Today is the perfect day to start saving. Whether you are looking to achieve added peace of mind from a larger financial cushion or you have a specific savings goal in mind, starting to save for your future is always the right decision.
How much should you save? While there are many varying suggestions, it is entirely dependent on your overall expenses. Families should aim to save three to six months of their living expenses as a minimum emergency savings fund. Don't be overwhelmed by this number. Follow our 52 Week Savings Challenge to take the first step towards achieving your goal while building healthy savings habits that will last a lifetime.
You could save an extra $1,378 over the next year!
If you’re always looking for ways to save, the “52 Week Savings Challenge” is right up your alley. Here’s how it works.
The challenge demands you save a certain amount of money weekly (hence, the number 52). The catch is the number of dollars you put away weekly will change from week to week. There are three ways to complete this challenge:
1). Counting Up by Ones
Here's the traditional way to do the challenge. You’ll start with Week 1, saving $1. On each subsequent week, you’ll save one additional dollar. So, on Week 2, you’ll save $2; on Week 3, you’ll save $3; and so on, until you reach $52 on Week 52.
2). Counting Down by Ones
The second way to complete this challenge is similar to the first option, but you'll be headed in the opposite direction. It's a good option if you want to feel like your savings endeavor is getting easier as the year progresses.
You'll begin with $52 on Week 1, and then on Week 2, you'll reduce this number by one dollar (to $51). On Week 3, you'll save $50; on Week 4, you'll save $49; and so on, until you reach $1 on Week 52.
3). Counting Up Evens by Twos, Then Down Odds by Twos
The third way is trickier. You'll be alternating between even-numbered savings amounts for the first half of the year and odd-numbered savings amounts for the latter half. The pattern will go like this:
Week 1: $2
Week 2: $4
Week 3: $6
Etc.
Until you get to $52 at week 26.
Week 27: $51
Week 28: $49
Week 29: $47
Etc.
Until you get to $1 on week 52.
Helpful Tips to Make the “52 Week Savings Challenge” Even Easier
At the end of the "52 Week Savings Challenge," you can put more money in your pocket (or bank account) if you use these tips for cutting back in small ways:
- Never underestimate the cost savings of gas from carpooling.
- List and sell the furniture, tools, toys, clothes, and other items you don't use.
- Take a look at your monthly subscriptions. Movies, cable, sports, radio, magazines, meal plans, clothes subscriptions, etc., really add up! Limit them or negotiate a lower monthly cost when feasible.
- Start going to your local library for books and movies.
- Make a grocery list and stick to it. Wandering around the aisles of the grocery store allows extra snacks and non-essential items to land in the grocery cart, raising the total bill. Meal planning and creating grocery lists help to keep your budget on track.
- Take advantage of a cash-back credit card, which gives monthly cash rewards for all purchases. Just be sure to pay the card off every month.
- Become a coupon cutter, and sign up for rewards programs at your grocery store to save on food.
- Of course, try the Holy Grail of savings: A monthly budget. Check out these helpful, quick-read budgeting blogs.
Keep in mind that if you perform this challenge as a family, you'll be teaching your children the importance of saving and creating healthy habits for them to continue in the future. Children as young as five can participate in these early concepts, which will be the first step on their road to a financially successful future. If you keep the financial lessons fun, your children will likely repeat the behavior independently.
Stay motivated, and keep your eyes on the prize—dream of how you will use the money for a particular purpose, such as a vacation.
Get a Jump Start on Your Challenge with $150 from Middlesex Federal!
At Middlesex Federal, we genuinely want our customers to be set up for success. When you open a new Free Checking account, in a branch or online, you can earn $150 just for using your new Middlesex Federal Debit Card. It's that simple and a great way to start your 52-week challenge. If you have any questions, call, visit, email, or check us out online. After all, we're here to help.
We're always looking for new ways to help you save. If you try the "52 Week Savings Challenge," please let us know what you think! And remember to check back often for more tips and tricks on saving big for you and your family.