Are you up for a challenge? 2020 is only a couple weeks away, and we’re bringing back the 52-Week Money Challenge!
The idea is simple: start by saving $1 the first week of the year and then gradually increase your savings by $1 each week throughout the year. In week two you’ll save $2, $3 in week three and so on. At the end of the year you’ll have saved $1,378!
The best part about the challenge? It’s simple and will help you establish positive savings habits. Not to mention the wad of cash you’ll have saved at the end of the year for an emergency fund, down payment on your first home, or a vacation!
While the challenge itself is simple, saving nearly $50 per week in the month of December may be difficult – especially with holiday expenses. Here are our suggestions: download our 52-Week Money Challenge Chart and cross off each week in the order you can comfortably budget. For example, if you received cash as a holiday gift, you could start by saving $52 (crossing off Week 52). This will save you a few low-dollar weeks when your budget is stretched.
Regardless of how you tackle the 52-Week Money Challenge, the objective is that you establish a habit to save for your future needs (i.e. home, vacation, new car, etc.). If buying a home is part of your New Year’s Resolutions, message our team to learn about your home buying options!