Happy March! This is lucky week 9 in the 52 week saving challenge schedule!
This is week 9. Deposit $9 or $44 if you are working backwards.
Will this be the year you join us in saving money every week that adds up to a whopping $1378? You can, just by committing to this easy plan (and we will help by reminding you).
52 Week Saving Challenge details
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 CapitalOne.com. Every week (on Friday) we log in and transfer money from our normal everyday bank to the Capital One 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 put your money where it works for you. Some readers 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.
How much to save
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. If you work in reverse you need to make the largest deposits in the beginning of the year. Personally, for us doing the challenge in reverse works better.
This is week 9. Deposit $9 or $44 if you are working backwards.
Each week we will remind you to make your deposit and we will tell you how much you need to stash away. We will always include both options.
Below are 2 charts detailing how quickly your savings will grow:
Saving becomes a habit
Saving money is not easy for many of us. The good news is that with the 52 week saving challenge it becomes a habit. We promise that once you get used to saving you will feel so accomplished each week!
What we love about this program is that it is self monitored. If life happens and 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. Welcome to the club!
This is week 9. Deposit $9 or $44 if you are working backwards.
