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A New Savings Challenge

Posted by Eboo on January 4, 2014 in Uncategorized |

Ok, well it’s not really new, but I’ve restarted and am hoping to do much better this year.

The idea is to deposit a dollar amount corresponding to the number of the week you are at. However, this chart is more of a Yahtzee style, allowing you to deposit the maximum amount that you have available in a given week. If you have only $38 available to deposit in week one, cross it off the chart at the bottom, and write it down in your deposit column, and add it to the balance. The following week, do the same thing but with another, possibly higher amount.

So far, I have $102 in my balance, and have actually deposited some of the money in the bank so that I will be less tempted to dip into it when cash is running a little short.

SavingAdvice.com has a few other charts that you can print off if the 52 week savings challenge might be a little tough for you. There is the 365 Day Saving Money Challenge for those who might not be able to do the weekly savings challenge. There is also the 52 week savings challenge for kids that includes charts for quarters, dimes, nickles and even pennies (who has pennies anymore?).

One of the best ideas that I’ve heard that will help you gain success with this challenge will be to have a separate account for these savings. Most banks have free savings accounts and online banking, so one could just log on daily, and transfer over the amount to the saving account. And who knows? You may even earn a few cents of interest over the year!

Anyone else doing any of these challenges? If so, what are your goals for the money that you will accumulate?

3 Comments

  • Added you on the list; thanks for coming “on board” with us !

  • Carla says:

    I’m debating on it… once I get through January i’ll see. Last year I managed to tuck $5K into our TFSA, so i’d *LOVE* to do that again this year… it took a lot of hard work, but ultimately that’s my goal. I’ll see how brave I am come Feb.1st… haha! Good luck with your savings challenge!! :)

  • Jane says:

    My strategy is having automatic transfers set up for my paydays – a set amount into savings twice a month and live on the rest. I have 2 savings accounts – one for longterm savings (TFSA) and then one that is short term. Well 3 savings accounts I guess as my EF is a separate account altogether. I basically live on half of my pay which will come in handy once I start my pension!

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