52 Week Money Challenge

[jwwi]

I think this is a great idea to get you started on a savings plan.

Personally I always pay myself first with my direct deposit pay check. Start with a percent to retirement fund (make sure you put in at least the minimum to match what your employer deposits). Then a set $ amount to vacation fund, house fund (to pay for repairs, new appliances, just never ending house costs!), and then what ever remains goes to the checking acct.

I think if I did the weekly money challenge I would do the same amount each month, or start high, then go down as the year progresses.

My sister does dimes for disney, she saves all dimes she gets as change throughout the year, then uses that money for her food on the trip.

Good luck everyone, it is fun to watch the savings grow.

 

[Sultana]

I am going to do this, backwards.
Just made an excel-sheet with the overview of how much each week (and what day corresponds with each week).
All set to go!

 

[jenbelles]

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.

We took a shoe box and used packing tape to seal it to try to eliminate using it on a whim!

 

[jenbelles]

Thanks!!!!

 

[KittyKitty]

Thanks for the chart. I now have it by my computer to remind me!

 

[MrsPete]

I agree that it's easier to just save an equal amount each week (or paycheck). You'll be able to plan for it better.

Otherwise, in Month 1 (weeks 1-4) you will be setting aside $10...but Month 12 (weeks 49-52) you will need to set aside $202. For a lot of people that is too big of a chunk out of their paycheck.

Yeah, I agree. Why purposefully pauper yourself as Christmas approaches?

The easiest way to save is to set up your paycheck to have a portion directly deposited into a separate account at a bank that's a little inconvenient for you. And have no ATM to that account. This forces you to make a special trip during banking hours to withdraw that money, and you're not going to do that on impulse.

If you deposit $26.50 each week, you'll have the same amount at the end of the year, and even if you don't make it automatic, that's easier than changing the figure each week.

 

[Lisa71]

We are always poorer in January so doing as is..but I like the print out so if one month you have more you cross off that week!! January has 6 family bdays including my DD and myself.,so my bday is very low key as we have no $$$!!!

 

[eliza61]

I like the backward deal and may try that. My resolve is always great the first quarter of the year. I think psychologically I go into savings mode because I'm just coming off the holidays.

 

[Robinrs]

I like the backward deal and may try that. My resolve is always great the first quarter of the year. I think psychologically I go into savings mode because I'm just coming off the holidays.

Agreed. It's so much easier to be focused during RESOLUTION days!

I'm keeping mine in an acct I keep for savings in my bank.

Here's a unique one I found on FB:

 

[skeettafic]

I'm doing this as well. We recently moved and I'm looking for a full time job but not yet working (just working a seasonal position) so I'm going to start with the $1 and hope that by the time the amounts get a little higher, I'm bringing in a bit more money to alleviate the pinch. I also like the idea of using 3 pay months, bonuses, etc, to bump it up a bit.

 

[jenbelles]

Decided we are going to alternate the weeks depending on what we have on hand! Crossed off week $52 first!

 

[descovy]

Decided we are going to alternate the weeks depending on what we have on hand! Crossed off week $52 first!

I'm doing it random... 52 envelopes each labeled by number. Some weeks I am richer than others... So I pick the envelope I want.

It felt GOOD to get envelope 51 out of the way, Friday!

***

I have a regular savings account where I auto deposit a regular set of money. It's not like this is my only savings. But I think it will be FUN!

For me I have a budgeted cash allotment every 2 weeks. This is just to cover that small indiscretionary spending. I'm doing the 52 week challenge out of that. It's my "slush fund". I have no idea what I will do with it next January, but it's exciting to think I'll have $1300 to "blow."

It's a game. It's a fun game and it's a harmless game. My usuall auto-deposit is a duty. There's nothing wrong with making saving a fun challenge.

 

[jenbelles]

I'm doing it random... 52 envelopes each labeled by number. Some weeks I am richer than others... So I pick the envelope I want. It felt GOOD to get envelope 51 out of the way, Friday! *** I have a regular savings account where I auto deposit a regular set of money. It's not like this is my only savings. But I think it will be FUN! For me I have a budgeted cash allotment every 2 weeks. This is just to cover that small indiscretionary spending. I'm doing the 52 week challenge out of that. It's my "slush fund". I have no idea what I will do with it next January, but it's exciting to think I'll have $1300 to "blow." It's a game. It's a fun game and it's a harmless game. My usuall auto-deposit is a duty. There's nothing wrong with making saving a fun challenge.

I totally agree that it is fun game! Hopefully it will get me excited about saving again and encourager to put more money into those accounts!

 

[mommyburns]

I did this last year and it is fun to challenge yourself. I have a cash budget each week and I try to get the money only from that cash. It makes me really aware of what I am spending. I have other savings plans in place that are my TRUE savings plans. This just makes a fun game. I am also starting to add to my Disney fund. To motivate me to workout I am putting a dollar into my Disney jar for every day that I workout. This will be some fun spending money for my October trip. It will also hopefully get me in better shape for that trip.

 

[GOOFY4DONALD]

I totally agree that it is fun game! Hopefully it will get me excited about saving again and encourager to put more money into those accounts!

this is how I feel . Although I am going to try to finish the challenge before we head to wdw in dec. this little saving can go toward Christmas gifts at wdw and just dec in general... We always seem poorer after a trip to disney I don't know why.

 

[Eureka]

Haven't completely decided if I am doing this or not since it seems to make more sense to just send that money toward our credit card balance. BUT, I emptied out my coin jar (just a pasta sauce jar I keep in the kitchen; I hate carrying heavy coins in my wallet) today and had $21 and change, so marked off the first six weeks of the 52-week challenge and put it in an envelope. I don't use cash much so it takes a long time to fill my jar, but may just do what I can throughout the year to set some aside once all other bills are paid and see what I end up with. We already put some of every paycheck in a savings account and also have 529s for the kids' college, as well as max out on retirement).

 

[figment3258]

How is everyone doing?

 

[ruadisneyfan2]

No, if I want to save $1,378, I would much rather make it equal amounts to save.

$114.83 per month (or roughly $26.5/week.)

Exactly. I set my Capital One 360 Christmas account to $25 recurring weekly for some extra money so it doesn't seem so overwhelming.

The first way sounds cute but it's more work.