One of the most popular new year's resolutions has got to be 'saving money'. A noble resolution for sure, especially after the holiday spending frenzy many of us go on from Thanksgiving to New Year's Eve. While I didn't make any resolutions this year, I am always interested in tightening our belts after the holidays.
I kept hearing about this 52 Week Money Challenge. The idea is to save $1 for the number of the week we are in during the year. $1 for week one, $2 for week two and so on. If you are faithful in doing this you will have $1378.00 by week 52 of this year. Pretty neat, isn't it?
The woman behind this challenge is a lot like many of us. Meet her here.
I have seen ideas about reversing this challenge by saving the $52 the first week, $51 the second week, etc. The theory behind this is that during the last weeks of the year, we tend to have holiday expenses making it harder to set aside $40 plus each week.
Even more interesting is the hybrid idea of this challenge where you save as much as you can each week. Just cross off what you've saved each week so there is no duplication. For example: I sell some no longer used video games one week for $30 - I would take that money, apply it to week 30 and cross it off the list. Alternatively, if we have an unexpected expense one week, I can pick a smaller number to put in the jar. I find this way kind of fun - it makes it more of a game.
I think this will be fun & challenging. Imagine have $1000 in cash to spend at Christmas - no credit cards, no waiting for payday - just money you have diligently saved throughout the year.
I'm in. Are you?