52 Week Savings Challenge

Discussion in Savings & Investments Plans started by Rosyrain • Mar 13, 2017.

  1. Rosyrain

    RosyrainActive Member

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    Have any of you heard of or tried the 52 week savings challenge? I read about it online a few months ago and started doing it the first week of January this year. Basically what you do is get a chart listing all 52 weeks of they year and pick a day of the week that you will put money in savings each week. You then add money into your savings account based on what number week you are in.

    For example, on week 1 you would add $1 to your savings account, week 2 you would add $2, and so on until you reach week 52. By the end of the year, you would have $1078 in your savings account plus interest. This is a great way to start planning for savings and I have found that I do not miss the money once I have put it away.
     
  2. Ke Gordon

    Ke GordonWell-Known Member

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    It sounds like a pretty painless way to save some money. I have been wanting to use acorns which invests your change, in a stock program. The only problem with it is that you have to pay 1.00 monthly surcharge, however, that is not much! The 52 Week Savings Challenge sounds good though.
     
  3. Rosyrain

    RosyrainActive Member

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    I have found that this challenge is a great way for me to save money because I only put a little in savings now while I am paying off bills and can plan for the future when I start having to put $20 plus in my savings each week. At least it is a start and I feel good about making any sort of effort to save money.
     
  4. Jasmin Cottontail

    Jasmin CottontailActive Member

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    This is indeed a great idea! It's a good way to start saving money especially for people who struggle in doing so, I for one :( I always try to save, in fact whenever I get my salary, I'm saving a little percentage of it before expenses just to make sure I could save. But sadly, whenever we have emergencies or we run out of funds, I always break the glass. So therefore, I always go back from the beginning :(
     
  5. Rosyrain

    RosyrainActive Member

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    I was just thinking the other day that it is so much harder to save money than people used to have a few decades ago. My mom has always been a big saver and never needed to dip into it unless she wanted to. Now with all of the debt and bills, and people not having the jobs that our elders once enjoyed, struggling is the norm for many people. I had to work extremely hard to get out of debt and I am still working on finishing the mission. I hope to be debt free within a year.
     
  6. ADSSOLSN

    ADSSOLSNMember

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    Its a great idea, saving money is a challenge.
    I have tried saving a couple of times and it's never easy; but such a goal and a simple plan all is possible.
     
  7. Pooja Patel

    Pooja PatelNew Member

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    great idea. it will impact to your financial forecast and small amount combined with big one. maybe it's called recurring savings.
     
  8. Alexandoy

    AlexandoyWell-Known Member

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    I have done that regular weekly savings so many times in the past. And I did it in preparation for the Christmas shopping. A one year of savings for buying gifts. However, I always fail to complete the schedule because of emergency expenses.
     
  9. moondebi

    moondebiActive Member

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    Whenever I try to save consciously, something or other comes up to upset my endeavor. I have noticed it in several occasions and now stopped to take any such saving challenge. Rather try to spend judiciously, and at the end of month it brings out a good result. Deliberate attempts do not work for me. I would rather be slow and steady.
     
  10. bomb2060

    bomb2060Member

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    I am doing the 52 week challenge. In fact I have a Fb group in my country that has over 400k members. Who motivate each other ad advice each other on saving and investment.

    Th biggest challengei he experienced in saving is having an accountability partner who will keep you on track. If some of your here are interested, we CA form a support group here for motivating us to save.

    If the admin can get a baking add-on here, it will be very helpful. Since it can be a representative of the actual savings.
     
  11. Nakitakona

    NakitakonaActive Member

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    I have already heard this kind or method of saving money. This 52-week saving challenge is very practical way and it is possible for everyone to comply with, but to tell your many have failed. In the first week, 2nd, 3rd, 4th, 5th week, they're able to make it. However, in the long run, they've failed. To ask them, they've several reasons to defend their failure. One is they have forgotten it or they simply neglected it with its easiness to do it. Another one is the promise to cover up their missed week to save, until they couldn't fulfill it.
     
  12. Jamille

    JamilleActive Member

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    I am not a fan of the 52-week challenge. If I could set a goal of say, $3000 at the end of the year using this savings plan,I find it stressful to save a different amount each week when I can simply save a fixed amount each week or month towards the same goal. But if that makes you feel excited about savings, then go for it. It's simply not effective for people like me whose main source of income is a fortnightly salary. I find it easier to save if I pay myself first by depositing a fixed percentage of my salary to my savings account.
     
  13. Ray1

    Ray1Well-Known Member

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    That sounds like a great idea. I thought if I double the amount each week that would be a greater idea but when I calculated the amount would be something like this 1..2..4...8...16...32...64...128....256....512. I don't think I would be able to do that because the amount on 52nd week would be too large. I think what you did is a good idea for people who wish to start saving.