Friday Two Cents: New Year Challenge


 

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It is January 1st and many people are looking to make New Years resolutions. I usually stay clear of these resolutions because if you wanted to do something to improve your life you don’t wait until the New Year, you just do it. I feel the same this year except I did see one thing that I am planning to do starting this year.

Just deposit a few dollars a week.

It is not really a resolution but an opportunity to help me save money. A friend introduced this idea to me a couple of days ago. You can use this idea to save for a vacation or just to help you save some money. It is pretty simple and I even found a chart and you can even make it into a game if helps. If you follow the instructions you can save over $1300+ in one year.
Here is how it goes. On the first week, place $1 in your account, on the second week deposit $2, on the third $3 and so on. Every week you deposit that week’s number into the account and as you can see on the chart I posted below, by the time you deposit $52 on the 52nd week you will have saved $1378.00. It’s that simple.
With all the other things I hope will happen this coming year, this is something I can easily do without too much of an inconvenience. Perhaps this is something you can do as well. Let me know if this is something you are thinking of doing or you could be doing this year too.  Enjoy Saving.

52_Week_Savings_Challenge

 

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2 Responses to Friday Two Cents: New Year Challenge

  1. Mama Cormier says:

    I can see where weeks 48 to 52 could be a problem. I rarely have an extra $50.00 to put away around the Christmas season. I have a separate account with the credit union and so a certain amount of my pay check goes in there every pay day. I try not to touch it three months before Christmas so that I don’t have to use my credit card when it’s time to buy presents. For the rest of the year that money pays for my cottage lease and maintenance fees. This year I have to put a little extra away for our trip to Italy in July. I hope this works for you. Carol

    • Paul Gauchi says:

      Thanks! You are right about Christmas. I have a separate account that i will be using of this challenge. This is also a challenge for me to stick to the plan and persevere though it all. To be frugal for the reward that will be at the end. Thanks for the tips.

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