Chances are that you've seen or at least heard of the "52 Week Money Challenge," a popular savings trend that makes the rounds at the beginning of each new year because so many people make resolutions to save more money. The premise is simple - you save a certain amount of money each week and the amount is based on the number of the week of that year. For example, during the first week you save one dollar, the second you save two and so on. By the end of the year, you will save $1378 dollars. When I say it's simple, it really is. I've done it for the past two years and will do it again this year. I've used the money I've saved previously for two different cruises and airfare. Trust me, if I can do it, anyone can.
Below is a chart similar to the one I used the first year I followed this savings plan:
My first year, I didn't stray from this plan with the exception that I "paid" some weeks in advance. I'll be the first to admit that it was super easy at the beginning of the year when the weekly amounts were smaller, but after Halloween, when the amounts were over $40, it was especially hard given that the larger sums coincided with the Christmas shopping season.
Last year, I modified this plan by making it resemble a BINGO game. Below is a picture of my completed modified savings challenge. (I created it using Word.)
Of the two, I prefer this method because it gives me the flexibility of choosing what I amount I save each week and it allows me to save the larger weekly amounts ($40+) anytime during the year as opposed to end of the year. All I did was cross off the amount I saved each week and it was very much like covering up a number on a BINGO card.
The original plan says to save your money in a jar. The first year, I did something like that - I kept my money in an old lockbox. I didn't like the easy access I had to the cash I had saved (it was too tempting to get into whenever I needed some cash) nor did I ever feel at ease with keeping cash in my house.
So, last year I set up a new savings account and deposited my money into it. (I would wait until I had accumulated a certain dollar amount and made larger deposits in lieu of 52 individual deposits.)
Another option I've seen online, but haven't done personally, is the "Penny Challenge." The premise is the same, except instead of saving a weekly dollar amount you save so many cents per day (1 cent on the first day leading up to 365 cents on the last day). By the end of the year, you will have saved $667.95. If the 52 Week Money Challenge seems a little to daunting, this option may work better. For more information, click here.
The most important thing that these saving challenges teach is to get in the habit of saving on a regular basis. They also emphasize how saving what may be small amounts can really add up over time.
What are your thoughts on this? Have participating in either of these saving challenges?
As always, thanks for stopping by!
Last year, I modified this plan by making it resemble a BINGO game. Below is a picture of my completed modified savings challenge. (I created it using Word.)
Of the two, I prefer this method because it gives me the flexibility of choosing what I amount I save each week and it allows me to save the larger weekly amounts ($40+) anytime during the year as opposed to end of the year. All I did was cross off the amount I saved each week and it was very much like covering up a number on a BINGO card.
The original plan says to save your money in a jar. The first year, I did something like that - I kept my money in an old lockbox. I didn't like the easy access I had to the cash I had saved (it was too tempting to get into whenever I needed some cash) nor did I ever feel at ease with keeping cash in my house.
So, last year I set up a new savings account and deposited my money into it. (I would wait until I had accumulated a certain dollar amount and made larger deposits in lieu of 52 individual deposits.)
Another option I've seen online, but haven't done personally, is the "Penny Challenge." The premise is the same, except instead of saving a weekly dollar amount you save so many cents per day (1 cent on the first day leading up to 365 cents on the last day). By the end of the year, you will have saved $667.95. If the 52 Week Money Challenge seems a little to daunting, this option may work better. For more information, click here.
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What are your thoughts on this? Have participating in either of these saving challenges?
As always, thanks for stopping by!
We did this last year, except super sized and were able to save so much money! We did the automatic deposit with our bank, so we never really missed the money we were saving. Such a great way to save money, thanks for sharing!
ReplyDeleteThank you for stopping by!
Deletethis is a good idea, but like you said, i don't like that the amounts get higher closer to the time of year that it's harder to save! haha. i like your bingo version, or perhaps doing it backwards. i was thinking about that but then i just set up an automatic savings for like $25-$30 a week to a different account. easy peasy!
ReplyDeleteVery true. The weekly average is $26.50, so there are many versions that can be done. Something I do, but forgot to share, is that I throw anything extra that comes my way into 52 Week Money Challenge. If I take off the aluminum cans to the metal recycling place, I use that money. When people reimburse me for something at work (like going in on a gift, etc.), I use that. When I get my incentive check from my cancer policy (they pay me $75 to have a screening done each year), I use that money. Maybe this is a bit of my OCD coming out, but I take great satisfaction in crossing off the number. I guess it is similar to the feeling one gets when crossing things off a list. Have a good one!
DeleteAin't that a fantastic idea?!? We want to go to Texas and bring my stepkids with us (they've never been) January 2017. This is a GREAT way to save some money towards that. Of course, we'll need more than this, but I'm thinking if I assign this as a certain fund - "the kids' fun money in Texas" or something like that. Thanks for sharing!
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