Spectrum Economics Challenge 1 – Vote for the Winner

Hi Everyone,

We have now reached the voting stage of Challenge 1. Steemians will have the opportunity to vote for the winner of Challenge 1 of the Spectrum Economics 6 Week Challenge.

For Challenge 1 we had four entries. The entrants are as follows:

Quick recap of the challenge

For Challenge 1, participants were required to write a post explaining how they have or would cope with living with a tighter budget. Participants were given the freedom to be as creative as they like in terms of describing what they have done or would do. They have been advised to apply economics to their recommendations but at the same time are recommended to explain using terminology easy for the everyday reader to understand.

Here is a link to the original Challenge 1 post.

What have our participants proposed?

Let’s start with Hive account@blackempror who happened to be the first person to enter the contest. Hive account@blackempror emphasises staying calm and not panicking. Hive account@blackempror also considers how we can cut back on expenses and living costs. Hive account@blackempror’s post contains quite an extensive section on how to obtain additional income as well. Hive account@blackempror also throws in a few economics terms and references thanks to studying economics.

This post can be accessed using the following link.

Entrant 1 Hive account@blackempror

Our next participant is Hive account@toyinbaruba. Hive account@toyinbaruba includes some interesting points in his post which includes making budgets and managing these budgets. Hive account@toyinbaruba provides examples how to cut back on expenses to stay within this budget. Hive account@toyinbaruba also talks about saving money by avoiding bad habits such as smoking and gambling. Hive account@toyinbaruba also suggests inexpensive ways of having fun.

This post can be accessed using the following link.

Entrant 2 Hive account@toyinbaruba

Our next participant is Hive account@the-fundraiser. Hive account@the-fundraiser jumps into pointing out that there are many small daily expenses that add up. This money could be placed in a savings account. Hive account@the-fundraiser suggests looking for free forms of entertainment rather than entertainment that requires expenditure and offers several examples of such activities. Hive account@the-fundraiser also mentions looking for bargains and using coupons.

This post can be accessed using the following link.

Entrant 3 Hive account@the-fundraiser

Our final participant is Hive account@rayne122. Hive account@rayne122 articulates a very clear 4-step plan of action to cope with a tight budget. These steps are as follows:

Create a priority list
Make two plans depending on the priority list
Check out the two plans
Sub priority list

Hive account@rayne122 supplements his steps with examples which included hypothetical costs savings derived using the plan.

This post can be accessed using the following link.

Entrant 4 Hive account@rayne122

How to vote

The winner will be decided by votes placed in the comments section; the post that receives the most votes wins. The winner will receive 10 SBD. Second place will receive 5 SBD.

To vote, enter the entrant’s number. The entrant’s numbers are as followers.

I expect voting to be based on the quality of the post and ability to address the criteria of the challenge post. Each vote will also be rewarded with a very small upvote. Voting closes on payout of this post.

In addition to these prizes, I will also give out the Spectrum Economics favourite post award worth 10 SBD.

Special Thanks

I would like to thank Hive account@sweetsssj for supporting Challenge 1 with her upvote. Her generosity has made it possible for me to give out reasonable prizes for this challenge. Hive account@sweetsssj has recently posted a really great travel blog which includes a Dlive video. Her most recent post can be accessed using the following link.

I would like to thank all the participants for their effort spent putting these posts together. May the best posts win.