Are you looking for a way to start an emergency fund? Create a savings account? Hold yourself accountable to finally start saving? It’s harder than it sounds. For most families, the expenses are never-ending. You have food, shelter, utilities, clothes, transportation – and then come the extras like gifts, vacations, additional transportation, special occasions, household costs and kids activity costs.
Are you ready to start now?
First, create or start using a savings account that you aren’t going to touch, for the entire year. Next, make a commitment to yourself that you are going to begin the 52 week challenge and follow through – for the whole year.
How do you start?
Each week you are going to make a deposit to the savings account. The first week you are going to deposit $1, the second week $2, the third week $3, the fourth week $4, the fifth week $5, the sixth week $6 – and so on and so on until you reach the 52 week of the year where you are going to make a deposit of $52.
At the end of the year you will have saved $1,378.
It’s as simple as that. I am taking this challenge to boost our savings.
I did not come up with this plan, I spotted it as a friend shared it on Facebook and thought it was a fantastic idea. It would also be a great way to budget for Christmas to avoid the holiday spending hangover.