52 Week Money Challenge

Discussion in Savings & Investments Plans started by helpingcollier4 • Dec 23, 2014.

  1. helpingcollier4

    helpingcollier4Member

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    Here is a sneaky savings tip. It has been shared online in various fashions, but here it is anyway. I hope it helps you!

    The 52 week money challenge is a sneaky way to save throughout the year. Number each week of the year (1-52). For each week, put in the amount of money that matches the number week on the calendar. We put our savings in glass jar, so that we can see our money grow.

    Here is an example, using a 2015 calendar. January 1st is on Thursday, so that will represent the first week of the year.

    Week 1 (Dec. 28-Jan. 3): Put in $1
    Week 2 (January 4-10): Put in $2
    Week 3 (January 11-17): Put in $3
    Week 4 (January 18-24): Put in $4

    After four weeks, you only have $10 in your jar. No big deal, right? But over the course of the year, as you add the money up each week, your savings will really grow. By the end of the year, you will have saved nearly $1,400! And the most you will have to set aside in any given week is $52. Stay home instead of eating out that week and you're over halfway to your $52 goal. Happy savings!

    52_week_money_saving_challenge.
     
  2. Parker

    ParkerWell-Known Member

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    I have heard of this type of saving plan before. I am going to give this a go in 2015. I didn't save as much as I wanted to this year. I hope following this plan will give me the discipline to build up my savings. It seems pretty simple. I can easily give up my chai lattes.
     
  3. ACSAPA

    ACSAPAWell-Known Member

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    That's a pretty clever plan. Right now I'm focused on moving again since I lost my apartment, but when things settle down, I definitely want to try this.
     
  4. Lushlala

    LushlalaWell-Known Member

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    Hmm this a neat little savings method I wouldn't mind giving a try! It looks easy enough and not too taxing on the pocket. I always put my small coins aside anyway, so I could use some of those to help me in my quest to win this challenge LOL. It's not much money, but it's a nice way of having a little something at the end of the year. Every little helps, after all :) Thanks for posting :)
     
  5. Gelsemium

    GelsemiumWell-Known Member

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    That's not bad really, but I have my own saving plan. All the money I get from part-times, coupons, online work I put in a separate account and I only move that money when I really need to. Sadly, these last months I've been taking almost all of it out, so no real savings right now.
     
  6. ChanellG

    ChanellGActive Member

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    I love this idea! If I had consistent income I would totally do it! It puts me in mind of a children's book I read about how a character turned one grain of rice into a million. I thought it would be really cool to try and do this with pennies. I think it started with getting the evil emperor who was hording the rice to give her one grain as payment for telling a good story. The arrangement was that he would double the amount each day for something like 30 days. I don't even remember the name of the book... I'll have to look for it.
     
  7. ChanellG

    ChanellGActive Member

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    I can relate! I'm looking for something part-time so I can have more consistent income coming in. It's hard to save when things are always up and down. I started in a new business last year and it has not gone as I expected at all. Right now I'd be happy with a few hours 2-3 days per week.
     
  8. ExpertAdvice

    ExpertAdviceActive Member

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    Will someone other than myself say "easier said than done?" lol, I think that this is a good savings idea but I think that someway along the 52 week saving challenge, we will need some money-then-dip into the challenge, needless to say, the money that we take out from the savings can be put back into it but there are so many other things that can happen why it doesn't get put back into it. I also think that we should save and invest, instead of saving to meet a goal at the end of a year, don't misunderstand me, I love the idea, I think it's workable, but for me, It's doesn't bring me to the point where I am excited about doing it, it just sounds average, because I can save that amount of money shown for the year in a month or so. Good idea though, worth a try!
     
  9. thenextGeek

    thenextGeekActive Member

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    I've heard about this challenge before and I asked my friends to do it with me. Me and a buddy of mine started 5 weeks ago and we're still on track. Being the college kids that we are means that when we get to the high twenties, we'll have a hard time coping with the target amount each week. That's why we see to it that we save more than the required amount to make up for the deficiencies that we'll make in the future.

    @ExpertAdvice
    I feel you bro. This challenge really gives me an impression that this is going to be easier said than done but what the heck. Even if we only make it till week 30 will already net us $465 which is not a bad amount if you ask me. Great point though. :)
     
  10. tulosai

    tulosaiActive Member

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    I like this idea! It's clear, simple, and easy to understand. Not sure I'll be trying it this year due to being unemployed currently, but I'll definitely save this thought for when I'm in a lightly better place financially.

    Another thought is to always take a certain amount directly from your paycheck and pace it in an investment or high interest saving account.
     
  11. Denis Hard

    Denis HardWell-Known Member

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    It's a great plan. I haven't saved much this year and truth be told I would have but I always thought it would be best to save some money "next week." Procrastination will see me end the year with very little in savings. Good thing about this plan is it kicks procrastination squarely in the gut. Another good thing about this saving plan is it will get one into the rhythm of saving. Saving small amounts of money motivates people to save more.

    I'm definitely going to take the challenge.
     
  12. Feneth

    FenethActive Member

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    I like the idea. We've already got a savings plan in place for us as a couple but I might do something this small out of my personal unaccountable allowance money and be able to use it for a big splurge next new year. :) I find saving for a planned splurge to be much more rewarding and motivating than saving for a long distance future maybe.
     
  13. helpingcollier4

    helpingcollier4Member

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    It might be a helpful accountability tool to update this thread every couple of weeks with comments from those who are taking the challenge. I am trying again this year. We made it until August, when I had to clean it out to put a down payment on a new vehicle (after ours died). Even then it was near $500!

    Moderators, is it permissible to make this a pinned thread, where people could encourage one another as we take the challenge throughout 2015?
     
  14. Mika

    MikaMember

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    This sounds like an amazing idea, but unfortunately I won't be able to participate. :( My income is very unstable since I live in a college town (laid off during breaks) so some weeks get really tight on money. I would never be able to do it near the end of the year.

    It would be really awesome to have $1400 at the end of the year though. A bit mind boggling trying to think of what I could even buy with it. I'm not used to thinking in numbers that high. :D