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!
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!
ReplyDeleteAwesome! Good luck with it!
DeleteThis is a really great idea- I love it! Something I definitely need to try :)
ReplyDeleteI 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.
ReplyDeleteThat's cool! Yeah, the mindset is what it's all about. Sometimes you have to tweak things for them to work for you!
DeleteI 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!
ReplyDeleteI 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!
ReplyDeleteWe 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
ReplyDeleteThat's cool, might try it! I think I would be more successful doing it backwards too.
ReplyDeleteLoving 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.
ReplyDeleteThis is so neat! I'm pinning this. Great concept. #SGBC
ReplyDelete