Many of us struggle with saving money. If you are one that cannot seem to save money a 52-week challenge can be just the thing to teach you the discipline to be a better saver. But what is the 52 week money challenge and how can it save you a ton of money?
The first week you deposit $2 and you go up by increments of 2 for the first 26 weeks. At the end of week 26, you will be at the peak of the challenge depositing in $52. Week 27 you will deposit another $52 again and go down by $2 every week after that. Once you reach the top you will gradually go back down through the dollar increments from week 1-26. So many people have tried the traditional 52-week challenge and quit in the second half of the year because they get too strapped for cash at the end of the year with the holidays. This challenge peaks at in the middle of the year will get easier after week 26 so that you stay motivated and finish!
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Here are some tips for a successful 2017 52-week challenge:
Listen, your savings account will not have any more money in it this year if you don’t start! There is no better time to start than TODAY! Whether you will transfer the funds directly to your savings account every week or stash the cash in a jar. Find what will work best for you and start planning and looking at your budget.
Schedule A Date & Time To Transfer
It’s very important that you schedule in what day and time you will transfer your funds. Whether it’s first thing Monday morning or at the end of every week. It’s so important to plan ahead and get in a routine of paying yourself every week.
Do Not Transfer Out
If you really want to see the fruits of your labor at the end of the year, it’s imperative that you do not transfer money from this savings account or pull from your money jar. Consider opening up separate savings account for this challenge or even a Christmas Club account. A Christmas Club Account is an account that you can open and are able to deposit money in, but you cannot take money out of this account. Depending on the financial institution they cut a check and mail it to you around the beginning of November. If you do not want to use the funds for Christmas or at that time, you can just deposit your check back into the account to keep it open.
Make It A Priority
Print out the challenge and put it somewhere you can see it every day. Whether it be on the bathroom mirror, next to the coffee pot, or even at your desk at work. Every week that the deposit has been made highlight it or check off that week. Visually seeing the challenge every day will help you remember to stay on track.
This day and age it’s so tough for our generation to save money. We earn it and we spend it just as fast. This challenge is a great way to save $1404 in 2017 while more importantly building a great foundation for your future. It will teach you the basics and the discipline of saving money.
Finally, the 52 week challenge has been covered by a number of other blogs – the best one is savingadvice.com which has a great piece on alternatives to the 52 week challenge, so read it if you’re looking for more on this topic.
For more ways to save money, hopefully to use for this challenge, check out these other great articles.
What about you? Have you ever tried a yearly savings challenge? Do you plan on saving the funds or using it for something specific? Do you prefer to transfer into your savings account or to stash the cash in a jar? Please comment below!
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