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.
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!!!!