UPDATED: 01/04/2014: This is a post from one year ago. I challenged myself to save according to the plan detailed below and as you can see here, I did it! In fact, by adding a couple of dollars here and there, I was able to save about $100 above the goal!
The original post is still intact below because I am reissuing the challenge for 2014 and I hope that you will join me. f you can’t set back the amounts according to this plan, make up your mind today to set aside a certain amount every week and stick to it.
Here’s to saving in 2014!
What if I told you that I have discovered a simple plan for saving money that helps you to easily save nearly $1,400 this year? I know, I know, you’re probably saying that there’s no way, but even though it might mean that you’ll have to start planning ahead a bit, it really is possible and starting with this first week of 2013, I’m on board.
Earlier today I saw a blog post about the 52 Week Money Challenge and was impressed by the simplicity of the challenge itself, not to mention how easy the challenge is to follow.
As you can see from the graphic, all you have to do is save the number of dollars that corresponds to the week of the year. On week one, for example, you save $1.00, while on week 30, you save $30.00. If you follow along each week, you will have saved $1,378.00 in 52 weeks, and that doesn’t take into account savings accounts that earn interest.
I am onboard with this challenge and have set up a separate savings account just for it. If you don’t have a savings account already, you might consider a money market savings account like the one I signed up for at ally bank online. It requires no minimum balance, has no minimum opening deposit, and an Annual Percentage Yield (APY) of 0.95%, which is a great rate especially for an account with no fees.
I’m in for saving more money in 2013, and this challenge is a great way to get myself motivated! What do you say? Are you in?