New Year’s resolutions help keep people motivated to stick to their new-year goals. And if you’re looking to kick-start your savings this year, try the 52-week savings resolution.
Just think, by the end of the year, you could have nearly $1,500 stashed away.
What you do with the money accrued from this savings is up to you. It could be set aside and used strictly for emergencies. It could be used for your Christmas shopping. It could be used to pay for a well-earned vacation.
Or you could choose to keep it in your savings account and add to it with the same challenge next year.
The basis of the challenge is simple: Every week, you add money to your savings account. In Week 1, you save $1. In Week 2, you save $2, and so on, all the way to Week 52, where you will save $52.
At the end of the year using this method, you’ll have saved $1,378.
With this method, the brunt of the savings comes toward the end of the year. And for many, that could be a hefty amount of money to sock away during the holiday season.
If that seems like it’s too daunting of a task, you can reverse the order of savings: i.e. save $52 in Week 1, $51 in Week 2, $50 in Week 3, and so on, all the way to Week 52, where you will save $1.
Here is an example of how the plans will look:
Even if there are some weeks where you can’t meet that week’s savings goal, save what you can that week. There may be some weeks where you can catch up later in the year. Or there may be some weeks earlier in the year where you can save more.
Whatever you do, don’t give up. Staying motivated is the key to sticking with your resolutions, and watching your money grow weekly can help keep you motivated. If you’re ready to get started, click below for more information.
Financially Fit is your home fitness guide for all things financial, provided by RCB Bank. Find money-building tips, insights and inspiration to help you improve your financial well-being at RCBbank.com/GetFit. Opinions expressed above are the personal opinions of the author and meant for generic illustration purposes only. RCB Bank, Member FDIC.