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52-Week Money Challenge Details – Money-Saving Tips for 2020
Chances are we could all work on saving more money. And January is a great time to get started. More than 30% of people planned a financial New Year’s resolution last year according to a survey by Fidelity Investments. Of these respondents, 48% stated that their top priority was to save more. Whether it’s repaying your mortgage, getting out of student loan debt, or taking a well-deserved vacation, we’ve found a damn manageable way this year to save a substantial amount of dough. It’s called the 52-week money challenge.
What is the 52 Week Money Challenge?
Basically, you have to gradually save money. Put $ 1 in online savings account for the first week. Week two, sock away $ 2 and so on through week 52.
“Open completely different savings account for this goal,” he says Berna Anat, Who paid out $ 50,000 in student loans and credit card debt in January 2018. Now she is helping others to achieve their financial goals Instagram. “If you can, open it in another bank. Whoever invented ‘out of sight, out of your mind’ was right here. The less likely you are to see this account regularly, the less likely it is. ” be tempted to dive in and spend it. “
Use this table to see how your entire year will develop:
Another option is to Do the challenge in reverse order so you start at $ 52 in the first week and decrease to $ 51 in the second week. By December 31, you should only add $ 1 to your savings and get the same amount.