Sunday, January 6, 2013

52 Week Money Saving Challenge

I hadn't realized that Pinterest had come out with a re-vamped app making it so much more user-friendly on my iPad. I've been all about pinning my favorite recipes this week. This article is not recipe related, but rather, challenge and money related.

 Every year, I say I'm going to save up some money by the end of the year. When the end of the year comes around, I'm no closer to saving money than I was at the beginning of the year! Seriously! I saw this great idea that can be quite feasible for almost any budget!

The chart below should be used as a guideline.  The idea, put away $1 for week 1, $2 for week 2, and so on, for each of the 52 weeks of the year.  You'll never have to put more than $52 a week into your savings account, which to me, makes it pretty feasible!  I know I spend AT LEAST that much eating out each week.  The first few weeks will be pretty easy for us.  If you are paid bi-weekly (like we are in my family), then on week 2 of January, I will put $3 in our savings account. Then on week 4, I will put $7 in our savings account.  Get the idea?  Adapt the schedule and make it work for your family!

I would like to modify this to place money into my childrens' savings accounts as well.  Since I have 4 children, I know that realistically I can't afford to put $52 in 5 separate savings accounts in one week at the end of the year (which will be right after Christmas when I'm typically broke!).  I will set a goal for each of their accounts for the end of the year, and divide that amount by 26, and they will each get the same amount every pay day.

If I am only able to stick to one of my goals for the new year, I hope this is the one!  Happy saving everyone!

From the blog

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