52 week money challenge

Discussion in 'Budget Board' started by Happiest mommy, Dec 31, 2017.

  1. Happiest mommy

    Happiest mommy DIS Veteran

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    Hi DISers! I started to do the 52 week money challenge last year but due to unexpected bills was unable to continue, but I want to begin the New Year trying it again, who has done it? :)
     
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  2. disneedee

    disneedee Mouseketeer

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    What is it?
     
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  4. disneymomto5

    disneymomto5 DIS Veteran

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    I've done it, but I take the total and divide it equally between all paychecks. I found the increased money at the end of the year difficult.
     
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  5. bababear_50

    bababear_50 DIS Veteran

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    Here is an example of the 52 week challenge
    There is a PDF that you can print off and check off as you do it.
    I also found for me that doing it backwards was better.
    Have Fun!
    Hugs Mel

    https://byclaudya.com/52-week-money-challenge-forward-reverse-printable/

    This year I am doing a Mickey Mouse money jar and putting in $20.00 every month,plus any extra I have left over from my Budget.

    [​IMG]
     
    Last edited: Dec 31, 2017
  6. Happiest mommy

    Happiest mommy DIS Veteran

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    The idea is simple:

    1. deposit $1 into your savings account on week one of this year,
    2. followed by $2 on week two,
    3. $3 on week three, etc, etc,
    4. until you reach week fifty-two where you make your last deposit of $52.
    Your final balance at the end of the year is $1,378. It's a simple way to save almost $1,400. You can Download a printable spreadsheet to see how the numbers add up. I like to start at $52 and end with the $1.00 deposit :love:
     
  7. mmbrad02

    mmbrad02 DIS Veteran

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    I did it last year and made it till August before I kind of fell off the wagon. But even so, I had nearly $500 saved to put toward our Christmas shopping which was a huge help . I'm gearing up to start again in 2018 and hopefully this time complete it!
     
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  8. Happiest mommy

    Happiest mommy DIS Veteran

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    Love your Disney Jar!!
     
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  9. Marionnette

    Marionnette Children see magic because they look for it

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    I don't do it because I think it's a little gimmicky and I prefer a steadier, consistent approach to saving money (for Disney or anything else). As you learned, unexpected expenses and the ever-increasing weekly amounts have a way of derailing your resolve.

    You would get the same result if you were to put $26.50 into savings every week for 52 weeks. But I guess that wouldn't be as much fun and if you're not a disciplined saver, it would probably be just as likely to eventually fail.

    As an alternative to the backwards approach, you might want to try a random method that allows you to check off a random amount from the chart each week. That way, if you have a good week money-wise, you can put in one of the larger amounts and if things are tight one week, you can opt for one of the lower numbers.

    However, any method that works for YOU is a good strategy. We're all different in the way that we approach money.
     
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  10. descovy

    descovy DIS Veteran

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    I like to do it random. I already save money the steady consistent way. This little gimmick isn’t the only way I save.

    It’s just a fun little game to play with myself. In addition to regular reliable savings.

    I’ve also seen it with cents. Do it daily. $.01-$3.65. Which could be fun for kids too.
     
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  11. 4Mickeys

    4Mickeys DIS Veteran

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    I tend to chase my bills - but I think I might give this a try - DS graduates high school at the end of this year so some money stashed away will be a handy thing (we are in Australia so our school year goes from end of January to early December) - although being a senior he will finish in November.
     
  12. DawnM

    DawnM DIS Veteran

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    No, I just budget and stick to it. Every month a certain amount goes into savings or my IRA or whatever.

    It works much better for me to just save equal amounts per month.
     
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  13. tvguy

    tvguy Question anything the facts don't support.

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    Wow, a rare DIS Board member who......like me....still uses cash! LOL

    Somehow I did manage to pay off all the credit card charges from Christmas on New Year's Eve. Not sure if that is a good way to end 2017 or a good way to start 2018. I am kind of hoping to stash at least $400 a month into savings in 2018. But I need a new side fence and my wife wants new window coverings for the front 2 bedrooms, so it may be a challenge.
     
    Last edited: Jan 1, 2018
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  14. IBelieveInTheMagic

    IBelieveInTheMagic DIS Veteran

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    I've done this the last several years, in addition to my regular savings however I know every family is different but every little bit does add up!

    What I've done since I started this, I print the entire page and cut each dollar strip out and put in a jar and on the designated day of the week, I draw one of the strips ranging from $1 to $52 so it keeps it fun and random. I transfer the funds to my "travel account" in ING (now Capital One) and it's extra money for vacations.

    Have fun,
    Heather
     
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  15. Happiest mommy

    Happiest mommy DIS Veteran

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    Love this idea so fun!!!!
     
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  16. IBelieveInTheMagic

    IBelieveInTheMagic DIS Veteran

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    Aww thanks! It keeps it fun for me and the idea that I don't know what I'm going to draw makes me look forward to it! :)

    Thanks,
    Heather
     
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  17. grumpy28

    grumpy28 DIS Veteran

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    I love this idea! Looks like a fun way to add additional savings (not in place of regular savings). And love your idea @IBelieveInTheMagic !
     
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  18. CookieandOatmeal

    CookieandOatmeal DIS Veteran

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    I was iffy if I wanted to do this since I already save a certain amount each month but the randomness of your version makes it slightly more intriguing (and fun lol) so I think I will throw my hat in the ring and give it a try. Thanks for the suggestion!
     
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  19. QueenIsabella

    QueenIsabella DIS Veteran

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    I like this idea, but I think I would do best with the system where you pick an "expensive" week when you can afford it, rather than going in order. I know we have some weeks where we're cruising right along, expense-wise, and then you have that week where the cat has to go to the vet, the car needs an oil change, and your kid needs the down payment for a field trip or something.
     
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  20. Nohal

    Nohal DIS Veteran

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    I did this last year and it worked great for me. I divided it by 2 as I get paid every 2 weeks. I also did it in reverse. Seems easier to start at the most amount and work down. I also round up to the next dollar. I am trying it also for vacation. I started that in October. This works for me as I also have another envelope for peoples birthday and money for Christmas envelopes.
     
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  21. jujubiee4

    jujubiee4 DIS Veteran

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    I like this and onboard! My girls just got jobs so i want them to do this also. Even my husband.
    We have certain amounts already coming out twice a month for savings so I consider this
    "fun " money.

    I told the family tonight if everyone does it at the end of the year we can decide/vote what to do
    with the total. That is the only way everyone got somewhat excited. :headache:
     
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