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Jamaican Money Savings Challenge ( $50 )
A thread
https://yourlocaljamaican.com/jamaican-money-savings-challenge-50/
A thread
https://yourlocaljamaican.com/jamaican-money-savings-challenge-50/
In 2019 I FINALLY GOT A JOB, YAY!!! My family & I were elated because I am expensive and they were TIRED. I have a disease called SpEnD EvErY DolLaR I hAvE, I always decimate my savings when I have any & I can’t have a dollar in my purse for a rainy day or I’ll spend it.
Since getting this job I curved that impulse a little and had a nice little buffer for any small emergencies until the Student Loan Bureau hit me with a CRAZY payment plan & my finances were never the same.
I am ready to try and fix my finances but I have to learn how to put a dollar aside. Telling myself that I need to save 20% of my pay cheque is boring and I would never be able to do it, also it is a rather slow and painful process.
I’ve been in this American personal finance group since 2016 when I realized I needed to be better and do better with my money.
It’s called the Dream Catchers: LIVE RICHER w/ The Budgetnista group (https://www.facebookcom/groups/LIVERICHER/), I found it via a YouTube channel by the same name & it’s by a black woman, so in the group, they were talking about the $5 challenge among other things.
I fell in love with the challenge because I could do that in my sleep as well as develop a healthy saving habit.
I had to remix it though because I don’t spend American dollars every day but I do spend Jamaican dollars and the $50 bill is the smallest note and I wouldn’t miss a few $50s.
I always used my $50’s to buy chocolate bars and banana chips from the roadside sellers when I was going home from work. I changed my mode of transportation from JUTC buses to taxis so it was easier for me to save my $50s because I no longer had access to the sellers.
How I started the Jamaican $50 Savings Challenge
Once I started saving my $50s it got easier & easier; it came naturally to me like breathing. I bought food at Tastees and got back $500 worth of $50s and dropped it in my savings pan like I didn’t get any change from my purchase.
I did that over a couple of months of saving and when I opened my savings pan I had saved $5,550.00JMD. It may not be a lot but it was for me a girl who hates saving & has SpEnD EvErY DolLaR I hAvE disease. Plot twist I spent all of it on food, my Kryptonite.
To do this challenge you will need to be a cash person or at least spend cash regularly. You will need a place to stash your cash where you cannot open or break easily to access your cash. I use the saving pans that are handmade from aluminum and vary in sizes.
I buy them Downtown Kingston and the size I buy is for $200 but I am trying bigger sizes as I completely fill a pan so I can save more. So I bought a pan that is longer than the previous one I had for $250 so I can increase my savings amount.
Then all you need to do is save every $50 bill you come across from there.
I linked my $50 challenge to a goal so I can put my money to work.
January 2021 when I open my savings pan I should have a minimum of $200,000.00 Jamaican dollars to be split evenly with a $100,000.00JMD going towards a Fixed Deposit and the other $100,000.00JMD going towards my Investment Account.
I am so excited to start going hard with this challenge and I have even inspired some of my friends and my co-worker to start saving $50s. I promise you that you won’t even miss it & you’ll be richer for it.
Try the challenge with a friend and make it competitive to see who can save the most money. Let me know how much money you saved!
BONUS: If you don't spend cash you can still do this challenge - Just make it digital instead! For example, each time you have a spare $50 in your bank account, transfer it to a separate savings account. Just ensure you hit your target at the end of the year!
This thread can be read here: https://yourlocaljamaican.com/jamaican-money-savings-challenge-50/
