Here’s a really simple savings plan that anyone should be able to follow and end up with $1378 more socked away by the end of the year. It starts with saving just $1 the first week.
The next week, save $2. The third week, save $3…and so on. While these are tiny amounts, as the chart below shows, they add up over time. Whether you’re still working on your an emergency fund or want to earmark these savings for something special, it will be gratifying to see your savings grow each week.
For even more savings, do it in reverse. Start with week 52 and go backwards, so you can take advantage of greater compound interest in your savings account.
The 52 Week Money Challenge has been floating around the web since at least the start of this year. (I’m not sure who the original source is, but the link below is the earliest mention I could find.) It seems like an ideal challenge to take on for the new year.
The 52 Week Money Challenge Seems Easy! (Picture) [The Free Beer & Hot Wings Morning Show]
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2 responses to “Take The 52 Week Money Challenge And Easily Save Almost $1400”
I also like one of the comments on the pages of a person that cross of the mounts each week but didn’t necessarily do it in order. That way when they had a bit of extra money they would put that in and Ross of a few weeks a head, but when money was tight they only didthe smaller mounts. Good idea, as ewell as the reverse one, for interest earned and also having less stress at Christmas with trying to save larger amounts
A much easier/consistent way of saving $1400/year (technically $1404), is to save $27/week. If you do online banking, set-up an automatic transfer of $27 every week from your chequing account to your savings account (or whatever set-up you have), and without even thinking about it, $1404 is saved after a year.
After one year, increase the amount and see what happens! For instance, raise the weekly amount to $32 and within a year you’ve saved over $1600!