Kids 2020 savings challenge

[DealorNoDeal]

See if any of your kids will accept the following challenge. If they do it every week until the end of the year, promise to pay them £100.

Starting with 1p in week 1, the goal is to double the total amount they've saved each week.

2p by the end of week 2
4p by the end of week 3
8p by the end of week 4
16p by the end of week 5
etc.

[jamesbrown]

If your kids can save 2^51 pence, they’ll be richer than sasguru. Hell, if they can save 53 pence, they’ll be richer than sasguru.

[BrilloPad]

My kids would fail after week 1.

[northernladuk]

Bearing in mind that more than I give them for spends I think they are gonna fail.

[ladymuck]

Save it from what?

If you're handing them pocket money then where exactly is the incentive? If they have a job, then fair enough.

Sadly, crappy rules these days means kids have a hard time getting little jobs, despite the fact it teaches good skills. I remember my nephew wasn't allowed a four hour Saturday job in H&M because the manager said his school head teacher had to approve it or some nonsense.

[MarillionFan]

Be more savvy and use a Cashback site designed specifically for saving into Kids accounts and ISAs.

KidStart Shopping Ideas helps families turn everyday shopping into savings for children:

[Paddy]

See if any of your kids will accept the following challenge. If they do it every week until the end of the year, promise to pay them £100.

Starting with 1p in week 1, the goal is to double the total amount they've saved each week.

2p by the end of week 2
4p by the end of week 3
8p by the end of week 4
16p by the end of week 5
etc.

£45,035,996,273,704.96 at the end of the year

[eek]

£45,035,996,273,704.96 at the end of the year

Would have been achievable if Corbyn had been elected PM.

Mind you if Corbyn was in power you would need £45,035,996,273,704.96 on 1st January 2021 to purchase a sweet that costs 2p sweet today..

[jamesbrown]

£45,035,996,273,704.96 at the end of the year

Nope.

[ladymuck]

I made it £22,517,998,136,852.50