Are You Up to the 52-Week Savings Challenge?
If you’re like many Americans, you wish you were saving more money than you are. Maybe you toss your change into a piggy bank now and then, or swap your cans for cash at the recycling center. But whether you want to pay down credit card debt, increase your emergency savings or save up for something fun, you can find yourself with nearly $1,400 in savings at the end of a year with this simply 52-week savings challenge.
To start, all you need is a savings account, a calendar and a little determination. You can start with as little as $1.
The challenge begins by putting aside a buck in week one, and two dollars in week two. In week three, you’ll pitch in three dollars, and you’ll continue adding $1 each week until you stash away $52 in week 52.
In other words, each week’s savings amount corresponds with the week number of the challenge. Because the largest deposit is only $52, the chances are, you won’t miss the money you set aside. You will always know how far along you are and how much you should save at any point throughout the year.
If you follow through, you’ll have saved $120 by week 15, $465 by week 30 and a handsome $1,378 when you reach week 52. The best thing about this financial plan is that it gets you accustomed to saving something each and every week.
You can make the challenge a little easier by starting with the highest dollar amount first, pitching in $52 the first week, $51 the second, coasting downhill dollar by dollar until week 52.
Either way, if you haven’t been good at saving regularly in the past, designate an accountability partner to keep you honest and plan now what you will do with your $1,378 stash at the end of 52 weeks.