This year I have a lot of savings goals to attain. I have accounts for retirement, a savings
account, an emergency fund, a Christmas fund and now an HSA. I plan to contribute to all of those accounts
each month. Of these the emergency fund
is the one I am most concerned about. I
need to build it back up and in order to do so I'm going to be trying a
"Savings Game" I heard about last month.
It is pretty simple really.
There are 52 weeks in a year. On
week one you save $1, week two $2, week three $3 and so forth until you are putting
$52 into your savings account on week fifty two. Seems simple enough and at the end of the
year you will have save $1378. Not bad!
Some people do it backwards and I can really see the value
in why they do it this way. On week one
you save $52, week two $51, week three $50 and so forth working your way
down. The reason they do it backwards is
because it helps them to not lose momentum and give it up as the amounts increase. Instead they feel rewarded by
sticking with it and the amounts going down each week. Most people who did it backwards actually
ended up saving more than the $1378 because they felt compelled to round up
amounts towards the end and deposit even more. I like that!
So that is how I'm approaching my emergency fund this
year. The $1378 will definitely get it
back in the healthy range, but if I can save $1500, then even better! Anybody out there want to join me? Need to save up for something you need or
want? This might be a great way to do
it.
I will be joining you. I need to save for an emergency fund. I will use the backward pan to motivate myself. Thanks for the suggestion. I am going to really task myself to stick with this plan since I have no emergency funds and limited savings. I will also contribute more to my savings.
ReplyDeleteYay! We can totally do this! :0)
DeleteYes, I need to save, too!!!
ReplyDeleteYay Brooke!
DeleteI'm enjoying reading your blog and using some of your keto recipes also. I have been doing the 52 week challenge for 3 years now- two years ago I did the reverse but after Christmas, money is tighter LOL so I prefer starting with a dollar. I spend way too much at Christmas but I do enjoy the holiday and 2 of my kids live across the country so I don't get to treat them often. I pretty much use the entire challenge $$ but at least I have it and I always cook a prime rib dinner for the locals- it's a once a year treat everyone seems to enjoy.
ReplyDeleteYou are living proof at how well this works. Wonderful!
DeleteYeah, saving money is always a good idea. You know there will be unexpected expenses.
ReplyDeleteClark Howard has a 52 week challenge to save $5000.00
https://clark.com/save-money/save-5000-52-week-money-challenge/
He quotes that over 62% of people have no money in the bank. At all.
This is scary moving into retirement. They are already in our city seeing an uptake in people over the age of 50 homeless.
I will check that link out. I'm always interested in new ways to challenge myself.
Delete