52 Week Savings Challenge

[RitaE]

How is everyone doing with keeping up with this challenge???

I have about $91 saved so far. I'm skipping around and highlighting the amounts as I go. I know theres another thread on this but I cant find it tonight

I'm going in ascending order because our incomes increase as the year progresses. So as of today I have 8 weeks, and $36.

 

[jetskigrl]

How is everyone doing with keeping up with this challenge???

I have about $91 saved so far. I'm skipping around and highlighting the amounts as I go. I know theres another thread on this but I cant find it tonight

I have been doing pretty good. I have been using the spreadsheet with the jump around method (depending on how much money I have that week).
I think I have around $300 saved so far, but that includes $100 in Christmas money that I put in there at the start. I'm trying to do as many of the high dollar weeks in the beginning as I can.

 

[jenny105]

I just came across this thread. Sounds like a great idea! I need to play catch up since I'm late to the party

 

[WebmasterMaryJo]

I love this idea and I have been doing this. I'm doing the descending order, and paying into my Christmas account every two weeks, when I get paid. I have a spreadsheet that shows how much I will have at the end of the year, how much I've paid, and the balance due... keeps me in check.

I have $343 so far

 

[dreamin_disney]

I just just checked my chart and I was 7 weeks behind. I'm only update 4 weeks so I'm now only 3 weeks behind.

I'm jumping around the chart and saving the 1st couple of weeks with low amounts for summer when I dont get a paycheck.

How is everyone else doing. How many of you or on track or giving up?

 

[DawnM]

Let me know how you all are doing once you get past week 20.

I would prefer to put $114 and change into an ING account every month than to save this way......the closer you get to the holidays, the more you have to save.....that wouldn't work for me.

 

[dadddio]

Let me know how you all are doing once you get past week 20.

I would prefer to put $114 and change into an ING account every month than to save this way......the closer you get to the holidays, the more you have to save.....that wouldn't work for me.

This method isn't really for people who already have a finally tuned budget that allows them to save over $100. The beauty of this plan is that it rewards you for continually refining your budget so that you can squeeze just one dollar out of it each week.

 

[BernardandMissBianca]

I've been doing mine in reverse so I currently have $675 in the savings account.

 

[dreamin_disney]

I've been doing mine in reverse so I currently have $675 in the savings account.

AWESOME!!!!!!!!!!!!!!!!!! Hopefully next year I can start in reverse

 

[BernardandMissBianca]

AWESOME!!!!!!!!!!!!!!!!!! Hopefully next year I can start in reverse

The end of the year is always tight for us with tuition for the 3 youngest so I figured I'd better get ahead asap with the savings.

Next year I'd like to add my grocery store and gas rewards savings to it, but I haven't really kept up with those numbers so far this year.

 

[nuke]

I started this in reverse and then just kept putting $100 in every other week. I also save $5 bills unless I really really need them. I have about $975 saved since Jan 1. My son wants to go to Rome with Latin club and Disney with band next school year. It will go fast!!

 

[RitaE]

You guys are doing great. I have $120.04 because I've earned .04 in interest so far.

I was thinking that at the end of the year I might take the balance and start an account at Prosper.com because I've been hearing good things about it.

 

[HippieChickadee]

I encourage everyone, at the end of the year, to take $500 dollars of what you saved and go buy a CD (certificate of deposit) at a local bank.

Do a 5 year if possible.

 

[dadddio]

I encourage everyone, at the end of the year, to take $500 dollars of what you saved and go buy a CD (certificate of deposit) at a local bank.

Do a 5 year if possible.

I wouldn't. 5 year CDs are getting less than a two percent annual return. Investing in a nice balanced IRA (Roth, if you haven't hit your limit) will almost always give you a better annual return and will certainly cream CDs over the long term. Of course, this conversation is off topic and far afield from this budgeting exercise.

 

[chipdale74]

I need to get back onto this so I can save for my next trip.

 

[Elmo9607]

I'm doing great on mine so far. I'm saving my spare change as well, so if I don't have the exact amount for the week, the change can help make up the loss a bit.

It's exciting to watch it increase week after week. Now that the amounts are increasing, it's a little difficult to put the money away, but it is a GREAT way to learn how to budget for people like me who have never done it before. I'm going to go all the way if it kills me!

I have a little over $100 saved up right now and I also have a spreadsheet made...I mark down the dates and check off the weeks so I stay on track.

 

[2girls4me]

I plan on using it for Christmas shopping.

We have a wedding in November that will eat up some cash, so it'll be nice to have that money for Christmas.

I think I'm at about $100. I write it down on my calendar to remind myself to put the money in the envelope.

 

[HippieChickadee]

I wouldn't. 5 year CDs are getting less than a two percent annual return. Investing in a nice balanced IRA (Roth, if you haven't hit your limit) will almost always give you a better annual return and will certainly cream CDs over the long term. Of course, this conversation is off topic and far afield from this budgeting exercise.

Oh wow! That does stink.

I mentioned a local bank because they are normally much higher return (at least around here)

 

[vacationer1954]

There isn't any good place to put cash. It isn't just that the rates are low but we are losing money when we add in inflation. The best 5 year non-jumbo CD according to bankrate.com is paying 1.69%. Inflation was 2.07% last year. A balanced investment like dadddio said will pay better (5%-10% a year, depending on the balanced mutual fund you pick) but with more risk that you could lose money instead of gain money. But a lot of these balanced investments have minimums between $500 and $3000 before you can get into them.

 

[jenny105]

I've been putting in $53 every two weeks from my paycheck. It evens out and is much easier than putting a different amount every week.