Savvy Savings: 52-Week Money Saving Challenge

By: Alexandra Beaulieu, Talent Development Coordinator

I don’t know about you, but around my house, money can be a bit tight following the busy holiday season. This past December was a whirlwind month for us—purchasing just the right gifts for friends and loved ones, spending more money than usual on groceries and travel, and the list goes on and on.

Before you know it, your heart is full, but your pockets are empty! Am I right?!

As the new year begins, my family and I are eager for a fresh start. Our financial goal this year? To save a few extra $$$ so that we don’t feel quite so cash-strapped by year’s end. It’s not going to be easy, but we are more than ready to embrace change in pursuit of greater financial freedom.

If you’re interested in saving a little money as well, don’t despair; it’s easier than you think! And there’s no time like the present to begin getting your finances in order for a successful 2018.

My family and I have already begun saving using the 52-Week Money Saving Challenge recommended by PTmoney. Here’s how it works:

1. For the first week, just deposit $1 into your savings account.
2. When week two rolls around, deposit $2.
3. Yep, you guessed it—$3 on week three, $4 on week four, $5 on week five, etc.
4. Your final deposit of the year will be $52 on week 52.

If you follow the money saving challenge instructions and are vigilant about saving every week, your final balance at the end of the year will be $1,378!

No, $1,378 isn’t a huge, life-changing amount—but it’s definitely not pocket change either. The 52-Week Money Saving Challenge is an excellent way to get in the habit of saving and begin to incorporate financial responsibility into your regular schedule.