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.
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:
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.
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.
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
Until you get to $52 at week 26.
Week 27: $51
Week 28: $49
Week 29: $47
Until you get to $1 on week 52.
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:
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.
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.
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This content is provided for general informational purposes only and does not constitute financial, investment, tax, legal, or accounting advice. Individual circumstances and current events are critical to sound investment planning; anyone wishing to act on this information should consult with a financial professional. The information contained in these articles was obtained from sources believed to be reliable and accurate at the time of publishing. We do not represent that it is accurate or complete, and it should not be relied upon as such. All opinions and estimates expressed in this article are as of publication date unless otherwise indicated, and are subject to change.