It was the beginning of the New Year and I happened to be fumbling around Facebook and I ran across something called the 52 Week Money Challenge. The 52 Week Money Challenge is a simple savings plan that allows you to save $1,378 by the end of the year. You will do this by saving $1 dollar each week and adding $1 to that amount each week. By the end of the year the maximum amount that you will have to save in a week is $52. This is a really cool challenge for those who feel strapped for cash at the end of the year and find themselves struggling to buy Christmas gifts for their families. This could be a great way to get into the habit of savings in general.
But Wait! Why not do the 52 Week Money Challenge in Reverse
How do you do that? I’m glad you asked. Instead of waiting until the end of the year to save the higher amounts start off the year saving the higher amounts. For example, start off the New Year at Week 1 saving $52 and Week 2 you can save $51, this way at the end of the year, you do not have to burden yourself with the higher amount of savings, you can bear the brunt of this higher amount of savings at the beginning of the year.
The challenge also calls for you to take the money and stash it away in a jar where you can see it. Well, this would not work for me for a couple of reasons. First, I would probably be like most people tempted to take the money out of the jar and if I wasn’t tempted I know my teenage daughter would be tempted to take it. (And yes. My daughter would find some reason why she needed the money and would definitely take it. She seems to think that what’s mine is also hers.) So…what do you do in cases like this?
Well, you open up an account with Capital One 360 (formerly ING Direct). This is an online savings account that pays you interest. Some of the features of this type of account are:
- No fees, no minimums, earn interest: Max out your savings with a variable 0.75% Annual Percentage Yield (effective 2/19/2014). Plus, 360 Savings is linked to your current checking.
- You’ll be stashing it away: Open multiple accounts (and nickname them), track great saves with My Savings Goals Opens a new window and put your savings on auto-pilot with an Automatic Savings Plan Opens a new window.
- We have your back: Your deposits are FDIC Federal Deposit Insurance Corporation–insured up to $250,000 per depositor.
- You’ll be part of Savers’ Nation: Join millions of Savers already living the money-in-the-bank life.
These are some really cool features that will make savings fun and to top it off, now instead of your money being in a jar it will be in an account that earns interest. And you know what is the best part about that? Now you will have saved far more than $1,378, because of the interest you will have earned, especially by saving the largest amount first. So why not do it and Pay Yourself First. If you do the 52 Week Money Challenge this way by the end of the first month you will have saved over $200.00
So if you’re game and want to get started, let’s do it. Leave a comment below or hit me up on Facebook letting me know that you got started.
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