"For those of you looking for a doable way to save some cash this year, check out this graphic. By increasing your deposit/savings by $1 each week, you can have a nice little chunk of change by the end of the year. Imagine if you doubled the deposit? I recommend a special piggy bank or separate account to specifically hold this money. This is a great way into easing into weekly money savings.
If you get to a point where you can't add on that extra dollar, maintain what you are doing from the week prior instead of giving up. Even if you got to week 30 and you found that was your max you could contribute, but you kept contributing that $30 for the rest of the year you would have $1125!
Same scenario at week 20/$20 till end of year would give you $850!
This is doable for most, no matter if you can go all the way or have to hold at $5/week ($250!)."
Graphic source: Healthy Habit Girl on FB.
Brilliant right? If you're nodding your head 'yes' and wished you would have started on week one - don't worry! All you have to do is plunk $45 bucks in your savings account or envelope and you're right on track for week 9! I'm in, are you? I'm hoping to get over-achievery in this challenge. We'll see if I stick to it by the number I report back here with on week 52. It might get tricky when we start hitting the higher numbered weeks but I'm going to shoot for it. Like Renae said, it's a place to get you going and if you can't keep raising the number past a certain point just hold fast, savings is savings!
Thank you Renae for sharing this great idea and lending your words to me for this blog post! Renae is renaelaunderlife on youtube. If you love watching people who cherish the gift of pregnancy and new parenthood - she's your girl. She could be the poster child for pregnancy glow. Renae is expecting her first baby, a son and he's coming very soon! She waited a long time for this bundle of wonderful so I'm super excited to watch her glow intensify as she lays eyes on that new baby of hers. Right now she's doing pregnancy vlogs so be sure to check her out!
Time for me to go transfer $45.00 into savings and get the money rolling!
This is awesome!! I have to try that out :)))) Thank you for sharing :)
ReplyDeleteA suggestion from someone who budgets for a living - make your week 52 the week before you start Christmas hopping (or before a holiday, large expenditure etc) and then you have the cash for the big event. Hope this is handy to someone!
ReplyDeleteExcellent idea this is. Congratulations to Renae too!
Great idea! I was just thinking about how I might do my last weeks deposits early since that would be around Christmas time and money will be short.
DeleteI have heard of people doing it backwards as well, or picking random weeks, doing the big ones when you can and the little ones when you have less to spare.
ReplyDeleteAlternatively just put away $26 every biweekly pay (if you get paid every other week, this works the best). It's not too much and it's only every other week but you get the same amount!
ReplyDelete