52 – Week Money Challenge
During the first week of January, you deposit $1, in week two you deposit $2, and so on — until you’re depositing $52 during the last week of the year. If you follow it diligently, at the end of the year you should have $1,378, plus whatever you accrue in interest.
It was an interesting concept – and an easy way to save a bit of cash without noticing it. It could probably also be applied to paying off your mortgage faster, by taking advantage of your lender’s prepayment offerings. But did it really work?
I did a bit of snooping around and found the 52 Week Money Challenge Facebook page. The site is full of feedback from individuals who started the challenge back in January. Some of them found it extremely helpful and were able to sock away a nice vacation or Christmas shopping fund. Others fell off the wagon about part-way through, when they needed the cash for other expenses. Some individuals found the back-loading to be a little difficult, so they’re opting to just deposit $26.50 per week into their savings this year (with the same final result). Others opted to make their deposits bi-weekly – I’m assuming to line up with their paycheques.
Did you try the 52-week Money Challenge this year, or do you have a different money-saving strategy? We’d love to hear about it!