What a crazy week it has been around here – it went super fast! It’s already time for the 52 week saving challenge deposit. Can you relate to this at your house?
Luckily we are bracing for amazing warm temps in the high 60s/low 70s this weekend which sounds dreamy!
Anyway – time to make the Week 16 deposit of $16 (or $37 if you are working backwards)
52 Week Saving Challenge
What is this all about?
How would you like to have an extra $1378 sitting around at the end of 2016? Does that catch your attention?
For week 16, deposit $16 or $37 if you are working backwards (see below).
Want to know more? We’ve participated in this challenge for the past 2 years and love it.
The idea behind the program is simple; each week you deposit a set amount into the savings tool of your choice. We like to deposit our money in our online account set up at Serve.com. Every week (on Friday) we log in and transfer money from our normal everyday bank to the Serve online account. The process takes less than one minute to complete. We like to sock away the money in a separate account for this challenge. We have a debit card for the account so when we want to spend the money (at the end of the year), we use the debit card.
You can save however you want; some people take the weekly cash deposit and put it in a jar they have set aside in their home.
Others take the weekly cash 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 to commit to saving money.
There are 2 ways to determine your weekly deposit amounts. At the beginning of the challenge (now) decide if you will work forward or in reverse.
To work forward, you will start off with depositing $1 on Week #1, then $2 on week #2 and so on.
To work in reverse, you will start off with depositing $52 on Week #1, then $51 on week #2 and so on. Personally, for us doing the challenge in reverse works better.
Each week we will remind you to make your deposit and we will tell you how much you need to sock away. We will always include both options.
Below is a chart so you can see how quickly your savings will grow:
In 2014 and 2015 we have used the money to pay for all of our holiday shopping. 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.
For week 16, deposit $16 or $37 if you are working backwards.
