I seriously can not believe that the entire year of 2015 has passed by, literally like the blink of an eye. It seems like yesterday I was sitting down to write out my first 52 week savings challenge for 2015. I did well for some time with my money saving plan, but then started using my debit card for little things. Shame on me! Did I end the year with my $1378 in my rainy day account? NO! So this year I am hoping if I have you all to be accountable to, it won’t happen again.
Okay, so how does the 52 week savings challenge work?
It really is a simple money saving plan. 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 plan to be flexible. 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 money saving plan, and to put aside the largest amounts I can, so that I can leave 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. 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 and get a free debit card all with no account minimums and even earn interest.
The first Friday of each month in 2015 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?
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