52 Week Money Challenge

[luvsJack]

I think I like the idea of crossing off weeks as you do them out of order. Summer is when our income is the biggest, so it would help us to do the biggest weeks then and the smaller ones at either end of the year.

I have got a few plans in place for saving money next year for different things. WDW trip, Christmas, choir fees and trip for next year and dh needs an emergency fund for his big truck that he has on the road access to. $$$ of my check will be deposited into a different account starting in January for Christmas next year. And $$$ from his check will go on a pre-paid debit card for the truck fund. I think this weekly one might be the ticket for choir fees.

I just like keeping it all separate and earmarked.

 

[IBelieveInTheMagic]

I had actually never seen or heard about this before and my DH and I are going to try as well. I already increased my retirement another % point and now I'm at my "goal" for that and set aside $ for savings every week so I'm going to try my best to keep up with this. I think having a goal in mind is always helpful so I told my DH with his half he can use it to go to Dallas (he does a guys trip once a year to see his beloved Cowboys play) and then I might use it to do something on the house I've been wanting or a quick girls trip and surprise my Mom again.

Good luck everyone

Heather

 

[disny_luvr]

This is a great idea! I'm definitely going to be doing it. Like others, I think I might start with the highest amount in January. I always have more money now then I do in the fall with back to school, family birthdays and the holidays.

 

[craigory001]

Count me in! Thanks for the idea!

 

[Sparkly]

That's a great idea- I think I would do it backwards though, so the largest amounts are taken care of first. That would be a great way to save for my 21st birthday trip.

 

[figment3258]

I really like the idea of making a chart and crossing off the number that we can do that week. For us the winters are tough so December would be too hard.

 

[dreamin_disney]

I joined in on the challenge from last year here on the Dis board. I hit a couple rough patches but I was doing 3 different savings acct
-Xmas
-Flex
-52 week
-Summer saver from work cause I'm off in the summer so no paycheck.
The 52 week challenge I saved about $1100, not bad!

I will join again but I think this time I'm going to try starting it backward trying to get the higher amounts outta the way and skip around when funds are low like in the summer

 

[supergoofy]

The one I heard and really like is the paycheck one.

A lot of people see their whole paycheck and spend accordingly.

Where I work we can fill out some papers to have stuff taking out before we get our check.

Figure I am living on my checks now so when I get a raise that's just "bonus" money. Figure when my raise comes I will go to HR and have all my raise sent to a savings account not attached to my checking account and go green so there is no monthly statement in the mail.


This way when my check comes I can spend like I currently do and save as I currently do but in the background there is another savings building that I don't see and if I don't see it I wont count on it or use it for other stuff.

 

[DisneyCowgirl]

We did this for 2013. We started backward where in week 1 we saved $52, week 2 $51, etc. We were faithful about it and completed the challenge. We also save a set amount each month so this was extra. Our emergency fund is lacking so this was to boost it. We plan to do it again this year.

This is exactly what I thought--so few expenses in January, but once we hit August, I start having lots of birthdays, vacation plans, Thanksgiving and Christmas. I think I'm going to try it backwards too. I think I could easily tuck this amount away out of my "allowance," without impacting other savings or items in the budget.

 

[Egdisney]

In a fb group a great idea was given. They plan to alternate a large amount with a small amount. So week 1 would be 52, week 2 would be $1. I thought this was a good alternative as well. If this is your only savings, it probably isn't the best idea, but it is great for the vacation or Christmas fund.

 

[roflclaw]

My mom found this on FB yesterday and thought we should both do it, so she printed out the little sheets and grabbed an empty vase for each of us. She's starting with $52 and going backwards, and I'm going to go with the flow and check off each week that I have the money for. Throwing $200 into the jar during the holidays makes me feel uneasy lol, so I'd rather put higher amounts during the summer months when I have more money on hand.

I think mine will go towards a disney trip for next February since $1300 is enough for DBF and I to spend a few days there, but who knows! Things could change a year from now.

 

[lovegrumpy]

Dh and I have decide to do this but do it backwards.

 

[Disneymom83]

I'm definitely doing this!!!

 

[Handbag Lady]

Several people I know were very successful with this last year by doing the random amount and cross-off technique. Some weeks at work, we get five checks a month, so they would use that opportunity to "catch-up" if they missed a week or to knock off the higher amounts.

One person did it using cash straight into an envelope! I don't know that I could do that an not just use that cash on a whim. She used her cash for Christmas, so that she was able to budget using JUST the cash she had.

 

[Nana2Callie]

We did this for 2013. We started backward where in week 1 we saved $52, week 2 $51, etc. We were faithful about it and completed the challenge. We also save a set amount each month so this was extra. Our emergency fund is lacking so this was to boost it. We plan to do it again this year.

backwards is a great idea -

 

[buckirj1]

I did this last year as a vacation account, but in reverse: started with $52, $51, etc. When I got to an amount where I could contribute consistently (for me it was $35), I did that as a weekly deposit to the vacation fund. I also put in half of other monies received during the year: a small insurance payout from my mom's death, half of my tax refund (the rest went into regular savings); things like that. I took a couple of small vacations in 2013 , and I still have a bit over $2500 in the vacation account to go into 2014. It works for me, and I'm still able to keep up with regular savings contributions.

 

[jojosam]

Planning to do this in 2014. I've already calculated monthly amounts and marked them on my calendar (I.e. 5 Fridays in Jan, so $15). Add this to all my $1 bills that I've been putting away and I should have a decent little vacation fund!

 

[Robinrs]

Has anyone heard of this before. I saw a chart on FB. DH and I are going to try it.
Of course I can't figure out how to post the picture! Ugh!
Basically for each week if the year you save the corresponding sum of money. Week one = $1. Week 52 = $52. If you can do it every week then you will have @ $1378 at the end of the year. Nice little Disney fund!

 

[Magic2000]

I am definitely going to do this!!! DH & I are planning to go to Disney either the week leading to Thanksgiving or the week after Thanksgiving! I LOVE Disney all decorated for Christmas!

This will be our food money!!! I'm not going to say anything to DH about it until I have it all saved! What a great surprise!!!!

 

[superme80]

I plan to do it this year. Last year we had a lot of financial setbacks. I really want to beef up our savings and take a good friend of mine to Disneyland.