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:

Week 1
Week 52
Week 2
Week 51

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?

2 comments:

  1. I've seen this plan and keep telling myself we should do it....maybe I will finally start it!

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    Replies
    1. I hope you do! I'm so glad I did. I look forward to my deposits and love watching it grow! And the amounts are so small, I don't really miss them.

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