52-Week Money Challenge Details - Money Saving Tips for 2020

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.

How much money will you have at the end of the 52-week challenge?

If you follow this program for a year, you end up with $ 1,378. However, you don’t have to stop here. When you’re ready to save even more, you should increase from week to week.

Um, why should I do this to myself?

Aside from becoming more economical, if you are so good at saving money, it will likely give you a big boost of ego. You also get bragging rights on Instagram like this:

How can I save so much money?

We could go on and on about the tiny adjustments that can lead to serious savings but include our responsibilities fall in love with DIY and cook at home. And tell your friends about your decision. Even though meeting for dinner or drinks might be part of your typical social routine, Anat says that it will give you more support and open new conversations if you bring them to your goal.

Another effective way to hack the system is to Check the dollar amounts in any order. If it is more practical to lose $ 52 before December next, do it. Make yourself responsible by setting reminders on your calendar to deposit your savings at the same time each week. If your bank allows you to nickname your account, follow Anat’s method of giving it a fun title, such as the “Beyoncé World Tour Fund”.

And be sure to reward yourself for the whole year. “Set up checkpoints for celebrations on the go!” says Anat. “We often forget to do habits for ourselves for fun. For example, if you make it by the 30th of the month and have made all four deposits that month, treat yourself to something you love Not Cost money – you can watch a YouTube series or turn off your phone for a night without guilt and take a long bath. “

Anat also recommends grabbing a responsible partner or someone who can take part in the challenge with you. They serve as a support system and sounding board when budgeting and savings become difficult.

Is it the same as the $ 5 challenge?

No. Another online challenge is to save any $ 5 bills you come across. And that’s not a bad idea! This is the 52-week savings challenge from the blog Collect dreamsThis will save you $ 5,000 by the end of the year.

Not sure if you want to commit to a one-year program? For January, Anat has partnered with Evernote to host the #EverBetterChallenge. Your goal is to save $ 219 to start 2019. You can join in while she shares Tips and lessons on Instagram.

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