About Me

June 19, 2013

52 Week Money Challenge.

Have you been doing the 52 Week Money Challenge? I first learned about this from several blog writers who were all going to give it a go. We decided to try it out as well, as it seemed like an easy way to tuck away some funds for a rainy day or an emergency fund, without making a huge dent in the frugal budget we live on. 

It's a simple process but takes dedication to make it work. The first week, you put $1 in the jar. Week 2, put $2 in the jar. Week 3, $3. Week 4, $4. Easy peasy. By the end of the challenge, you'll put $52 in for the last week & have the grand sum of $1,378. 

Then comes the fun part ~ how to spend it! But you have to get there first. 

I changed the challenge up a bit for our end goal. I wanted a higher end goal but the same ease of a regular weekly commitment. Above is the chart to show how to deposit into your jar each week. I changed mine to meet our saving needs. We started with $2 a week, instead of the traditional $1. This is the 24th week & we're already at $600. By week 52, the week of Christmas, we'll need to deposit $160 to bring us to our final tally of $3,000. 

And what will we do with this sum before starting a new challenge in 2014? Put it into our travel account. It's our 30th Wedding Anniversary next summer & we know we'd like to take a big trip. Not sure where but saving now so it's a possible venture, instead of just a big dream. 

Did you join in on the 52 Week 
Money Challenge?
If so, how are you doing? 
If not, will you start now? 


Cheapchick said...

For some reason my google reader no longer loads your blog so I just wanted to let you know I am still reading and now have added your blog to my sidebar. I didn't join the challenge as it doesn't really work with our paychecks (self employment) but we definitely have a travel fund as I strongly believe travel is so important! Cheers

Chy said...

Ah, thank you for adding me. I feel honored to be in such great company! This has become our travel fund separate from our regular savings that is for life's unexpected curves outside of every day living expenses. We're not self-employed anymore but only my paycheque is set. Dh's is all over the place but we've made our budget based on his lowest range. Then when it's higher, bonus!

Deborah said...

This is a great idea and a wonderfl way to save for something special :)

Bee happy x

Chy said...

I've got my kids doing it too. They were all great as kids saving for their future, but as they've gotten older, I see them buying now for instant gratification then unhappy when they can't take a holiday. Part of their generation but this saving model is helping them see they can still live while they save.