Saving money is just as challenging as making money. Yet both are a vital process to financial growth. Having a savings plan in place can help you pay off that lingering credit-card debt, lease a new apartment or even reward yourself with a much-needed vacation. If you were shown how a weekly monetary commitment could help you save $1,378 by the end of the year, would you do it?
Well, let me introduce you to the 52-Week Money Challenge. This practical saving method will help you build healthy money habits and serve as a guide to meeting financial goals.
Here’s how it works: This simple step-by-step chart outlines how much to deposit each week for one year, beginning with a $1 deposit during the first week of the year, a $2 deposit during the second week and so on. Some have chosen to work backward and begin with Week 52, decreasing the amount saved each week over time. Whichever way you choose to begin, understand that small steps like this can help lead to long-term financial growth.
If you want your $1,378 by the end of 2013, you’ll need to play catch up for the months missed so far. Otherwise, you can start now for any 52-week period. The chart below summarizes exactly how much money you will need to save each month to reach the goal of $1,378 (the totals sometimes go up and down because of the way weeks fall in each month). Good luck and remember: Anything worth having requires patience and dedication.
Powered by Facebook Comments