CHALLENGE: January Challenge #1 Save over $1300

52 WEEK MONEY CHALLENGE

I am going to start this challenge in January 2015 and this will be one of my yearly challenges.

I am  sure you have all heard of it as it has been on the internet for quite awhile. It is the easiest way to save over $1300 in one year.

52-week-money-challenge-kickassliving

Here’s how it works. It starts with saving just $1.00 the first week.  The next week save $2.oo, the third week, save $3.00 and so on. While these seem like small amounts, as the chart above shows,(chart courtesy of kickassliving) they add up to make a decent amount by the end of the year.

I didn’t start this challenge until week 32  in 2014 and I  decided to make regular bank transfers to my savings account instead of using a money jar.  My goal was to save the money to use for Christmas – it was so easy and it kept me on budget and on track with my Christmas spending.

Whether you are saving for an emergency fund, a special item, a vacation or even just to fatten your nest egg, this is one of the easiest ways to do it and it is also gratifying to see your savings grow each week.

If I can swing it, I am going to try it in reverse in 2015 and try to use the money jar method (although I won’t earn any interest). The chart below shows the amounts saved in reverse $52.00 down to $1.00

Ah saving money ….to me that’s A Wandaful Thing!!!!

Advertisements
This entry was posted in Uncategorized and tagged , , , , , , , , , , , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s