Everyone wants to save more money. It seems like a simple concept. Take the extra money and stick it somewhere you can’t touch it or spend it so that by the time you reach retirement age you’ve got enough to last until you kick the bucket.
The stumbling block to saving money is usually finding extra. If you can scrape together a couple bucks each week, it could pay off huge dividends over time. Take for example the 52-week savings challenge, a money saving idea that starts off meager and snowballs into a nice chunk of change at the end of one year.
This savings hack is simple – week one put $1 into a savings account. I recommend an actual account so that some interest can be accrued and to resist the temptation of taking the cash when you want to buy something dumb like a $7 coffee. If you don’t want to start another bank account, put the money into a jar. Super glue the top shut to keep your grubby hands out.
In week two, put $2 into savings. On week 3, $3, and so on for 52 straight weeks. By the halfway point of 26 weeks, you’ll have $351 in savings. After 52 weeks, you’ll be counting a cold, hard $1,378.
If you want to up the degree of difficulty from the start, do the 52-week savings challenge in reverse. In week one, put $52 into the account and work down each week.
Avoid colossal money mistakes, track every single purchase you make with an app like Mint, keep your hands out of the jar, and at the end of a calendar year, you’ll be over $1,300 richer. Just don’t do anything stupid with the money.
I just started this 52-week savings challenge. If you need motivation or an accountability partner, hit me up on Twitter and we’ll do this as a team.