In January, we typically start thinking about New Year’s resolutions. For some, this might mean making goals to eat healthier, stop smoking, read more books, or lose weight. For others, it’s all about building an emergency fund by saving some extra money.
Although some people may feel that starting and keeping new habits works best at the beginning of the year, the 52 Week Money Challenge will encourage you to save an additional $1,378 over the next 52 weeks no matter when you decide to start!
The 52-Week Money Challenge is based on saving a certain amount of money every week over the course of an entire year (hence, the number 52). The number of dollars you save will change from week to week. There are three ways to complete this challenge. No matter which way you choose, 52 weeks of savings will earn you an extra $1,378 in your savings account.
This is the traditional way to do the challenge. You’ll start with Week 1, saving $1. On each subsequent week, you’ll save one additional dollar. So, on Week 2 you’ll save $2, on Week 3 you’ll save $3, and so on until you reach $52 on Week 52.
This is essentially the first option, but you’ll be headed in the opposite direction. It’s a good option if you want to feel like your savings endeavor is getting easier as the year goes on.
You’ll begin with $52 on Week 1, then on Week 2, you’ll reduce this number by one dollar (to $51). On Week 3 you’ll save $50, on Week 4 you’ll save $49, and so on until you reach $1 on Week 52.
This way’s a bit trickier. You’ll be alternating between even-numbered savings amounts for the first half of the year and odd-numbered savings amounts for the latter half. The pattern will go like this:
Until you get to $1 on week 52.
Stay motivated and keep your eyes on the prize by focusing on the extra security you will gain with a larger savings account or emergency fund!
Keep in mind that if you perform this challenge as a family, you’ll be teaching your children the importance of saving and creating healthy habits for them to continue in the future. Children as young as five can participate in these early concepts which will be the first step on their road to a financially successful future. If you keep the financial lessons fun, your children are more likely to repeat the behavior on their own.
At the end of the 52-Week Money Challenge, you can have even more in your pocket if you use these tips for cutting back in small ways:
Finex is always looking for new ways to help you save for the important things in life. Finex offers members different ways to intelligently save your hard-earned money from high-yield savings accounts, certificates, and even money market accounts. We want you to get the maximum benefits and rewards from this challenge. If you have questions about saving for your future or about your unique financial situation, please contact Finex today.