We Hope It Is Already a Habit – Weekly Savings

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Oh my my, we hope it is already a habit for you to be making your weekly savings deposit for the 52 Week Saving Challenge.

Is it? Have you been making those weekly deposits even though we have not been reminding you? If so – hooray! If not, it isn’t a big deal to catch up so don’t throw in the towel.

52 week saving challenge 2017n
Imagine $1378 sitting in a bank account, earmarked for whatever you wish (maybe a vacation, maybe holiday gift giving, maybe a home remodeling project, maybe towards a new car, the list could go on and on). The idea is simple, participants deposit a pre-determined amount of money into a separate bank account. This money is to remain untouched during the entire 52 weeks; if you stick to the plan you will have $1378 when we are finished.

We’ll post weekly reminders for you when it is time to make the deposit, usually on Friday. The beauty of the program is that you can make small adjustments so that it works for you. If you happen to be paid every other week, maybe twice a week deposits would work best? You are in control of the plan; just be sure you get in the habit of making those deposits. We promise that you will be so grateful at the end of the 52 weeks when you have that wad of cash staring you in the face!

How to be part of the 52 Week Saving Challenge

Step 1

Decide where you will deposit your money. This could be any bank account you have. (We like to use an online bank account that is linked to a debit card because “out of sight” works for us. We use the 100% no fee Capital One 360 card, you can get a free account here. This is NOT a credit card!!) You can also keep the money at home in a bank, or maybe in an envelope. Whatever works for YOU.

Step 2

Commit to the plan.

You have two options with the 52 Week Saving Challenge:

A) Work the plan the traditional way starting with a $1 deposit on week #1, $2 deposit on week #2 and so on. This is the traditional plan and your deposits will increase as the year goes on. Keep in mind as a result this means you will be making the largest payments in December (when most of us have added expenses in the budget already).

B) Work the plan backwards with a $52 deposit on week #1, $51 deposit on week #2 and so on. This means you will be making the largest deposits right off the start but come December you will only be depositing a total of $10 for the final 4 weeks.

We prefer to work the plan backwards.

Step 3 

Make the deposit.

Log into your bank, pull out your envelope or create the free online Capital One 360 account and make that deposit.

We are currently at week 24, so deposit $24 or $29 if you are working the backwards plan. (and if you are catching up from the weeks we have not posted about, week 20 through 23, you also need to deposit $86 or $126)

You can do this – you can do this! What do you have to loose, right?

Here are some graphics to get you excited about how the funds in your account will grow:

Traditional 52 Week Saving Challenge deposit schedule

52 week saving challenge chart

Backwards 52 Week Saving Challenge deposit schedule

52 week saving challenge chart reverse

 

So far 2017 has been pretty darn amazing, and we are so happy you have made the commitment to save money. Pat yourself on the back – you have earned that.

We are currently at week 24, so deposit $24 or $29 if you are working the backwards plan. (and if you are catching up from the weeks we have not posted about, week 20 through 23, you also need to deposit $86 or $126)

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