Have you heard of the 52-week Savings Challenge? It’s an easy and popular way to put away a little bit of mad money into a savings account. It started out as just a viral photo from Facebook and from there it has blossomed into an annual event for some families. It’s a very simple premise–you choose a way to save money that is doable for you and your family and you do it every week.
Here is the original photo from Facebook that got this whole thing rolling many years ago. It can be difficult to try to build a small nest egg, especially after the holidays. But, little by little it can be done. Don’t get discouraged if you look at some of the figures and think “I don’t have an extra $10 or $50 right now.” Maybe you have $1. Hell, maybe it’s the spare change in the sofa cushions or at the bottom of your purse…what’s important is that you at least try and get a fund going.
Here are the two Savings Challenge printables:
The original method had you save $1 the first week, $2 the second week and so on. I like that way because you start small so you have completion success early on. What I don’t like about it, is that during November and December, when many families need more money, you are being asked to put more into savings. That can have the whole thing fall apart for you at the end of the year. So I also did the spreadsheet in reverse, so that you start big at the beginning of the year and don’t have to put as much in at the end of the year. I also included a third way to save for families who do not have as much disposable income. It uses the date as how much you save, but at the end of the year you don’t have quite as much–just under $1000, which is still awesome!
So here we go, let’s get saving! Imagine if you saved the full $1378 this year…and then threw in another $22 to make it an even $1400. Do that for 3 years straight…and in 3 years your family could be going to Disney or some other nice vacation! Or, if your teen has a job, have them do this to save for college or a new car for themselves. Get your ABLE Act fund started so that you are ready to go when it passes our House and Senate.
Here are the spreadsheets on my Google Drive. You can view them, but you must MAKE A COPY to make it your own. So all you do is go to—>File—>Make a Copy and make your own copy. Then you can do whatever you want to it without corrupting the original document.
Good luck and Happy Saving! If you feel like sharing with us….what are you saving towards?
Author’s note: This was originally published in 2013, but I check the links and republish every year. The dates can easily be changed on the google spreadsheet.
My husband has a cousin, and she recently bragged on Facebook that they eliminated their student debt using the Dave Ramsey system….and sticking to it!