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52 Week Savings Challenge Need to save $1000+? This challenge will help you do that.

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  #181 (permalink)  
Old 12-28-2016, 12:40 PM
$ Saving HS Junior
 
Join Date: Feb 2014
Forum Posts: 223
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It's the last week of the year and I saved $1

That completes the 52 week challenge for 2016! I didn't miss a single week and counted down from 52. One thing I noticed is that using the challenge sheet encourages an active approach and forming a savings habit. After a while I started to just schedule the transfers into my savings account and I kind of forgot about the sheet. Then I would go back and cross off the boxes. While the finance guru's recommend automating your savings, I think the manual way is better for developing a habit of saving. That IS kind of the point of the sheet right?

Next year I've decided to do the challenge again, but instead of automating it like I did this year, I am going to automate a new Roth IRA to supplement my employer 401K. I will max it out and dollar cost average the deposits throughout the year. This is a better type of thing to automate since all of the deposits will be the same dollar amount. I can set it and forget it.

To continue nurturing my habitual savings mind set I am going to do the challenge again with the same dollar amounts, but manually make the deposits.

Happy New Year!
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  #182 (permalink)  
Old 01-08-2017, 09:58 AM
$ Saving HS Junior
 
Join Date: Feb 2014
Forum Posts: 223
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Hi everyone. I thought about abandoning this thread but why not keep it going?

For the 1st week of 2017 the paycheck was small so I only saved $3. Looking forward to a bigger number next week.
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  #183 (permalink)  
Old 01-12-2017, 03:38 PM
$ Saving HS Junior
 
Join Date: Feb 2014
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It's week 2 and I only saved $4. But work will pick up now and I'm looking forward to bigger numbers.

scfr likes this.
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  #184 (permalink)  
Old 01-20-2017, 07:24 AM
$ Saving HS Junior
 
Join Date: Feb 2014
Forum Posts: 223
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For week 3 I only saved $2.
Still getting caught up with holiday expenses and work is gaining momentum.
It always feels like it takes the entire month of January for things to get going.
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