Why You Need to Start the 52-Week Savings Challenge TODAY
If this pandemic has taught us nothing, its that we need a backup plan. Like a real emergency one that will actually help us when we need it.
I love the Dave Ramsey approach of having a $1000 emergency fund. People try to knock it because...it's only $1000. But that's better than $0 so I'll take it!
BUT...if you are looking for a way to stay motivated to save throughout the year, I recommend the 52-week challenge!
Here's what you need to know:
The 52-week challenge is a savings plan that makes it easy to save money consistently over the course of 52 weeks, or 1 year.
If today were January 1st, you would start by saving one dollar the 1st week, two dollars the second week, three dollars the third week, etc.
By December 31st, you would save $1,378!!
I know you're thinking, it's too late. It's already August (or later if you're just reading this). Well I did a money experiment to see how much I could save even while starting late. Here's what happened:
I made the plan to start saving in June (week 22). Instead of saving $22 for week 22, I decided to put as much cash as I possibly could to the savings. If I had change left over from a purchase, it went to this savings challenge. Here's how my plan looked: https://www.youtube.com/watch?v=YauiqiTZ0SI
By week 31 (the last week of July), I should have saved $496. I came VERY close to this number. Here's how I made out: https://youtu.be/qUdFeUoxMkE?t=480
You can SO do this. Decrease (or STOP) eating out for 1 month. Commit to a grocery budget with a max spend amount. Save your blow money. Pick up 1 extra shift per week and save all of it.
Do what you need to do to GROW YOUR SAVINGS MUSCLE. It has motivated me to look for new ways to save & decrease my overall spending.
Let me know in the comments BELOW if you've ever tried the 52 week savings challenge or any other challenge and DON'T FORGET to sign up AT THE BOTTOM OF THE MAIN PAGE for MORE MONEY tips.
Link to 52 week savings challenge I use (and site credit): https://www.lgfcu.org/sites/default/files/docs/2016-52-week-challenge.pdf
Peace, love & savings!
Your Fave Budgeter,