It’s the New Year and the holidays are officially over… for now. If you are like most people, this time of year has your mind and spirit renewed, and your bank account feeling drained. No worries though! Here is a great and simple way to start saving money, so you and your bank account can breathe a little easier.
The solution: The Weekly Savings Plan.
We all learned in elementary school that there are 52 weeks in a calendar year, right? Well for each week of the year, you put aside that amount of money. But let’s clarify. So for week 1, you would put aside $1. On week 2, you would add in an additional $2, making it $3. Doesn’t sound like much? Well by week 20 you should have $210 saved up. If you continue this throughout the year, and are good at not touching the money before then, you could have a grand total of $1, 378 saved up for the upcoming year. Easy right?
This way, when 2014 starts, you have a nice little cushion to get you started. Or, let’s be real, you’ll be able to splurge on yourself a bit. But what if the holiday season would stretch your bank account so much, it would be difficult to give $52 on the last week (week 52) of the year. Not to worry! Reverse the order! Start off week 1 by putting in $52, then $51 on week 2, and so on. Then, by week 52, all you would have to put in is $1, therefore giving you more freedom to do christmas shopping. Plus, you will still save the same amount at the end.
If you’re looking to budget a bit more this year, definitely try this savings plan. We’d love to hear how it works out for you!