This is post two of my incredibly by-the-book foray into science. If you missed the first post, it’s over here.
To recap, here’s the gist of my 2017 lotto vs savings experiment:
I’ve got a crisp, hypothetical $100 note each week this year to spend how I see fit. I’m testing two investment strategies to see which one pays off. They are:
- Sticking my savings in the best savings account I can find, just like my nan would want.
- Buying an Oz Lotto ticket every week, just like my uncle Ron who’s permanently uninvited to Christmas would want. That’s 74 lotto games for $97.15 each week, because that’s the closest I could get to a neat hundy.
So far, the savings account has been wiping the floor with Lotto tickets. If nothing else, this experiment will serve to turn me off gambling for the rest of my life.
Here’s how April panned out:
This month has been crazy. Banks have been mucking about with interest rates, hiking and cutting all over the place. It’s exhausting.
Oz Lotto ticket
|Despite the banks treating interest rates like their own personal yo-yo, the best savings account rate remains at 3.05% from ME.||The Lotto, at least, remains constant, in that I won a whole heap of nothing.|
|Total savings with interest: $1,610.19||
Total winnings: Zilch. Nada. Zip.
Running total: -$1,022.55. Ouch.
April winner: savings account
Tune in at the end of May to see how next month goes – you never know, I could get lucky and hit the jackpot. In which case, should I be happy, or incredibly bitter? Tough call.