A baby step in saving

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A few months ago, wellness advocate Ellie Poole wrote about the benefits of Minty Fresh Financials via the use of mint.com. As we gear up for financial fitness alongside physical fitness, consider this savings idea that has been circulating throughout the internet over the past few weeks.

The 52 Week Money Challenge provides a simple way of saving at least $1,000 by the end of the year. Although the creator of the challenge remains unclear, there have been many people challenging themselves as well as friends and family to give it a try. The concept is simple: deposit money into a savings account (or piggy bank) based upon the number of the week for that year. For example, you would deposit $1 into the account for Week 1 of 2013. From there, your deposit increases based upon the week until you deposit $52 during week 52. According to teachme2save.com, you can save $1,378 by the end of 2013 following this pattern.

Below is a chart that many have been printing out as a guideline for the year, crossing off each week and its corresponding deposit amount as they go.

This challenge is a great way to create an emergency fund or a good introduction into more disciplined saving habits. According to one 52 Week Money Challenge Facebook group,  some have modified the challenge a bit. Taking advantage of new energy around resolutions for 2013 as well as cash gifts they received for Christmas, some users have decided to take the challenge in reverse. Meaning that they would start with a $52 deposit for week one, working backwards to a $1 deposit in week 52. The end result is the same — a savings of more than $1,000 over the course of the year!

We’re only two weeks into the year — it would easy to catch up if you want to give it a try.  What an easy baby step to implement with a clear (and substantial) ending point!

-Angela M. MacDonald

(Images courtesy of blog.timesunion.com and teachme2save.com)

This entry was posted in Financial Health and tagged , by Angela M. MacDonald. Bookmark the permalink.

About Angela M. MacDonald

Angela is a Wellness Advocate for the Clergy Health Initiative. Angela earned an MDiv/MSW; a joint graduate degree program sponsored by Duke Divinity School and the UNC School of Social Work. Angela is also an ordained Elder in the African Methodist Episcopal (AME) Church. Angela’s past experiences includes parish ministry, crisis intervention counseling and legal technology consulting. Angela enjoys reading, international travel and "I love lamp".

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