Thursday, January 2, 2014

Want $1,378 for Free?

The only thing this will cost you is a little willpower. I've seen this idea various places across the web, and it is a great way to save a little extra cash!

Basically, each week of the month, you'll deposit some cash into a savings account, and at the end of the year, you'll have a total of $1,378! Here is how it works:

Week 1: Deposit $1
Week 2: Deposit $2
....
....
....
Week 51: Deposit $51
Week 52: Deposit $52

There are 52 weeks in the year, so whatever week it is, deposit that much cash. I've obviously skipped quite a few weeks in my example above, but you get the idea.

Some people like to reverse this plan instead. Money can get tight around the holidays, and setting aside $50ish might be a squeeze for some. Sometimes we even have a little extra cash at the beginning of the year after receiving gifts from people!

Instead, you could follow a plan that goes like this:

Week 1: Deposit $52
Week 2: Deposit $51
....
....
....
Week 51: Deposit $2
Week 52: Deposit $1

I already have some budgets and a savings plan in place, so I'm not sure if I will do this challenge this year, but let me know if you plan on doing it! I'll be rooting you on!

12 comments:

  1. I have seen this all over Facebook etc! I think it is a great idea! It's still early so I am going to try this this year!

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  2. This is a really great idea- I love it! Something I definitely need to try :)

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  3. I shared this challenge last year and I love the idea! However, I don't know if I would be able to really sock away 40-50 a week at the end of the year! I like the mindset though. A little bit each day really can pay off at the end of the year.

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    1. That's cool! Yeah, the mindset is what it's all about. Sometimes you have to tweak things for them to work for you!

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  4. I haven't seen this going around the internet, but I love the idea of setting aside a little each week to come out with an additional $1378 at the end of the year! Great idea!

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  5. I have seen this on a couple of other sites. Thanks for the reminder. I do need to implement a savings plan for the year. Perhaps I will give this a try!

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  6. We just posted this on our Facebook page and it looks like a pretty easy idea to try! I'd love to do it-or some variation of it-this year. Lord knows I need to save. Coming from the That's Fresh Friday Link Up

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  7. That's cool, might try it! I think I would be more successful doing it backwards too.

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  8. Loving this challenge and the many variations of it. Even putting aside $1 a week is SOMETHING and begins to form the habit of saving regularly. Thanks for sharing.

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  9. This is so neat! I'm pinning this. Great concept. #SGBC

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