Are you looking to save more money this year? Maybe you are looking to purchase a home, go on vacation or build your emergency fund. An option to make the process of saving fun is by participating in a savings challenge. There is a 52-week saving challenge many people like to do each year that will enable you to make saving into a game. With the 52-week challenge, here is what you do:
In the first week of the year, you save $1. In the second week, you save $2 and in the third week, you save $3. You then continue to add an extra dollar onto the amount you save every single week as the year goes on. So, in the 40th week of the year, you’d be saving $40 and in week 52, you’d put $52 into your savings account.
At the end of the 52-week saving challenge, if you have kept up with the process every single week, you would end up having saved a total of $1,378 during the course of the year. With that money, you could then get a Core Money Market or Certificate of Deposit and reap the rewards of special interest rates. Our expert staff members would be happy to pair you with the account that fits you best!
Some ways to look at saving those dollar bills:
- Look for coupons for your purchases. You can use a website like www.coupons.com.
- Carpool to work or activities with a friend. Carpooling saves money in gas, and it is also good for the environment.
- Eat a few vegetarian meals every week. Chicken and ground beef are expensive to buy. Try making spaghetti without the meat or cheese quesadillas.
- Call your insurance agent. It only takes a few minutes to find discounts on car insurance.
- Shop at thrift stores or join a Buy Nothing Group online to find gently used items for free.
- Try a “no spend” day. You would be surprised at how hard it is to go an entire day without spending money.
The 52-week challenge isn’t going to change your financial life by itself, but it will make you more aware of setting aside money for a small goal. It is a fun game that can make saving seem more effortless and entertaining rather than feeling like a huge sacrifice you have to make all the time.