Taking the 2014 52-Week Savings Challenge?
Well, it's that time of year... the 52-Week Savings Challenge is being trumpeted across Facebook, Twitter, Pinterest and Instagram... Most people are familiar with it... a lot of people swear to try it... but New Years' Resolutions being what they are, many people begin with the best of intentions only to find it stall out (sometimes before the end of January!)
What is the 52-Week Savings Challenge?
Also known as the 52-Week Money Challenge, the Savings Challenge is designed to help you save nearly 1400 dollars in the upcoming year. ($1378 to be exact...) The original premise was to start a savings plan in a way that was relatively painless, and work up to some pretty awesome savings goals. Each week, you plan to set aside a specific dollar amount, starting with $1 and ending with $52 at the end of the year.
Why Should I Consider Doing This?
- It's fun
- It's pretty simple and straight-forward
- Being accountable (either publicly or in a small group of trusted friends) is a great motivator
- If you've never had a savings plan, this is a relatively painless way to get started on the habit
- If you're a veteran saver or don't see the "need" for saving an additional $1378 this year, consider making it a way to donate to a charity that is important to you at the end of the year
Avoiding the Pitfalls
Beware of "Phantom" Savings:
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