Set up the weekly deposit savings plan

[ktrask]

I know I've seen it here, on facebook, and a friend sent it to me. The savings plan where each week you deposit money and increase the deposit by $1 each week. So week 1 is $1, week 2 is $2 etc. By the end of the 52 weeks you have almost $1400 saved up.

So I just opened an ING account, and set up the automatic withdrawls for the first 2 months. I have to sit at home and get the rest of the year set up as each one needs to be done on it's own.

It felt good to get it all set up. With our trip being in December, I plan on using that savings to pay for Christmas (more than enough) next year. Christmas always seems to be such a tight and worrysome time...this should for sure make it easier and less stressful!

 

[EMAW_KSU]

I know I've seen it here, on facebook, and a friend sent it to me. The savings plan where each week you deposit money and increase the deposit by $1 each week. So week 1 is $1, week 2 is $2 etc. By the end of the 52 weeks you have almost $1400 saved up.

So I just opened an ING account, and set up the automatic withdrawls for the first 2 months. I have to sit at home and get the rest of the year set up as each one needs to be done on it's own.

It felt good to get it all set up. With our trip being in December, I plan on using that savings to pay for Christmas (more than enough) next year. Christmas always seems to be such a tight and worrysome time...this should for sure make it easier and less stressful!

Why not just set up a fixed amount?

 

[ktrask]

I have a fixed amount savings as well, this is a second savings account.

 

[lady9]

We are doing this as well but as an extra savings to our emergency fund. However, we are doing this in reverse. We saved $52 the first week, $51 this week and so on. We did this because we always feel a little tight with back to school supplies in Aug. and then the holidays. We thought it would be better to have the small amounts to save at the end of the year.

 

[ktrask]

Not a bad idea Lady! You'll also earn more interest that way too since it's largest deposit to smallest. I may have to rethink my order!

 

[Reddy]

here is a question for you - can you really save that last month amounts during Christmas??? those last 4 weeks are over $200 - It is easy to start
I would do a set $27 per week instead then you are used to it instead of having to add more each week - works out the same or flip it so you start high & going lower during the Holiday time

 

[dreamin_disney]

I also started mine. I put in $50. My plan is to start with some of the higher amounts, lower amount during the summer

I also hope to start a xmas account in March when 3 of my debts are paid off.

Plus I have another account for summer months(i dont work during summer)I have them pulling out $50 per month

Dh also started an account through his credit union that will automatically deduct money every month. Let me tell you I was shocked!!!


Dh transfered a few of his cards to a card that is 0% until next year so the money saved will go towards that.

Hoping that our debt will be paid off in 2 years

 

[buckirj1]

We are doing this as well but as an extra savings to our emergency fund. However, we are doing this in reverse. We saved $52 the first week, $51 this week and so on. We did this because we always feel a little tight with back to school supplies in Aug. and then the holidays. We thought it would be better to have the small amounts to save at the end of the year.

This is a fabulous idea, and one I'm going to act on tomorrow. My credit union's vacation/holiday savings plan allows unlimited deposits. A year's worth will buy me a pretty nice vacation. Thanks to you and the OP for sharing.