Last year there was a 52 week savings challenge that floated around. It has been making the rounds again this year. The idea is everywhere you put $1 for the first week , $2 for the second week and so leading up to $52 for the 52nd week of the year. In the end of the year you would have $1,378 saved. That can be an awesome vacation, new wardrobe or deposit to your IRA.
I liked the idea but a lot of folks don’t have $52 in week 52 of the year, so I did a little excel file magic and made a reverse 52 week challenge. I put the $52 in week one vs 52. I had more money in January then in December. Another idea I had is that you can just choose weekly how much to put into your “savings” depending on the “financial” status that week. (You can download the excel file here and enter your deposits)
- Instead of doing $1 during the first week, due $52 the first week
- Want to have a surprise deposit to savings weekly? Number 52 pieces of paper with the numbers 1-52 and each week draw a “number” and that is the amount you need to put in savings that week.
- Money flow is a bit too fluctuating? Just choose weekly from the chart what amount you can save and cross it off and note it in the section that says actual.
- If you get paid monthly or it would be easier to make one deposit a month, check out this version here
- Want to incorporate money savings for the kids in your life? Check out 52 Week Money Challenge for Kids
I was looking for something else online and came across a Facebook group called: Kassondra’s 52 week Money Challenge make sure you join the group if you are interested in having support from others who are saving as well. On that group someone has a daily savings plan so that you save $667.95 during the 365 days of 2014. Kassondra even has a website called Save with Kass and she has developed an online tool to help you save and track your money! It is FREE too!
Where do I put the money I save?
- Most of you know how much I love SmartyPig, you can set up an account there and have a goal for 2014. Set it up and don’t have it “auto” pull money from your bank account so that you can do the various weekly or whatever time frame you choose
- You can also open a savings account up at your local bank and do weekly money transfers
- You can always open a Capital One 360 savings account (formerly ING Direct)
- Have a jar that you deposit the money in daily, weekly, monthly. Decorate it for fun
- Get an envelope and put the money in there