With times being as hard as they are for families and their finances, in most cases families are simply trying to make ends meet, which means there is no money left over for a savings. However, when I came across this 52 Week Money Challenge Chart, I found hope and I wanted to share it with you all.
The goal is to set aside a certain amount of money each and every week of the year. The amount to put aside coincides with the week #. So on week 1, you deposit $1…on week 5, $5…on week 24, $24 and so on and so forth.
I like that it is laid out and structured in such a way that you are able to set aside a small amount of money (making it affordable) but that at the end of the year you have a nice amount of money saved up. If you follow the chart, you will have saved $1378.00 by the end of the year (which doesn't include any interest it may accrue if you deposit it into a savings account).
You can also work backwards and start with an initial savings of $52 (week 52) so that the amount gets smaller as the year goes on. Plus, if you do it this way, you’ll be able to open up a savings account right away (since you’ll most likely need a certain amount to get it opened).
We are technically only on week 3 (or week 50 if you are working backwards) so it’s not too late to start!
Leanette Fernandez is a mom of 2 and teaches you how to save in all areas of life at TeachMe2Save.com. You can also connect with her on Facebook, Twitter & Pinterest.