Saving money is a goal for most of us, but it can be difficult to set aside a chunk of our paycheck each month. A popular new method makes it easier to save by taking it one week at a time and building gradually.
“The 52 Week Money Challenge" is gaining momentum around the world because it is a simple plan and a nearly pain-free way to set aside money. The best part? By the end of this challenge (if the “rules” are followed), it is possible to save $1,378!
Take the challenge
There are 52 weeks in a year, and this plan uses those weeks to set aside money that builds throughout the year. This plan doesn’t have to start on the first of a new year; it can begin whenever you are ready to start saving. Just plan to continue each week for exactly one year from the date you begin. Each week, deposit the dollar amount that corresponds to the week in the plan. For example, $1 for week one, $2, for week two, $3 for week three, etc.
For those with young children, this could make an incredible college savings plan. Or it can help save for a vacation, a car, retirement or just to build savings.
I can only imagine what I will do at the end of the year with $1,378!
The 52 Week Challenge website has tips and support. Sign up for their free newsletter for additional advice.
The key to this challenge is to keep setting aside money each week. But the system can vary depending on what works best for each user’s budget.
- For those who find money is tight around the end of the year when this challenge requires setting aside larger quantities of money each week, consider starting in reverse. Set aside $52 for the first week and then work back down until reaching $1 in the final week. This is also a good method for those who might lack the discipline to keep going as the challenge gets harder and it is tempting to stop.
- Tackle the big “payments” whenever there are weeks when extra money is available. Cross off week 50 when there is an extra $50 in the budget. Having a lean week? Cross off week three and contribute $3 instead. If following this option, it is important to mark off each week on a calendar in order to keep track of how much money needs to be set aside each week and to save the proper amount of money by the end of the year.
Just imagine: By the beginning of 2014 you could have nearly $1,400 in savings!
This is a guest post by Pamela from Lawrenceville, GA
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