September 30, 2014

52 Week Savings Challenge

 

I'm not sure who originally thought up this clever little savings scheme but I first saw it a year ago on my sisters fridge.

The 52 Week Savings Challenge is a cumulative saving plan where by, starting with just $1, you increase the amount you save by $1 each week thereafter, so week 1 = $1, week 2 = $2, week 3 = $3 and so on until week 52 where, if you've stuck with it, you will have saved cumulative total of $1378.00.  The idea is that most people won't notice $1 extra each week.  Sounds pretty simple huh!

I initially put off sharing this until October which is when I planned on starting the challenge.  I thought October was a good time to start as I didn't want the "40" weeks falling around Christmas time.  By starting in October the most you would be saving in the lead up to Christmas would be a maximum of $12.00 on week 12.

However, I'm thinking about starting in the New Year as one of my New Year Resolutions Goals as a lot of people commented that they had more success by doing the challenge backwards - starting at $52.00 and working down towards $1.00.  That way it would get easier each week, not harder.  I think that option might just work better for me.

Either way, there are a few things that I would love to save for to surprise Jamie and the girls.  Our front entry way is made from original, 1970's yellow glass (it's uuuuuugly!) so I would love to surprise Jamie by getting it replaced.  Or we are planning on taking the girls to Disneyland before Maisie starts school so I would love to surprise the family by paying for the theme park tickets.

Whether your planning on starting at week 1 or week 52, I made this 52 Week Savings Challenge printable to help keep you on track.  Simply click the link below the picture to download it for free.  If you're a list keeper like me, you might find crossing off each week a teeny bit satisfying.  Or you might like to keep it in plain view on the fridge on inside the pantry door to help keep you motivated.

 

There is also a free app to help you keep on track if you are more technologically inclined.

 
Plus there is a Facebook Support Group which reminds you in your newsfeed each week to keep up the savings.
 
So what do you think?  Is anyone willing to give it a go?
 
xxx

2 comments:

  1. I am a terrible saver, I like this idea though - especially starting at 52 and working backwards... :) nice post x

    Maybe I should give it a go x

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  2. I've seen this idea before and it is an awesome idea to help stay on track!! I find putting my savings into a bank account at a different bank really helps too as then I don't notice it so am not tempted to spend it ::)

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