52 Week Savings Challenge

Do you have trouble saving money? If so, easing into it with the 52 Week Savings Challenge may be a terrific option for you. This challenge has been taking social media by storm. I found it on Pinterest. One of my friends found it on Facebook. So, why is it so popular?

Starting with just $1, you can have nearly $1400 in a year. That's a sizeable chunk of change. You can start the plan at any time during the year and follow it over the course of 52 weeks. It's straightforward enough. For the week that you're on, deposit that much into your savings account. For example, during Week 1, deposit $1. During Week 13, deposit $13; during Week 52, you'll deposit $52. By the end of the year, you'll have saved $1,378.

Experts recommend that you have six months of expenses saved in case of emergency. For most people, that is an overwhelming and intimidating figure. Small steps, like the 52 week challenge, makes reaching those goals more attainable. Whether you want to sock away a fund for emergencies or fund a mini-vacation, it's a relatively painless way to put money aside.

Be forewarned, though, that saving will become more difficult as the months go on. While you only put away $10 during the first four weeks, the last four weeks of the year will require you to put away $202. Luckily, the gradual nature of the challenge makes it easier.

If you'd like to try the challenge, download the form for reference. There's plenty of support online to help keep you accountable to your savings goals. One of the biggest support groups is a Facebook group started by 911 dispatcher Kassondra Moreland. Like many of us, she worked hard but had little to show for it. She began the program at the beginning of January and started the group to help others do the same.

Would you consider a savings plan like the 52 Week Savings Challenge? 

Image courtesy of morgueFile user mcconnors.