I’ve seen this published by a few sources and thought this would be really cool to share with you. It’s simple for you to implement too! Here it is…the 52 Week Money Challenge Fund.
So for instance, in week one of the new year, you’ll want to save $1 and put it aside. In week two, you’ll save $2 and put it aside. In the first two weeks you’ll save a total of $3.
I know, I know…it doesn’t seem like a lot; however, if you keep on this pace for the full year…you’ll wind up saving a total of $1,378.00 after one full year!
If you decide to take this challenge upon yourself and you want to stop around the week of Thanksgiving, this will help you save over $1,000 and use that towards a really cool spending spree for Black Friday and even save more money on gifts for others.
Okay, I give you permission to be selfish and use the money you save for something cool for yourself. If you want money for a mini-vacation for yourself, this is an easy way for you to reward yourself for earning money by just saving a little bit here and there each week!
Parents: This is a great way to show your children how to save money and have them see their money grow. It will teach them the value of a dollar & how to avoid impulse purchases. This will also implement goal orientation too! 🙂
If you want to be creative and go above and beyond this, you can set-up two funds if you really want to try saving a lot of money. If you find that you are not able to keep up after a certain amount of weeks, just put the additional money you collected for the second fund into the first fund and you will have some extra money saved towards the end of the year.
You can also save extra money in any given week. If you do this at the beginning, this will really help you get an extra few hundred dollars saved near the end of the year. For instance, the additional $5 you put away each week for the first five weeks will save you an additional $25! The additional $10 you put away each week for the first ten weeks save you an additional $100! The additional $20 you put away each week for the first twenty weeks will save you an additional $400! If you can afford to do this, it’s a great way to save money towards something special later on.
Getting back to the basics, the chart below will demonstrate how much you will save each week by creating this “52 Week Money Challenge Fund” for yourself!
We are almost going into week two of the new year so you can put $3 aside to get started! 😉