Monday, March 25, 2013

Money Monday: 52 Week Challenge

We all know that we should be spending less and saving more.  While surfing the web, looking for savings options, I came across something called the 52 Week Challenge.  It is a plan that if you follow, you will have close to $1400 saved.

The 52 Week Savings Challenge is a weekly commitment for saving money. Each week, participants in the challenge deposit into their savings an amount corresponding to the week number of the program. So in Week No. 1, participants deposit $1; in Week No. 2, participants deposit $2 (which, when added to the previous week’s deposit, now totals $3; in Week No. 3, participants deposit $3 (making the total $6), and so on through Week No. 52. See chart below.


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If you follow the above example, the total balance in the account after one year will equal $1,378 – not including interest. If you are able to save more than $1,378 (plus the joke of interest that our banks give) over a year can fine-tune things  to save much more (see side column).

I don't know who created the plan, but Kassandra Mooreland has a facebook page about the challenge (see here).  She like many has a hard time saving money.  After successfully, completing 52 week savings she is leading the effort to help others succeed at this challenge.

This plan will not solve all your money problems.  However, it's a start.  Something many need.  It's easy.  So why not make it a goal?  Already saving?  Use this for your holiday shopping fund, or vacation perhaps.  Will you try it?


Saving money is sooo finessed!!!!



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3 comments:

  1. I am going to trying this beginning April 2013

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    Replies
    1. Awesome! I will check in on you and your progress!

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  2. I think I am going to try this, tired of not saving

    ReplyDelete