If you haven’t already heard about or are doing the 52 week money challenge I suggest you consider it. Check out my original post on it, google it or visit the Facebook page for the explanation on how it works and for the weekly template to print out.
I’m doing it a little differently this year. For a start I’m going to do it by adding 5 instead of 1 each week (ambitious I know!) for half the year (26 weeks) and then decreasing by 5 for the other half of the year, like so:
I would like to say I’d increase incrementally by 5s the whole year but there’s no way I could put more than £510 in 1 month – even that’s pushing it and, like last year I’m planning on mixing a few of the higher and lower weeks around to make sure I keep up with the savings. This way I’ll save £3,510.00 in a year! Good thing too as I have a wedding and 2 return trips to Aus to save for – this will definitely help! The other difference is that instead of using a jar I’m going to deposit the amount directly into my savings account. This way the money is out of reach and sight, safe (the idea of having up to £3,510.00 in cash laying around the flat is terrifying) and it will build interest at 3%! Yay, more money!
Of course you don’t have to be so drastic. You can do the double up version, or the regular version (which I did through 2013) or you can tweak it to fit your abilities or needs (bi-weekly instead of weekly, or deposit amounts jumbled around, etc). I recommend looking at the Facebook page as there’s lots of different versions and methods and templates on there 🙂 The point of the whole challenge is to get used to putting money aside/into a savings account regularly and this is an easy way to do that and to form that habit.
So what do you think? Up for the challenge? Or already doing it? Or got any other ideas/methods for completing it?