Was saving money one of your resolutions for this year? It may be one of your perennial resolutions if you’re anything like me. Some years I’m more successful than others, but I love learning about new ways to try and meet my goals.
Last year Isra at The Frugalette shared a 52 week savings challenge and I knew I wanted to give it a try for myself. The premise is pretty simple: each week you add the number of dollars equal to the week of the year. So during week one, you add a dollar. During week 17, you add $17. And so on.
I have an online savings account; previously it was an Electric Orange account, but now they’ve partnered with Capital One and they’re called 360 Savings. What I love about an online savings account is that while you still have access to the money, it’s not instantaneous. So you have to think about it before you make a withdrawal.
With those accounts there is no minimum, no fees, and you earn interest. You can open multiple accounts and give them nicknames, so if everyone wants their own account to participate, no problem. A local account, an account you already have, or even just a jar, works too.
To help stay on target it’s helpful to have a goal. What do you have planned for your $1,378? Maybe you’ll put it towards holiday shopping, a little vacation for your family, or add it to a college fund. Or maybe you’re the rainy day type and want to pad your savings (I hear you!).
I’m doing my deposits on Fridays. If you plan to do the same, when you start tomorrow you’ll want to set aside $6 to cover the first three weeks. Then just follow the chart above and you’ll be on your way to $1,378.