When a good friend of mine tagged me with the now viral 52 Week Money Challenge, I got so excited, I knew I had to share this with everyone (thanks, Dawn O.)! According to my bloggy friend, 4HatsAndFrugal (go check her out), the 52 Week Money Challenge originated via a facebook group called “Kassondra’s 52 Week Money Challenge“. This ridiculously easy savings schedule is the perfect way to set aside money…like $1378… for just about anything you can imagine.
Unleash the Power of the 52 Week Savings Challenge:
52 Week Savings for a Cash Christmas
Try a reverse approach to the 52 Week Savings Challenge to set aside money for Christmas 2013! Start by saving $52 the first week, $51 the second week, and so on. Imagine how liberating it would be to have zero Christmas induced credit card debt!
52 Week Savings for a well deserved vacation
$1300 is a pretty sweet amount to sock away for a family vacation or grown-up vacation! As a matter of fact, I’m thinking about doing a double challenge to set aside money for TWO vacations…one during the first 6 months of 2013 and one during the second half of 2013. All I have to do is figure out where we want to go!
52 Week Savings to jump start your emergency savings
Are you sitting in scary-zero-emergency-savings limbo? Then jump on this challenge immediately! You can start building, slowly but surely, a nice cushion for yourself. No excuses! Do it!
52 Week Savings to start a CD ladder
Looking for a different way to save? Set your 52 weeks of savings aside and at the end of the year, deposit the full amount into a CD account for 1 year (starting in 2014) and then do the savings program again. At the end of 2014, put your earnings from 2014 into a one year CD and extend your CD from 2013 into a 2-year CD and start the savings program again in 2015…get the idea? Just keep rolling it along and reap the rewards of compounding interest!
What’s a CD? A CD, or certificate of deposit, is simply a savings account on lock down. You elect to set aside money for a pre-determined length of time. For example…if you do this challenge, you can set aside $1378 into a 1 year CD. During that year, you agree to not withdraw your money in exchange for earning a higher interest rate than a typical savings account. At the end of the term, you can elect to put the money back into a CD or withdraw it and use it as you will. Check out the FDIC’s guide to Certificates of Deposit for more info.
52 Week Savings to start a savings account for your kiddos
Ahem…I think a lot of you are curious about ways to save money for your kids…and this is definitely a fun and easy way to set aside money for your munchkins. Heck, you can even split the amount between your kids…and imagine then creating a CD ladder for them that you can continue through out their lives at home…snazzy…right? Or as my favorite Big Bang Theory Geek would say, “zazzy!”
Put Your 52 Week Savings Plan on Autopilot
If you’re anything like me, you want to make things as easy as possible when it comes to managing your money. If your bank offers online banking, chances are you can schedule deposits into a savings account directly from your checking account. Go schedule all 52 weeks worth of deposits RIGHT NOW.
Are you looking for remixes on the 52 week money challenge? NextGen MilSpouse has 3 different takes on the challenge to help you find an approach that works best for you!
By putting your plan on autopilot RIGHT NOW…I mean it…RIGHT NOW…you will increase your chance for savings success! There are two things that I know for sure when it comes to setting and achieving your financial goals:
- Out of sight, out of mind works amazingly well for any and all savings plans. Hurry up and get these deposits going automatically and I bet you’ll never feel the pinch.
- In order to make a goal…any goal….a reality, you MUST ACT ON IT WITHIN 24 HOURS. True story. By taking immediate action on your goal, you are making a real commitment to yourself and to success.
So who’s in to take the 52 Week Money Challenge? Tell me what you plan to save for below!!!
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