Tag Archives: 52 week saving challenge

Get £1,000 in one year: Jan update now in!

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We’ve updated the blog about an easy way to save £1,000 in one year….

Remember, if you haven’t started this challenge yet, it’s never too late – start now!

Here’s how some of us got on in January:

HoneyBea – Decided to do this as a monthly amount to match the timing of income – thanks for updating the helpful chart  – it suggests how much you can put aside monthly now!  So I’ve done the January amount – it’s only £15 so that was easy.  Am a bit worried about how I will keep my hands of the larger amounts suggested to save over later months so I might put a bit more aside now… this is exciting!!!!

Copperz – £125  : I’m still going with the large lumps every month.  I’ll probably save  £100 each month until November – this money is going to be presents for the family and a holiday next year. I don’t think I need to do thisby standing order – I do mobile banking … and I never forget things like this.

Kate – £60 so far: I’m retired but I want to do this challenge and so I’m saving £20 each week

Anonymous Pete – I still think this savings method is fundamentally flawed and should be adjusted…. I haven’t saved anything yet – I’m looking at different options on savings that are out there

Anonymous 2 – I saved some money but the kids need shoes and I’ve bought a few things for the house and then I loaned some to a friend at work – hopefully I’ll get it back next month…

How would you do this challenge?  

The best comment each month gets a free gift*!

*Free gift is only available to persons over age 18. Must be living in the UK. Must be a member of a Seventh-Day Adventist church within the British Union Conference. Gift is not transferable. New competition opens each month and closes at midnight on the last day of the month British Standard Time

We’ll each save £1,000 in one year: updates!

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You may have seen the blog about an easy way to save £1,000 in one year….

So, here’s how some of us are getting on:

HoneyBea – Only £6 so far – but it has been weekly: I’m using an account to do the deposits using an app on my mobile phone each Friday… but I forgot this week! I’m going to start a Standing Order, that way it will just happen and I don’t have to think about it from now on…

Copperz – £125  : I decided to do it in large lumps every month.  I’ll probably save  £100 each month until November – this money is going to be presents for the family and a holiday next year.

Kate – £40 so far: I’m retired but I want to do this challenge and so I’m saving £20 each week

Anonymous Pete – I think this savings method is fundamentally flawed and should be adjusted….

Anonymous 1 – Save?? I need some money! Is there any way you could give me £600??

Who’s response do you think is the best/ the worst? Why?  Please share your comments.  

The best comment gets a free gift*!

*Free gift is only available to persons over age 18. Must be living in the UK. Must be a member of an SDA church within the British Union Conference. Gift is not transferable.

Warning: Adventists don’t get rich!

 

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Thanks to guest blogger for this light hearted post!

Whether I want to become wealthy, financially free or become  poorer I just need to take the same approach.  It’s all about doing what it takes consistently and sustaining that effort over time.

These are the seven actions I’ve seen work best for Adventists in the UK or anywhere else in the world as it happens.

So if you want to avoid becoming wealthy or financially free ….read on!

  1. Don’t read the Bible, especially Proverbs.  Ladies, tear out the page with the secrets of Proverbs 31 and destroy it quickly.  If you do stumble across any Gospel parables, discount all of Jesus’ parables about money.  Tell yourself these parables are only talking about skills and personal talents, not financial management. And shun anyone who shows you bible-based information on wealth.
  2.  Avoid all workshops or seminars that share bible-based money management like the plague.  Be very suspicious of all experienced presenters that are willing to share practical information about money management with you… they must surely be dodgy characters.
  3. Avoid organising a Stewardship Day to share bible-based money management – in fact avoid Stewardship altogether.  Members aren’t interested and don’t need it. But if you are ever forced to run a Financial Stewardship session,  make sure you never include any personal development information; make the speaker just bang on about Tithe or your church Building Fund.  Guilt trip members by telling them God is not pleased. Then quote Malachi 3:10 and remind them “money is the root of all evil so get rid of it by increasing your giving to the church”.
  4. Never ask any questions or do independent investigation of shady deals,  suspicious business or investment opportunities  – if it’s too good to be true, suspend all scepticism… go for it.  What’s the worst that could happen??  And when you do lose your shirt on the scam – blame your pastor, the local church, the Conference Treasurer.  Everyone. Loudly.
  5. Then double down and play the lottery.  For a lot of money. Consistently. Keep your tickets in the Bible… for good luck.  Or take out a high interest debt ‘in faith’ with no way to pay it back… the Lord or the Conference office will provide.   Delay getting any help until the date of any court date… then call the Conference office – a problem shared is a problem halved, not so?
  6. Never be accountable for or do ANY financial housekeeping.  Never save money for a ‘rainy day’. Ever. That is what your local church’s Samaritan Fund is for.  And if you have children, never teach them any money management tips either – you need them to be always financially dependent on you.
  7. Live in the now – don’t prepare for the future.  Never learn how to maximise your income or reduce your expenses. Tell yourself Jesus will come in your lifetime so don’t plan for retirement. On no account make a Will.  Not only can it mysteriously cause you to drop dead earlier than expected, but you definitely don’t need clear plans that state your wishes, leave any security or give inheritance for “your children’s children”  (Prov 13:22 – oops, I’ve slipped up…)

On 12 January 2014 many members in the South of England, UK  attended the “SMARTER Finances” Workshop at the annual SEC Expo, held at Newbold College.  The aim was to share resources to help volunteers in Stewardship and Finance teams in their local churches.

In the  SMARTER Finances workshop we covered:

  • The common myths about money and explained how anyone can have SMARTER Finances.
  • Explain why you do what you do with your money
  • Show how  SMARTER Finances Clubs help members on the Wealth Life Cycle.
  • Shared great stories and tips from other members.

More information on how I got on in another blog!

Deborah Harris is a chartered accountant, board director of DHUA Limited and a Platinum πτο Sorority sister.

Know any other good reasons for not becoming wealthy?  Please share!

Your Seven Day Plan to Achieve that New Year’s Resolution (Day 4)

Well done on continuing to move forward on this seven day plan!

You are doing such a good job.  Remind yourself of this promise as you continue to move forward, leaving your past behind:  I can do all things through Christ who strengthens me Philippians 4:13 (NKJV)

(We will resume our regular weekly posts after the first seven days of 2014, where we are focussing on tips to help succeed in financial goals this year)

As we’ve noted earlier this week, only 8% of the population actually end up achieving their New Year’s Resolutions and we want to be in that group of successful winners!  Also, from the hundreds of responses to the ATP’s 2013 survey of church members in the UK, we met scores of members who admitted they either did not practical tools to enable them to achieve many of their financial goals.

There’s a simple solution for this; continuing to keep up with and revisit these seven days of tips and hints, one tip at a time, will help you progress your financial goals for 2014.

Before we go through Day 4, can you honestly answer ‘YES’ to these questions?

 

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Question 1: Did you read the earlier blogs for Days 1, 2 and 3?  If not, you can catch up on Day 1 here , find Day 2 here and review Day 3 here.

Question 2: Did you add an amount towards your savings goal/s into your Monthly Spending Plan? If not, then take some time to complete that task before moving on to today’s tip.

Question 3: As part of your morning devotional study and reflections, did you recommit your plans to God, asking for focus, guidance and clarity of purpose to help you achieve your goals and plans for this day, week and year?

Remember: Whatever you ask in My name, that will I do, so that the Father may be glorified in the Son. If you ask Me anything in My name, I will do it. John 14:13-14.  So, just pause for a moment now to do so… and share your vision of better financial stewardship today with your fellow church members.

OK, now let’s see today’s tip!

Tip No 4: Increase  (or start to acquire!) More Knowledge to Master Your Finances

Furthering your knowledge is an essential pillar to help you achieve your goals in finance, or in fact, any other area in personal development.

Nowadays, with so many resources available, there is no excuse for not getting the knowledge you need.  With the Internet accessible at home, on your smartphone, at school and at work  information is now (literally) 24/7 at your fingertips.

There are a number of good websites, free online courses, TV programmes, and educational books available that offer practical insights into personal financial mastery, money, finance and its ever-growing areas.  For a list of the UK resources look out for future blogs as these will are posted and updated over the year.

First start off by making a list of the areas in your financial understanding that you would like to learn more about – these will also need to be relevant to the financial goals you have set.

Focus on something you are familiar with and would like to know more aboutMany people want to dive into shares, bonds and investing in the stockmarket,  options trading, mutual funds…. all without having basic understanding of financial markets or how to read the underlying information on the companies listed and publicly traded.

Don’t rush ahead without getting the foundations for your financial knowledge properly set up!

Next  – and do this within the next 48 hours –  identify where you can get the information to move your financial goals forward.  If this is a first time activity,  just focus on one of your short term goals and build up your sources of research and information.

So for example if you are looking at more information on savings, read all you can about ways to save, or understanding some of the simple examples on saving.

Sign up for one of the FREE Access the Power (ATP)  “SMARTER Finance” Seminars – delivered in your local church, these have been made available annually since 2004 and now run between April – December.

If your church has never had one of these sessions, show this blog to your Stewardship Co-ordinator and ask him/ her to arrange a session for your church group as your Stewardship Day this year.

“SMARTER Finance”  sessions are open to all participating church members in any Seventh-day Adventist church group in the UK.  A number of local church groups in England already this session for basic financial literacy as a Stewardship Day whilst others use the weekend workshops or one-day seminar services for both the church and local community outreach.

For more information or to arrange a programme at your local church click here – (this will take you to the feedback form on this blog)

In the UK, the government launched the Money Advice Service in 2010 which, in spite of its name, is not a financial advice service!   It is a free resource of financial information, although at the end of 2013 it  came under fire as the Treasury Select Committee and MPs condemn Money Advice Service as ‘not fit for purpose’

If you have a specific individual planning advice need, don’t skimp on paying for professional help –  Be sure to reach out to a good financial advisor if you have an area in your finances (eg insurances and retirement planning) that you would like to sort out. This will not only provide you with a deeper understanding of these financial products  and other financial matters, but it also will allow you and your advisor to improve your financial goals.

If you are looking for a financial planner or financial advisor make sure they have the required accreditation to offer their services.  But remember, if you are not clear about the area you need advice for you will be wasting good money.  The most expensive is not always to best and you don’t always get what you pay for.

Brighten the Corner Where You Are…

The book of Proberbs is a fantastic way for you to start gaining some of the basic understanding of how successful people approach business, wealth and finances. One chapter a day and you have covered the whole book in a month!

For Ladies in the UK, see our blogs on Proverbs 31 for secrets on successful living , business and financial success.  And see the Sorority created just for you, by women just like you PI TAU OMICRON (Π Τ Ο).

For ΠΤΟ sisterhood eligibility criteria click here.

So, do let us know if  more financial knowledge is an area you would like to see more about and we’ll post further information on practical ways to do this.

Tomorrow, we will look at another tip to help you in your financial goals.  As always, share how you are getting on with these, any questions or comments you have.

Until then, have a blessed Sabbath….onwards and upwards!

Your Seven Day Plan to Achieve that New Year’s Resolution (Day 3)

We will resume our regular weekly posts after this week. But for this week, the first seven days of 2014, we’re focussing on a plan to help us for the rest of the year.

As we’ve noted, only 8% of the population actually end up achieving their New Year’s Resolutions and we want to be in that group of successful winners!

Over half of the church members (based either in London or the South East of England, UK) that took part in our 2013 survey said they had a handle on their finances…. but after further discussion it became clear to many that they either did not have (or worse) did not know how best to apply the practical tools to enable them to achieve many of their financial goals.

Part of gaining the skills as one of the successful 8%  who achieve goals they set includes having  a simple and practical roadmap to make the way easier. And then, being consistent in developing and following the map!

Continuing to keep up with and revisit these seven days of tips and hints,  one tip at a time, will help you progress your financial goals for 2014.

Before we begin the tip for Day 3, can you honestly answer ‘YES’ to these questions:

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Question 1: Did you read the Day 1 and Day 2 blogs?  If not, you can catch up on Day 1 here and you can catch up on Day 2 here

Question 2: Did you add your payments towards paying down your debt into your Monthly Spending Plan? If not, then take some time to complete that task before moving on to today’s tip. Remember

Question 3: As part of your morning devotional study and reflections, did you recommit your plans to God, asking for focus, guidance and clarity of purpose to help you achieve your goals and plans for this day, week and year?  If not, just pause for a moment to do so.  Remember: A double minded man is unstable in all his waysJames 1:8 King James Version (KJV).

OK, now let’s now move on to consider today’s tip.

Tip 3: Make a goal to Increase (or start!) Saving

First, write down one short term goal – perhaps for this year’s holiday or to start an emergency fund to cover unexpected expenses.

Next, write down a medium term goal – perhaps it’s that dream vacation, or a deposit on a home.

Finally, decide on a realistic deadline to achieve these goals – and list the regular action you will need to do within that time to accomplish your goal.

Now, make a plan of what you need to do today to move your goal/s forward.  If this is a first time activity, you may wish to just focus on your short term goal to help build your confidence first.

Always try to keep your savings activity regular even if the amount you can save is not the same each time.

That way you  get into the habit of regular savings –  a great tool to help you on your financial journey.  See our 52 week challenge –  “A simple way to save £1,000 in one year” a short blog showing you a straightforward method of creating and achieving a short term financial goal.

 

JOIN OR START A LOCAL CHURCH MONEY CLUB

Remember, if your church is interested in supporting a local money savings and investments club and would like more information let us know in the feedback form, just click here.

Let us know if this is an area for more discussion and we’ll post more information on savings and ways to save.

Tomorrow, we will look at another tip to help you in your financial goals.  As always, share how you are getting on with these, any questions or comments you have.

Until then, onwards and upwards!

Want a really easy way to save at least £1,000 this year? The 52 week challenge

I’m taking the 52-Week Money Challenge, which gets a lot of interest online at this time of year.

This can be one of your New Year’s Resolutions!

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It’s very straightforward. You simply start by saving £5 in the first seven days in January (so, five days to go!) and you build up the savings by saving a larger or smaller amounts each seven days over the 52 weeks.  You can start with £52 the first week and then work down to £1 by December, when the festive season means money is a lot tighter.  I find the summer and autumn are best to do the bigger saving amounts.  The most you would have to put away in any week is £40, everything is less than that.

The variety in the saving pattern means that you can build up in a way that suits you!

To make it something everyone can take part in, why not make it a joint family goal.  Would be great to get comments on the tips for saving the amounts each week

… I’ve opened a ‘jam jar’ account with my local church Money Club…for my shoes and handbag fund … ssh, don’t tell hubby!

Here’s one way to do this weekly saving that makes it all a bit easier:

 

Week Number Dates         Weekly Amount Monthly Amount Saved So Far
1 1-7 Jan £5
2 8-14 Jan £4
3 15 – 21 Jan £3
4 22 – 28 Jan £2 £14
5 29Jan -4Feb £1 £15
6 5 – 11 Feb £10
7 12 – 18 Feb £9
8 19 – 25 Feb £8 £28
9 26Feb-4Mar £7 £49
10 5 – 11 Mar £6
11 12 – 18 Mar £20
12 19 – 25 Mar £19 £52
13 26Mar-1Apr £18 £112
14 2 – 8 Apr £17
15 9 – 15 Apr £16
16 16 – 22 Apr £15 £66
17 23 – 29 Apr £14 £174
18 30Apr-6May £13
19 7 – 13 May £12
20 14-20May £11 £50
21 21 – 27 May £30
22 28May-3Jun £29 £269
23 4 – 10 Jun £27
24 11 – 17 Jun £28 £114
25 18 – 24 Jun £26
26 25Jun – 1Jul £25 £375
27 2 – 8 Jul £24
28 9 – 15 Jul £23 £98
29 16 – 22 Jul £22
30 23 – 29 Jul £21
31 30Jul- 5Aug £35 £500
32 6 – 12 Aug £25 £103
33 13 – 19 Aug £25
34 20 – 26 Aug £25
35 27Aug-2Sep £25 £600
36 3 – 9 Sep £25 £100
37 10 – 16 Sep £25
38 17 – 23 Sep £25
39 24 – 30 Sep £25 £700
40 1 – 7 Oct £25 £100
41 8 – 14 Oct £40
42 15 – 21 Oct £39
43 22 – 28 Oct £38
44 29Oct-4Nov £37 £154 £879
45 5 – 11 Nov £36
46 12 – 18 Nov £35
47 19 – 25 Nov £20
48 26Nov-2Dec £10 £101 £980
49 3 – 9 Dec £10
50 10 – 16 Dec £5
51 17 – 23 Dec £5
52 24 – 31 Dec £5 £25 £1,005!

If you get your money once a month, the monthly saving target is also given to make it easier for you to keep a check on how you are progressing!

TOTAL: however frequently you save, it’s over £1,000 – simples!!

Try it out and let us know how you get on! Join me and let’s see how much we can all save in 2014…

Onwards and Upwards!