The following is a guest post from Melissa, a fellow blogger at Columbia County Moms. She writes about a great idea on how to save money this year….I think I’ll need to try this!
The 52-Week Money Challenge
It’s January, the time of year when I start to focus on getting organized, saving money and ways, in general, that I can make the coming year a bit better than the last. I am not good at saving money. I know how important it is and I love the idea of having that emergency fund, but the idea of saving $25-$100/week seems overwhelming. Something always comes up that trumps the savings plan (i.e. car repairs, a trip to the vet, etc). Last week however, a chart popped up in my Facebook news feed (see below) that piqued my interest. ‘The 52 Week Money Challenge’ is an easy way to save $1,378 in one year and it seems to be all the rage on the Internet this week.
The idea is simple. The first week, you put aside $1. The second week $2, then $3, and by week 52 you put aside $52. The cumulative sum of that money after one year is $1,378. I’ll admit, it’s not a life-changing amount of money, but it’s the start of a decent savings account. It’s also a great way to get your (older) child interested in saving money!
The 52-Week Challenge was started by Kassondra Perry-Moreland, who owns the Facebook Group ‘Kassondra’s 52 Week Money Challenge’. Martin Williams of All Things MW talked to Kassondra about why she started the challenge:
“I am a single parent, and I have worked at my job for 22 years. I just worked 53 hours alone in this payperiod and do this all of the time. I decided that this is the year that I will have something to show for working all of those hours instead of just bills left over at the end of the year.I work better if I am held accountable, even in my personal life, so I decided to see how many of my friends would be honest and say they needed help with a structured savings plan, and even if they don’t would they help me. I had no idea that it wold turn into what it has in just the last two hours.”
Why is this savings method so appealing? The gradual savings requirement gives the perception that it’s doable. It’s the same reason the Couch to 5k running program is successful…most people don’t think they can run a 5k, but they can start walking/jogging for 2 minutes and build on that, right?
For those of you who want a visual, here’s the chart that persuaded me:
Whatever the reason for its success, I am on board and am starting the 52 Week Challenge. Are you in??