We all know the importance of saving money. It is generally accepted that everyone needs to have an emergency fund consisting of three to six months worth of expenses. This is common knowledge. So why then do so few of us save?
The answer may be the motivation to get started. Many of us lack the impetus to get started. Or when we get started, the discipline to keep going.
Here is where the 52 Week Savings Challenge comes in. It is a tool designed to help you get started and keep going in your goal to save money.
What Is The 52 Week Savings Challenge?
The 52-week money challenge, is a system designed to help you deposit an increasing amount of money each week for one year.
So how does the 52 Savings challenge work?
The aim is to match each week’s savings amount with the number of the week in your challenge. In other words, is the first week you save £1, in the second week you save £2, the third week you save £3, and so on until you put away £52 in week 52.
By sticking to this formula, you should have £1,378 at the end of the year.
You can also get creative with the amount you save each week if you’d like to save more over the year or you don’t have enough extra cash available for the regular challenge. It is totally up to you and you can customise the plan according to your needs.
For anyone that is interested in a 52 week savings challenge calculator and printable chart, have a look at the following link.