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Old 01-04-2013, 01:29 AM   #1
HippieChickadee
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52 Week Savings Challenge

You may have seen this going around social media today, but this is as social media as I get so I wanted to share and see who wants to try it?

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Old 01-04-2013, 01:41 AM   #2
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Looks easy! I'm in! Thanks for sharing!!
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Old 01-04-2013, 01:58 AM   #3
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I saw this on FaceBook today and I thought it would be even better if people started with the higher amount first. It's easier to save $52 the first week of the year when you are highly motivated to do a savings program. Then each week the amount you need to save goes down by a dollar - by the time you are kind of sick of the idea it's 38 bucks a week, then 37, then 36, etc. It seems it would be easier to keep it going for a whole year if you reversed the process.

Also, if you put it in any kind of interest bearing account the amount would grow a little bit more because the interest was being accrued on a larger amount from the beginning.
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Old 01-04-2013, 05:59 AM   #4
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It is sad that if you put money in an interest bearing account you're probably losing money in real terms, because inflation is higher than the interest rates on savings in most savings accounts now. You may be able to do more for your savings by looking at where you put your savings rather than adding to it. There are places that pay 0.1%, places that pay 0.4%, places that pay 0.9%, and even some places that pay 4% up to a certain amount of money. But I agree with DVCLiz that these kind of challenges don't work as much as we want them to. I think it is because it doesn't force you to decide where the extra money you're going to save comes from. I think it would be better to think about what you're spending money on regularly, pick out a few things that you can live without each week, and then give yourself points for each time you do without one of those things for a week.
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Old 01-04-2013, 07:13 AM   #5
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Quote:
Originally Posted by vacationer1954 View Post
. There are places that pay 0.1%, places that pay 0.4%, places that pay 0.9%, and even some places that pay 4% up to a certain amount of money. But I agree with DVCLiz that these kind of challenges don't work as much as we want them to. I think it is because it doesn't force you to decide where the extra money you're going to save comes from. I think it would be better to think about what you're spending money on regularly, pick out a few things that you can live without each week, and then give yourself points for each time you do without one of those things for a week.
Oh I disagree a bit (depending on how long you last).

First if you look at the sad statistic (and I know it's hard to get a true grip on statistics) but overall many Americans cannot get their hands on 1000 bucks cash. Many americans have less than 1 months living expenses in the bank and according to the NYT 75% of us nearing retirement age have less than 40K in their retirement savings. Where to put our money is not the problem.

Also if we look at human nature, we don't do well when we are told to "restrict" some thing. That's why diets that force people to stop eating some thing althogether don't work well. Usually if people have to give some thing up it's going to be some thing they like to do. Let's say you tell folks to give up that morning starbucks and pocket the 5 bucks. generally by week 10 they drop it, can't stick with it BUT if you tell folks to switch from starbucks latte to say dunkin donughts or wawa (1/2) the price and pocket the difference they last much longer.

So even if they stick this money in a cookie jar at the end of the year if they can stick with it, they'll have 1000 bucks. I know it works well in my family because this is how my kids use to save up for their disney spending money.
Every day they'd drop 2 bucks in an empty water jug (and loose change) usually by trip time they have a few hundred bucks saved.
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Old 01-04-2013, 07:23 AM   #6
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Quote:
Originally Posted by DVCLiz View Post
I saw this on FaceBook today and I thought it would be even better if people started with the higher amount first. It's easier to save $52 the first week of the year when you are highly motivated to do a savings program. Then each week the amount you need to save goes down by a dollar - by the time you are kind of sick of the idea it's 38 bucks a week, then 37, then 36, etc. It seems it would be easier to keep it going for a whole year if you reversed the process.

Also, if you put it in any kind of interest bearing account the amount would grow a little bit more because the interest was being accrued on a larger amount from the beginning.
ooh i like the reverse idea
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Old 01-04-2013, 07:29 AM   #7
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Love it - thanks for sharing. We are heading to Hong Kong Disneyland on the 20th December 2013 and an extra $1378 will be fantastic. I am going to do it in reverse as well
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Old 01-04-2013, 07:35 AM   #8
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Wish I could do that. My wife's paycheck more often than not, doesn't cover the expenses for her pay week. Perhaps I could do a modified of both ideas of starting with $1 and starting at $52. I can start at $52 of my first pay and $1 of her first pay and increment the paychecks alternately up and down.
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Old 01-04-2013, 07:47 AM   #9
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Hmmm, if you were to double the amounts on the chart, you'd have enough for a budget Disney trip at the end

I also like the reverse idea
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Old 01-04-2013, 08:28 AM   #10
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I think this is a really cute gimmicky way for people to save that may not save otherwise. Let's face it, if people were going to look seriously at their budget and see where they could cut a set amount regularly - they already would have. This gives people a way to have kind of a contest with themselves, convincing themselves they won't miss another dollar, and ending up with a significant amount (or what will quickly become signicant if they've convinced themselves they can spare the $52 a week)saved.
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Old 01-04-2013, 08:38 AM   #11
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I think the four of us in my family might do it together.... This is such a fun idea!
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Old 01-04-2013, 09:32 AM   #12
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Quote:
Originally Posted by jenshell75 View Post
Love it - thanks for sharing. We are heading to Hong Kong Disneyland on the 20th December 2013 and an extra $1378 will be fantastic. I am going to do it in reverse as well
I'm officially jealous. Wow. It's on my bucket list.
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Old 01-04-2013, 10:02 AM   #13
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Very neat idea. I'm in i think though i will start at the higher end and work backwards. It might be intresting from time to time throughout the 52 weeks to come back and see who is still on track.
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Old 01-04-2013, 10:11 AM   #14
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I think it would be easier to have your bank pull $27 out of your checking acct every week & put it into savings - actually maybe do 30 so it is easier to figure your acct - then you don't have to think about it & it is done
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Old 01-04-2013, 10:12 AM   #15
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I'll try but I honestly don't know if I'll have an extra $200 lying around next December.

I can easily handle the January part so for now I'm in.
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