Monday, January 6, 2014
52 Week Money Saving Challenge
A friend of mine brought this savings plan to my attention; I don't know the original source for credit, but it is an amazing idea and I wanted to share it here!
Most families can't just put a thousand bucks plus into savings on a whim, but you can put a dollar here and a dollar there...and over time, it adds up!
I set up a free interest earning Capital One 360 account (formerly ING). I've used them for years with zero issues; and they have great customer service. I set up automatic transfers from my checking account, one a week. Every Thursday a small amount will go straight to savings and I won't miss it!
You can print up the chart above and tape it to a mason jar, but cash would be too tempting for me- I know everyone is different though, so there are many ways to do this that will fit your family best!
There are variations to this; some people alternate- small week, big week, so a hit isn't taken too big at the end of the year. So, for example:
I like to do it this way to get a little more interest accruing.
Some double it so there is almost 3k in there at the end of the year!
What will YOU save for over the next year?