The internet has been a buzz within the last few weeks with a new savings challenge called The 52 Week Money Challenge. The concept is to save the dollar amount for each number of the week you’re on in the year. Week 1 would be $1, week 2 would be $2, and so on. By the time you get the week 52, you’ll put in your final $52 and will have saved $1,378!
Many are joining in on this challenge as it appears to be a relatively painless way to save money. Is it worth it? Well, this will depend on your own commitment level to the challenge and what your plans are to do with the extra $1,378 bucks at the end of the year. If the goal is to have a few extra bucks to use on your Black Friday Christmas shopping then you may want to re-evaluate some priorities. However, if the plan is to pay off debt, invest the funds into your 401k, your children’s education/college fund, or to add to your regular savings account to gain more interest on your funds, then it’s definitely worth the challenge.
Ultimately, if your money problems are just a little bigger than the average household, you may want to try saving your pennies, nickles, and dimes instead. Every little bit helps no matter what your bank account looks like. Just think about the little things you spend money on each and every single day without thinking. For an example, the average person who doesn’t pack his or her lunch for work or school will spend about $100 per month when purchasing their lunch from the local sandwich shop. If you eat out often at restaurants for dinner, you’re likely to spend even more. We’ve found that adding an extra .75 cents per day to your penny jar could save you close to an extra $300 every year. Saving a mere $5 per day will give you an extra $1,825 in extra cash per year.
These little savings ditties are pretty simple. Not only is this a way to learn how to save money but it’s also a way to commit to something that will benefit you and your household at end of the year and beyond.