Sunday, January 5, 2014
52 Week Money Challenge
Last year around New Years I saw the 52 week money saving challenge being shared, but we didn't do it. This year when I saw it being shared I printed it out and took it to my hubby to show it to him because I really wanted to do it.
The way it is set up, there are 52 weeks in the year and you save money each week. Week 1 is $1, Week 2 is $2 etc until you hit Week 52 at $52. In the end, you wind up saving (either in a bank account, or where ever you keep your savings) a total of $1,378 for the year. Some people talk about doing it backwards, so you are saving more now, and less during the holidays when money usually gets tighter for people. We're trying to go backwards, but I did a print out that has check boxes on it, so if need be we can skip around each week and check them off as we do them. I also saw an alternative that has you save $26.50 each week of the year, and you still save $1,378 for the year.
We have a savings account and a high interest savings account (that account is our out of site, out of mind money that we are stashing for major emergencies, like for our house). We are transferring the money we are saving right into the high interest savings account. We did our 1st deposit on Friday! I am excited to do this, it will be a great addition to our savings account, every little bit helps! I personally don't think it matters if you go in order, as long as you make the commit and do all the deposits.
Is anyone else doing this challenge?