8 Sep 2014

Saving Money - 52 Week Challenge

You've heard of fitness challenges, heck there's a popular ice bucket challenge that's gone viral. But what if we all did a money saving challenge??? ... 

May not be as fun as losing weight or throwing ice water over your head but completing it would probably be hard for most people.

How it works:
Every week you save or put away a dollar more than the previous week. So first week you save $1, then second week $2, third $3 etc. Each week you add the amount you're saving to the previous week's balance. So first week you have $1, then second week you add $2 to last week's $1 giving you $3 total. Then third week you add the $3 to the current $3 balance to give you a total of $6 etc. 

Here's a chart of how each week's saving should be:


Outcome:
At the end of the 52 weeks you should have saved $1,378. That's not bad especially if you're not great at saving. 

So basically you start from saving $1 a week up to $52 a week. Easy right? ... Potentially at the beginning but can get harder over time, especially as the dollar goes up every week. Even if you stop at say week 20 because it's becoming too costly for you, you still have saved $210. 

There's no time like the present, so why don't you start the challenge today? Let me know if you do do it happy to be accountable and encourage you through your 52 week savings challenge.
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