Good morning, y’all.
A huge goal of mine for 2014 is to increase my savings by taking part in the 52-week savings challenge.
The premise is simple — in theory, at least.
The first week, you save $1; the second, $2, and so forth for all 52 weeks of the year.
If, like me, you saved $1 at the beginning of the first week — January 1, 2014 — then today is the day that you should have made the halfway deposit of $26.
Why it works
The 52-week savings challenge is tougher in practice than you might think. Sure, it might seem easy or even trivial in those first few weeks. But all the while, you’re building habits.
And not just building habits; you’re building your savings. I just passed $300 in additional savings a couple weeks back! This morning’s deposit brought me up to $351 for the year already. Not bad!
And as the amounts have gotten higher with every week, it’s become very noticeable. If I’m eyeing something that might be frivolous, I just think about not being able to add that week’s savings and ease back. I started by setting up calendar alerts for each time I had to add savings, but now I even keep a list in the notebook I carry with me of the next week’s coming deposit.
Checking off that box is very satisfying!
So, is anyone else doing this challenge? If so, how is it going? Got any encouraging words?