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And just like that, 2016 in is the books! It is so true that as you get older the time seems to fly by. This year was a great one, it was tumultuous and full of surprises. We made many great memories and had amazing experiences we will look back on and treasure. During 2016 my husband changed jobs, was laid off and at the very tail end decided to join me on this blogging journey. He named his blog, DoItYourselfDaddy.com. That alone was a huge leap of faith but we have already seen blessings. We traveled more as a family in 2016, memories were made, experienced many firsts and took fear head on. I am so excited to see what 2017 will bring!
With that said, back to the 52 week savings challenge! I have started this challenge since 2015 and have yet to end the year with my $1378 in the bank. That doesn’t mean I haven’t tried but this year, 2017 will be my first success to the end! This year with our work situation changing and becoming 100% reliant on our own work, I want to crave out the little savings in a separate rainy day account.
Okay, so how does the 52 week savings challenge work? Simply put….
It is a guide to saving money.
Each week, we will be putting away a set amount of money from $1 up to $52, since there are 52 weeks. Some of the plans start with $1 the first week, $2 the next, $3 the next up to $52 the last week. Some plans start at $52 the first week and work backwards, $51 the next, $50 the next and so on.
I like a more flexible approach. Some weeks I may not have much extra, others I may be able to squeeze out a little more, so my goal is just going to be to place a deposit in that account (or jar if you are using one). As long as I can cross off an amount, I will be happy. My goal is to stick to my guide to save money, and to put aside the largest amounts I can. That leaves the smaller amounts for weeks something comes up and I just don’t have much left. I don’t want to set myself up for failure, that is never good. So let’s agree to set ourselves up for success, shall we?
My plan, I am going to print off the 52 week savings goal worksheet and cross-off the amounts I tackle each week to keep track. By the end of the year, by crossing off each amount on the list I will have a nice $1378 in the bank to jump-start my raining day fund. Is that enough? No, it isn’t really a big enough savings to feel comfortable, but it is a great place to start! The goal is to create a new habit, that moves us in a forward direction.
I would suggest starting a separate account to track your progress and hopefully keep your hands out of the cookie jar. In the past, I have chosen to use an account I have had with what was ING Direct that is now Capital One 360. I have had an account with them for years and love it! It is my account I slowly trickle money into for vacations or specific items I want to save for on the side. You can easily transfer money from your current checking account or even upload a check into their app. You can get a free debit card all with no account minimums and even earn interest. But if that doesn’t sound good to you, use a glass jar with a lid just something separate from your other savings.
The first Friday of each month in 2017 we will tackle a new way to save money, share updates on how we did the previous month and hopefully inspire one another to take control of our finances. I would love for you to join me!
So I would love to know, since this is week one, will you be choosing to start with $1 or try for the top, $52?
Is there a topic you would like covered in this guide to saving money series? Just let me know in the comments. To ensure you receive all the money-saving tips and 52 week updates, sign-up to receive Our Homemade Life’s newsletter.