A few weeks ago, I came across an article called “The 52 Week Money Challenge.” Check it out HERE. The idea is to save $1 on week one, $2 on week two, $3 on week three, and so on. The last deposit made is on the final week of the year for $52, and will give you a grand total of $1378. What a simple way to put some money away! I immediately proposed the idea to my fiancé and we both thought the same thing…Honeymoon!
Now, one major thing to keep in mind when doing this challenge: put the money somewhere special! Don’t just dump it into your regular savings account where you regularly withdraw from. Putting it into your everyday spending account will defeat the purpose of the challenge. Open up a new account so you can watch your savings grow. For me, this was the chance for my fiancé and I to finally open up a joint savings account. With every deposit, the money goes in and doesn’t come out till the challenge is over.
Another helpful hint is to have a specific purpose or goal for the money. For us it’s our honeymoon. For you, it could be a vacation, some new furniture, paying off some bills, or whatever you decide! Having a goal for the money will help you stay on track throughout the year and encourage you to keep up with your deposits.
After agreeing to commit to the challenge, I came across an “alternate” way to save the same amount of money. The 26 Bi-weekly Money Challenge presents an easier way to make your deposits if you get paid every other week. Instead of making a deposit every week, you combine two into one and make a deposit every other week. Read more about it HERE. Your deposits will now coincide with your paycheck. This seemed to be the way to go considering my fiancé and I both get paid on a bi-weekly basis.
Now if you’re like me, you’re looking at the totals thinking how hard it will be to save over $200 in December: the month of overspending. Simple solution: print out THIS CHART and pick your deposits a la carte! Since I had some extra money in January, I started with the largest deposit first to get it out of the way. With my tax return coming, I’ll be able to cross out some of the other bigger numbers early and leave the smaller ones for weeks when money is tight. Do what works for you! Just remember to cross out your deposits as you go. No matter which process you choose, the end result is the same: $1378 in the bank!
So we had the process, the goal, and the account. All that was left was to begin! After less than two months into the challenge (and some helpful reminders to each other), we’ve already begun to save for our Honeymoon. Now, I challenge you to start saving today! Print out your savings chart, pick a goal, and get started…it’s not too late to get caught up!
Melissa Griswold, Administrative Assistant
Your Money Matters, Inc.