About 4 years ago I started a simple, so-called 52 Week Money Saving Challenge.
The rules for this challenge are very simple - to deposit in the first week one euro, in the second week - two, third week - three, etc. The amount after each week continues to grow, up to the last week of the year, when it is 52 euros.
Back in 2018, I was saving in the jar, but I must admit I dropped the challenge after some 6 months, as we were relocating from country to country and I didn't have any more access to EUR currency,
Back in 2020, I decided to make my second attempt with this challenge, and to add up some spice I decided to use electronic money instead of cash, by buying funds offered by SEB bank Latvia. Again I failed to complete this challenge as after about saving EUR 1,000 I faced a cash drag for Vilgāle apt renovation and I dropped this challenge just 2 months before the end of the term and paid contractors.
Back in July 2021, I started my third attempt - again failure - I was forced to sell my funds to keep the Vilgåle apt renovation works.
Now, I'm back with my 4th attempt (let's hope i will be able finally reach the goal this time).
If successfully reached the goal, I will then use the accumulated funds to invest with covered calls and make an additional income.
For this challenge, I decided to start with investing 1 EUR in SEB Europe Equity Fund
This equity fund has typically a concentrated number of holdings and invests mainly in large and medium-sized companies throughout Europe.
The team aims to run a concentrated portfolio with the ambition to invest in some of the best companies in Europe at attractive valuations. The team believes that searching for a combination of value creating businesses and valuation upside is the way to find outperforming stocks. Value creating companies come in different shapes, both as cyclical and stable businesses. Many global leading companies have their origin in Europe which is a source of opportunity in searching for great businesses.