If you follow any type of social media, you have probably seen the 52 week saving challenge flying around. The premise is that you save a specific amount of money each week based on the week number. For example, in week 1, you save $1, in week 32 you save $32, etc.
My version changes this up a bit and actually “flips” around the saving plan. I used this approach because I have more money at the beginning of the year.
My weekly goals look like:
- week 1 move $52 in our savings
- week 2 transfer $51 to our savings
- week 51 transfer $2 in our savings
- week 52 move $1 to our savings
Using the “flipped” schedule reduces the stress of saving when holiday spending is at the highest.
- With my approach you only need a total of $36 for both November and December
- With the traditional 52 week savings plan you will need to save an extra $388 for November and December to stay within your goals
Keep in mind, this is what works for me and my family. If your high income peaks in the summer, start your week 1 in June or July. The bottom line saving, like any other habit, takes time and effort. The easier it is, the better chance you will have to be successful.
As you embark on this challenge, consider the following:
- The goal is to create good saving habits
- Do what you can, save what you can
- Don’t be too hard on yourself
- If you miss a week, just get back into the routine the next week
- If you can’t save the exact amount, give yourself a break, save what you can
- Start your week 1, when your income is at it’s highest
- Schedule the same day of the week to move the money to savings. This helps to form the habit
- If you can save more a couple of weeks out the year, do it
- Get your family and friends on board and lend each other moral support
- Challenge the kids to put 10% of their allowance away each week
- Saving $5 a week=$260 at the end of the year
- Saving $10 a week=$520 at the end of the year
- Saving $50 a month=$600 at the end of the year
- Saving $26 a week=$1,352 at the end of the year
- Saving $50 a week =$2,600 at the end of the year
- Saving $100 a week=$5,200 at the end of the year
- Be creative…How can you find the weekly savings or how can you save more?
Good luck! I can’t wait to hear about your success!!
Remember it takes a village. If your struggling or “fell off the wagon”, get back on. If you need moral support post on our Facebook. If you have great stories on how you spent your savings (or not) or creative ways you worked through challenges, let us know. We can all use the moral support and creative ideas.
P.S. If you are getting a late start this year on your savings goals; spread out the weeks you’ve missed by adding the $$ to the future weeks. If you can’t do that, don’t fret, just save what you can.
I am on target to ring in 2015 with $1,378 in my savings account and hope you are too. Our plan is to use part of the money to buy organic, farm raised meat for the upcoming year and the left over money will be used toward our annual anniversary vacation.
Oh and I am already planning on continuing my savings habit for the next year.
Don’t forget to share how much you saved our Facebook community
Tweet us @TheTxHomemaker and use hashtag #tthsavingmoney
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