Challenge Results Compared

Some of you may remember that I did a short series of challenges Penny-a-Day, Dime-a-Day, and Dollar-a-Day.  The challenge was how would you get the most out of $3.65, $36.50, and $365.00 after saving them over the course of one year.  One of the things I was interested to see was how people thought about money would change as the amount changed.  Here's a chart that kinda sums up the results: 
 

 

 

 Penny-a-Day
$3.65
Dime-a-Day
$36.50
Dollar-a-Day
Savings 2 1 4
Debt Repayment  1 4
Investment (Stock) 1  
Entrepreneur Idea 1  
Education 1  2
Food 5 3 
Medical 1 1 
Clothing 1 3 1
Transportation  1 1
Other Necessities 1 3 
Travel (other) 1  2
Entertainment: Travel   5
Restaurant 2 3 1
Technology   6
Entertainment: Books 1 2 3
Luxury  1 1
Entertainment (other) 4 4 3
Gifts/Food for others 5 1 1

 

 

 Edit: LJ keeps eating chunks of this post...third times the charm maybe...

This is not the most scientific chart.  Some people gave multiple answers, and I don't know if everyone would agree with how I counted...but I think you can still see some trends    What I found most interesting was the lack of entreprenuer ideas at the $365 level.  While the only true business idea (buying candy to resell for a profit), was at the $3.56 level. There were some creative ideas for generating more than you would otherwise expect for the amount from Penny and Dime challenges.  At the $365 level, answers seem more conservative, savings and debt repayment.  We also seemed to be more generous at smaller amounts.

I'm not saying that's good or bad, just interesting.

I don't always save a set amount but I do put my loose change in a coffee can each day. Sometimes, I'll throw a loose dollar or two in if I have them in with my change. I usually count, roll and wrap it when it fills the can and then either put it in savings or use it for something special I normally wouldn't spend it on.

What is so amazing is how fast it builds up. I never really miss my loose change so it's not a loss or a hardship.
I think saving a set amount is a good idea for a lot of people, but not normally practical to do on a daily basis. This was intended to mostly be a mental exercise.

But yes, it's always delightful when your savings builds faster than you expect.
P.S. While you don't have a regular amount, you do seem to have a regular system. There's a lot to be said for that.
I don't think the results are that surprising. That's how it tends to be.
When you have "nothing" there's plenty of it to go around. When you have more, you have to be careful with how generous you are because there are people who will take advantage of it.

Neat exercise though. :)
I seem to recall reading a stat that said, percentage wise, low income earners give more of their income to charity than high income earners. Interesting to see that trend show itself a bit even in hypothetical little mental exercises.
This is way too small a sampling to even begin to draw any conclusions. It's more about critical thinking. Why would be prone to give the answer we do. And you're probably right. The large amount represents a larger portion of any one person's actual wealth. $3.65 is relatively small, while $356 is relatively more significant.

Probably the same reason we only see a business idea at the $3.65 level. We know that businesses involve risk, and we're more willing to gamble with a small amount...even if the business would have a better chance of succeeding with a larger investment.
I've decided to toss $5-$10 a week into my paypal account to forget about for a while and see how much I can save and then send it all back to my bank. Since most banks require you to have at least $300 in a savings account.
Good plan. You have to look out for those minimum balances...my brother some wasn't paying attention and got charged a $3 fee for several months in a row.
Aside from the non-scientific nature of the results, I think it's kind of cool that you thought about a different kind of post and put together the data. :)