A Better Way To Do The 52 Week Saving Challenge

Posted by Jessica Gallagher on Mar 26, 2015 12:06:39 PM
Jessica Gallagher

There are a few chores around my house that I dread doing – and spring cleaning is a big one. On the other hand, who doesn’t love discovering a jacket you’d packed away with $10 in the pocket?! I get the same rush of boundless joy when there’s spare change in the couch or when I find a soggy, crumpled dollar bill in the washing machine. I imagine this is what treasure hunters or archeologists feel like.

In a similar way, I tend to treat the funds I find like a relic. Instead of depositing them in my wallet for transport to the credit union, I usually toss spare change into the jar on my fridge. What good does that do?! NONE. Clearly, I need a new plan to save if I’m going to make any progress – and it should be one where my money grows!

In the infographic below, you’ll see nifty data for motivating yourself to “save with a purpose” (don’t leave it up to the washing machine) and maximizing the dividends that your savings account earns. Plus, the “52 Week Savings Challenge” is as straightforward as it sounds! Over the course of 52 weeks, each week you’ll deposit a total of $1 more than what you deposited the week prior. During week one, deposit $1. In week two, $2. In the 52nd week, you’ll deposit $52!   

TODAY is the best day to start this challenge! The sun is shining, the birds are singing, and you’re about to get a handle on your savings account like never before. Need a few bucks to get you started? Empty that change jar on your fridge. It’s time those funds earn some dividends instead of collecting dust!

When you start your “52 Week Savings Challenge,” we’d love to hear how it goes. Comment below with your progress, obstacles, or any questions that arise!

 

 

(click to launch full size, printable image)

52-WeekSavingsChallenge

Interest rate calculated as 0.10% Annual Percentage Yield. See https://www.cu1.org/rates.aspx for details.

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Topics: Financial Fitness, Infographic, Savings, Budgeting, How To