How to save money over a year with a saving challenge
Doing a saving challenge is a great way to encourage putting aside some money, a little bit at a time, over the year.
The 52 week money saving challenge is a great way to save over the year. The concept is pretty simple – you start off with saving $1, then the following week you put away $2, then $3 and so on. Each week it increases by an extra $1 and over the whole year you will save $1,378. See the table below for the schedule over the 52 weeks. You can download the PDF and print it off to mark off each week as you go.
Some people like to do it in reverse, starting off with $52 and then going backwards so that it’s easier towards the end.
Another option is to put away some of those larger amounts at times during the year where you have a bit extra – tax refund, birthday or Christmas money, work bonus etc. Just cross off those lines when you do them and then it will get you a little bit in front for the rest of the weeks.
If the usual $1 increase method is a bit too hard, then you could opt for the 50 cent challenge, which will still net you a very decent $689 over the year. This is one that older kids who get pocket money and receive birthday and Christmas money may be able to do. It’s a great fun way to teach them to save.
If you don’t want to bother with the different amounts each week you could also choose a set amount each week, or each pay, and put it aside. The best way is to set up an automatic EFT or direct debit into a savings account – one that you can’t easily access and spend with. Look for a savings account with the highest interest rate you can find. If you continue adding money to the account, with the simple advantage of compound interest, your balance will continue to grow over the years.
$5 Challenge Saving Method
Another popular saving option is to save every $5 note you receive. You could do this with $1 and or $2 coins too. Just put it aside and you’ll be surprised how quickly this adds up over the year. For kids they could do 20 cents or 50 cents.
Unbeknown to me, over the years when I was growing up, my parents actually threw all their loose 50 cents into a bucket. When I turned 18 my Mum presented this generous (and seriously heavy) gift to me. It was a big white bucket with a lid on it and was rather funny lugging it into the bank. It was hundreds of dollars worth and went towards my first car.
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