As 2016 grows closer, many people will be making resolutions to better themselves in the new year. People will be making resolutions to eat better, lose weight and some people will resolve to save some money in the new year. The 52 week savings challenge has taken the Internet by storm in recent years, especially around the new year, and it is possibly a great way to save, but maybe not for everyone.
The 52-week savings challenge has been gaining popularity each year as a New Year’s resolution or even just a good way to save some extra cash. For those who haven’t tried it yet, the concept is pretty simple. The standard version has you putting aside the number of dollars which correspond to the week number of the year. For example, in week one you put aside $1. During week two, you put aside $2. During week ten you put aside $10 and during the last week of the year you put aside $52. If you do this the entire year, you will have saved $1,378.
There have been a few variations on the savings plan, and it seemingly has a variation that practically anyone can follow. It even has some changes made to teach kids about saving throughout the year.
One of the variations is the “Save By Number” 52 Week Savings Challenge. Instead of giving you a different amount of money to save each week, the “Save By Number” variation gives you a weekly amount to save and it changes each month. For example, during the month of January, you will save $12 each week. As the year goes on, the dollar amount each month will decrease by $1, like this:
This plan gives you a bit less money saved at the end of the year. However, it can be great for teenagers who just got their first job to save a few hundred dollars throughout the year. It can also be great if you are new to following a savings plan or don’t have a huge savings goal set for the year. It can also be great for “additional” savings, savings added to money that you already budget for savings each month.
There are a lot of other great ways to save money, too. For instance, you could use a money saving app like digit.co to automate your savings for you. Remember to include some kind of savings plan into your daily, weekly and monthly budget. Also, if you are on a strict savings plan, save any “extra” money you come into. For example, if you get a bonus at work, this money would go directly into savings, or even a gift (cash).
Savings is never easy, but some of the savings plans and different tools can make it easier for you. The best advice when it comes to saving and if you are thinking about taking part in this challenge is just to do it. Once you’ve started the process and have gotten in the mindset of saving, it will be much easier to just save your money in the long term.