Does anyone remember seeing this circulate on social media last year? I am sure it may again as we begin 2014. I jumped on the bandwagon and tried this challenge at the beginning of 2013. I think I stayed with the challenge until about the 20th week and then I just stopped..
for a couple reasons. 1, At the time, I was in graduate school, working a part time job, with a non-consistent pay check. 2, I just simply forgot. I had so much going on, I was getting married, moving, going on my honeymoon, and trying to find a job. Remembering to put money away each week was challenging for me with all that I had going on.
While I realized this challenge didn’t work for me, there are other methods that can–and the purpose of something like this is to learn to consistently save throughout the entire year. Saving any amount per week, or per month is a great way to build your savings. Think about your income, and then think about what you can do to put away an amount of money without stretching yourself too thin. Saving 10% of your pay check is a great starting point.
If you successfully completed the 52 week money challenge, Awesome! I challenge you to do something greater! What is the maximum amount you can save each week or each month? If you look at the chart, towards the end of the 52 week money challenge, you are saving nearly $40-50 a week. If you can save up to $50 per week, or $200 a month, why not start at the top of the year? Do you know that adds up to $2700 at the end of the year? That’s almost twice as much as what you would have earned with the original 52 week money challenge.
Do you have a consistent savings plan or savings challenge for 2014? This year, I am fully committed to automatic direct deposit to a savings account NOT linked to my checking account. Share your ideas below!