A recent survey shows that nearly 50% of Americans can’t come up with $400 in an emergency without using a credit card. We all know we should have an emergency fund of at least three - six months of living expenses on hand, but putting that money aside can feel overwhelming. The easiest way to save is to have money from your paycheck sent directly to a savings account – Pay Yourself First.
However, that isn’t an option for everyone, or perhaps you would like to save even more. Enter The 52 Week Money Challenge.
The concept is easy enough – you put aside the same amount of money as the week of the year.
That means you save $1 the first week, $2 the second week, $20 the 20th week, and so on. If you stick to this plan for a year, you’ll have set aside nearly $1400! To increase your chance of success, enter the challenge with friends, and (frugally) reward yourself at the end of the year to celebrate your accomplishment.
One downside to The 52 Week Challenge – the higher amounts are at the end of the year, typically when your budget is already tight. If you think this will be an issue, you can take The 52 Week Challenge in reverse – save $52 the first week, $51 the second, etc. Seeing your savings add up quickly might also inspire you to stick with the program through the year.
The bottom line is there’s no one “right” way to save money. It’s important to find a system that works for you.
The views, information, or opinions expressed in this article are solely those of the author and do not necessarily represent the views of Citizens State Bank and its affiliates, and Citizens State Bank is not responsible for and does not verify the accuracy of any information contained in this article or items hyperlinked within. This is for informational purposes and is no way intended to provide legal advice.
