The 52 Week Money Challenge – Will You Join Me?
Note: I got the above spreed sheet off a friend’s Facebook status. I have NO IDEA who did it, but THANK YOU!!
NOTE: Some start at week 52 and work their ways backwards. While others go from week 1 to week 52 and back/forth that way. Pick a way that will work for you!!
Doing this last year, we had money for when our van broke down over summer break and we were THRILLED that we didn’t need to take out of emergency fund or vacation fund, but used the 52 Week Money Challenge money instead!!!
The 52-Week Money Challenge has been circulating the web with a lot of people excited to try it. With rising costs and a reported 33% of Americans not having a savings of any kind, this can be an easy and fun way to save $1,378 a year. Created by Kassondra Moreland, she devised the plan to help others with a structured savings plan.
Even if you already have a sizable sum in your savings account, the 52-Week Money Challenge can be a great tool to introduce the idea of saving money to your kids.
How it works is that you start off on New Year’s Day by depositing $1, then each week you increase that by an additional dollar. You can also do your deposits weekly or when your paycheck is direct deposited into your account. It may not seem much at the beginning, but by the beginning of July you will have $351 and by the end of the year, that amount will be $1,378.
Moreland about the 52-Week Money Challenge and she said,
“My thing is we have to break it down where it’s EASY and not HARD. It has to be something that everyone can do at any level! Now I do understand that some are able to do more and that’s perfectly fine, however the object of this is just to start somewhere.”
Even though the first of the year has passed, you can still do this plan. Your family will feel a sense of accomplishment and have a nice amount saved at the end of the year.
Are you going to do the 52-Week Money Challenge? I think it’s a great idea and will be beneficial for the whole family!