Woman saves R100k in less than six months with this cool envelope method
A mum shares a savings challenge online and it encourages people to save money using a mathematical formula...
It's the start of a new month and also the start of a new season. Traditionally, that holds great symbolic meaning for many people. It is a time of starting fresh and leaving the old behind.
In that same sense, we wanted to share this cool system of saving money for those of you interested in becoming better savers. It's always a good thing to have a little something something stored away for that rainy day, or even just stored away so that you have something that you can use to treat yourself with.
Read more: LISTEN | Money saving hacks
As much as it may sound like an easy task, we know that it isn't all sunshine and roses to put away money, especially in a time where we are all feeling the pinch with the pandemic and the job market.
But we thought that when you decide to and if you can, then it would be better to have this method of saving available to you so you can prepare for it. This method is based on a "mathematical formula developed by the 18th-century German mathematician Carl Friedrich Gauss, who realised that if you split the number one to 50, and then 51 to 100 into two groups, you can add them together to reach 101." (LAD Bible)
Read more: Money tips for young people
A mum shared this on Facebook saying that if you wanted to save to buy a house then this method would be a great starting point.
"The trick, which has become known online as the '100 Envelope Challenge', requires a set of 100 envelopes - each labelled up from £1 to £100, or a denomination of your choice.
"You then take 25 weeks and draw two envelopes twice a week (or four per week) at random." (LAD Bible)
Check out this video of local girl Andi Xaba who shares her story of saving R120k in 2020.
Courtesy of YouTube:
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