make sure there are still some savings on hand. Who will manage to save the most I wonder? Not that it really matters, as Kristen rightly says ' everyone's a winner' but it will be fun trying! This is a challenge I'm really looking forward to getting the kids involved with. Liam is very good at putting any money he gets into the bank, but Ali is a shocker - not for spending it, but for hiding it from his brother and then forgetting where he put it. Just last week I was amazed to find a five pound note flutter out of one of his books when I was clearing out his desk. His auntie had sent him that last Christmas! When we were in Australia visiting Fiona last year, he used to love going to get the morning paper for his Dad and any change that was left over, he was allowed to keep. Which he would insist on storing in the fridge, and every time we opened the door we got showered with coins. I can't imagine what small fortune we shall find for our money tin from turning out Ali's room alone, but I'm looking forward to seeing what we can find. Let me see, I must check the glovebox, the ashtray in my car, under the couch cushions... this is going to be fun, thanks Kristen!

PS - Just in case you need any extra motivation, check out the Money Boxes section of the Vault, for some inspiring ideas on what you can do with all those lovely coins!

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