52 Weeks Money Savings Challenge

 

How many times you wished you have about $1,000 to use for anything that was either urgent, or for fun?  This savings challenge allows you to do that!

 

A while ago I posted our first video in our YouTube Channel. I’ve never really worked very hard in promoting it, I’ll try doing that in the future. However, I figure this is a good time as any other to revisit why I posted it in the first place. I’ll put the link below though.

 

The 52 Weeks Money Saving Challenge

Somebody many years ago showed me this viable way to save money, and I liked it so much I’ve been using it ever since. Saving money can feel daunting to a lot of people. So, my question for you is: How would you spend an extra $1,378.00 USD if you have them right now? I am talking actual liquidity; you can use them as you wish right now.

Would you save it, invest it, buy yourself something nice, pay a bill, use it towards a vacation, use it for an anniversary gift, use it for a home improvement project, put it aside for cash-on-hand expenses, give it to a charity of your choice? Even if you make tons of money, I am sure that you could find a reason where to spend this if you have it in hand.

And yes, it is tax free, because it is what you’ve been putting aside, it is your money. It does take some discipline but even if you fall short of your goal any little savings can be used for something later. And if that is the case, you’ll be glad you have it handy. A bit of peace of mind.

 

How does it work?

Very simple. There are 52 weeks in a year. Each week you save the dollar amount equivalent to that week. For example: Week #1, save $1.00; week #2 save $2.00; week #3 save $3.00; week # 5 save $4.00… and so forth until you reach week #52 to save $52.00 for that week. If you do this, at the end of the year you’ve have saved $1,378.00 that you can use it towards whatever you want or need. I’ve been doing this for several years.

I know that the task could seem daunting, but if you stick with it gets it a lot easier. I recommend you picking a consistent day where you put that money aside. I personally like Fridays. This will give you some consistency on how you can save. You can either put in in cash, or maybe make a transfer electronically to your savings.  It is up to you. I’ve tried it both ways and it is rewarding either way. I then use this for whatever I want or saved for. For example, a nice gift, a small project, etc. Whatever the case it is just nice having it handy. Many times, I’ve just put that back into savings where it stays for a rainy day.

 

Three ways to reach your goal:

OPTION #1: Ascending savings method: Save $1 week #1, $2 week #2, $3 week #3 and so forth.

I like this option because it is easier to commit at first, but it can take a long time to see any substantial savings. For example, if you’ve been going at it for 3-months or 12-weeks you would have saved $78.00 not bad at all… but it does take a while before you see more significant padding in your piggy bank. Also, this method means that you have to contribute more towards your goal every week. And this can be more challenging at the end of the year when the holidays come near. Either way, remember you’re only paying yourself. It is still your money.

 

OPTION #2: Descending savings method: Save $52 week #1, $51 week #2, $50 week #3 and so forth.

Somebody I worked with recommended this method and it makes sense. It is a bit more challenging at first, but your commitment is smaller as the year goes by. Also, you get to see a more substantial padding to your piggy bank.  For example, in the same 12 weeks you would have saved $598.00 which is already a pretty decent emergency fund. And of course, as you get near the holidays if you start in January, for example, you will only have to add about $5.00 in the high end to meet your goal.

 

OPTION #3: Random Week savings method: Make a table 1-52 and contribute to your savings whatever you can each week, and mark off the amount you contributed like the example below:

1     2     3     4     5     6     7     8     9    10

11   12   13   14   15   16    17   18   19   20

21   22   23   24   25   26    27   28   29   30

31   32   33   34   35   36    37   38   39   40

41   42   43   44   45   46    47   48   49   50

51   52

 

With the example above, I randomly selected different 12-weeks and it adds to $300.00. Of course, that whatever you choose will affect the sum, but the example is to demonstrate the many different options. Remember this is an investment on yourself. Instead of that impulse buy on something you might not need, put it aside and then treat yourself. I’ll leave you with this fact, did you know that most people who seem to be broke all the time is because they spend money in frivolous things. Frivolously spending $5.00 here, a $2.00 here and there, etc. and that adds up very quick. This a similar same but goes back you in a positive way.

And yes, the same system can work in Euros, or whatever currency you have. Just adjust the amounts to what you think it is realistic in your case and currency. For example, how would you spend an extra €1,378.00 Euros, or £1,378.00 Sterling Pounds? Hope this helps, feel free to share it with all your friends and family. Happy Savings! HLC

Here is the link to the video as promised:

TWO Easy Money Savings Habits