Let’s hear it for Friday! Let’s hear it for saving money! Week 31 is upon us; time to deposit $31 into your savings spot of choice, or $22 if you are working backwards.
What is the 52 Week Saving Challenge?
The idea behind the program is simple; each week you deposit a set amount into the savings tool of your choice. We use an online account set up at Serve.com (sign up for your free online banking account with Serve here) and every week we transfer money from our normal everyday bank to Serve online. It takes less than one minute, and for us having the money in a separate account works best. Some people take the cash and put it in a jar they have set aside in their home. Some others take the money and put it in an envelope in the home. Others we have heard have opened a subsidiary account with their bank, usually called a Christmas Club, and deposit the money there. Use whatever system works best for you; there is no right or wrong way to participate. The important thing is that you commit to saving money.
There are 2 ways to determine how much a week you want to save. You can start off with $1 on Week #1, or start with $52 on Week #1 (we call this working in reverse). For us working in reverse (starting with the $52 on Week #1) works best. Each week we remind you to make your deposit we will tell you how much you need to sock away and we’ll always include both options.
Below is a chart so you can see how quickly your savings will grow:
For the past 2 years we have used the money we save to pay for all of our holiday shopping and the 2 parties we host at the holidays. Some of you have used the funds to pay for a family trip, others for bills. It is all up to you how you spend the money; again – just be committed to saving money. It’s a hard habit to get used to but once you do you will feel so accomplished each week.
The nice part about this program is that it is self monitored so if you have a week where you have a problem being able to deposit the funds (and we have all had those kinds of weeks), just catch up the following week with a double deposit. Or, if you miss a week completely – it is OK! You’ll end up with slightly less than the $1378, but it’s nothing to beat yourself up about.
Be proud of your accomplishments – and the fact you are on the 52 Week Saving Challenge journey.
You’ve got this!
And for Week #31, deposit $31 into the account or $22 if you are working backwards.
On another note, did you do anything interesting this week to save money?
When I went to do the laundry yesterday and wash my favorite trusty old jean jacket – look what I found in the pocket! Bonus!
Go ahead and share if you did anything to help stretch your budget. We’d love to hear your ideas.
