Let’s start off by saying I am a saving money type of person and by no means a financial expert.
Far from it in fact. As a mom of two young children, I know that saving my pennies add up. I plan to do much better at saving my money this year. I started participating in the 52 week money saving challenge in 2015 with a goal to save $1,378. Unfortunately, Cam was born prematurely. His birth threw off my savings regime and wiped out my savings account once the medical bills came rolling in. That is what savings accounts are for though: the unexpected moments
Last year was my year to bounce back and build up my savings again. And this year I am going to do it again. I am always trying to think ahead for the good and the unexpected times when it comes to money. I try to have a plan for what I will need/want to save for. The money that I save is different than the money that I allot for necessities. Groceries, bills, things that are necessary to live…you know what those items are in your life. We all have good things that we like to save for. Mine are holiday gifts, parties, special dinners, shopping trips, vacation, home upgrades, etc. And unfortunately, it is important to save for the unexpected times. Bummer moments like medical expenses/ER visits, broken appliances, vehicle issues, home repairs, etc.
Hopefully this year we can all have good luck, personally and financially. To help you with financial savings, I have created this infographic to explain this money saving challenge. Remember, I am not a financial expert, rather a money saving mommy and this is super easy to understand.
First, download and print your free 52 Week Challenge Savings Chart PDF. Then hang it somewhere that you always look. Mine is right beside the refrigerator. For every week of the year, deposit the specified amount of money into your savings account. At the end of the year you will have saved a total of $1,378! Personally, I created a separate savings account through my bank so that I could easily transfer money. And I did all of this virtually through my bank. I never have to leave home and can look and see that every Monday the money is deposited. Advanced scheduling is also key. I was able to schedule all of my deposits at one time since I was moving money to and from personal accounts.
Mid-Year Check Up
As the weeks get further into the year, you will be depositing more money into your savings account. This allows your balance to grow faster. The beginning is pretty easy. Once you get into June, July and August, it can be a bit harder to stash away $30+ each week. Come November and December, it gets even harder to put all of that money aside, especially when holiday shopping is near. You can stop or adjust amounts according to your needs.
If you make it through each week this year, I suggest starting the next year backwards. When November and December roll around you are only depositing $10 or less each week. Plus, you might have some money from the holidays that could go toward the higher amounts.
The 52 week money saving challenge is not something I created. It is an easy way to start or continue to grow your savings account. And there are no rules that say you can’t deposit more money than the chart states. If you have the extra funds to deposit into your savings, by all means, grow that account!
Have you participated in the 52 week money saving challenge before? Did you make it to the end? What other ways do you save money? I’d love to hear your tips!