It’s a new year and a great time to start a new savings plan!
To start the year in a positive savings light we’d like to show you a way to save an extra $1378.00! It’s easy and you’ll want to do it every year.
I found this challenge in 2016 and have done it from January 2017 and it was simple and effective so I’m here to encourage you to try it too.
The idea is save $1 for week 1 and then $2 for week 2 and then $3 for week 3 etc. until week 52 when you’d add $52.
Alternative 1: Turn it upside down.
To see the savings grow quickly you could turn the process upside down and save $52 in week 1 and then $1 by week 52. This would make it easier when it came time for saving and spending at Christmas too!
Alternative 2: Average it out.
$1,378 divided by 12 months is about $115. Just put the whole $115 away each month or perhaps $53 each fortnight if you’re paid twice a month or just $27 a week to see the goal realised at the end of the year. Doing it this way you can think about your spending on an even basis. Perhaps skipping the takeaway to fund the savings?
Alternative 3: Just get there.
You could look around the home and sell off stuff that you don’t want or need anymore. You could take on a second low paying job or cut someones lawn for them for the year to get some extra money to save.
This really is a habit building program that teaches you to save regularly and think about saving rather than just spending. Really the amounts you save each week are arbitrary, it’s the process of saving something each week and ultimately saving the full $1378.00 by years end that is the kicker. By the end of the year you’ll have established better savings habits and hopefully will continue the savings habit forever. Don’t give up if you miss a week or fall behind somehow – just find a way to make up the slack and keep going! Good Luck!