The 52-week Money Challenge
Several years ago we challenged our readers to take the 52-week Money Challenge. We called it “Money Monday” and posted a reminder each Monday on our Facebook wall. We had never done anything like this before, but we thought it would be a fun way to strengthen our Muscogee Moms community. It worked!
If saving money is extremely difficult for you, this is a systematic and simple way to make your savings grow without feeling the pinch.
Anyway, the idea is simple. During the first week of the year, you save $1. During the second week, you save $2. Keep adding a dollar each week so that during the last week of the year, you’re saving away $52. Without interest, this adds up to $1,378 over the course of a year.
Here are four other ways you can go about this challenge.
Reverse.
Take the challenge in reverse. Instead of saving $1 the first week, start Week 1 by saving $52. Week 2, save $51. By Week 51, you only have to save $1. The end results are the same, but you’ll see quicker progress up front.
Traditional Bi-weekly.
If you don’t want the hassle of scheduling weekly withdrawals, calculate how much you would save every two weeks doing this challenge. For example in January, save: $3 and then $7. In February, save $11 and then $15.
Bi-weekly in Reverse.
This the traditional Bi-weekly method, only in reverse. In January, set aside $103 and $99. In February, set aside $95 and $91, respectively.
Jump Around Method.
If you don’t care for the structure of the 52-Week Savings Challenge, but want the outcome, then you can jump around until you have reached the $1,378 finish line. We highly recommend printing out a 52-Week Savings Challenge worksheet, sticking it to your fridge, and crossing out the amount that you have put away as you go.
Good Luck!
Photo Credit: graphicleftovers.com
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