About Me:
Money Game
Started: August 27, 2017
Level: 63
Amount: $103.31
Amount needed to reach next level: $4.81
| Categories
| Archives
|
My Favorites
- Creditcardfree's Personal Finance Blog
Sites I Enjoy
- Groupon
My Blog Stats
- Date Started: Nov 13, 2009
- Entries: 416
- Comments: 1,021
- Total Visits: 889,947
| Home > 52 Week Money Challenge |
'); } }) })
January 3rd, 2013 at 06:00 am
Yet another challenge to consider, I saw this on Facebook and thought it was a great idea and I will be doing it for 2013. Basically, for whatever week you're on, that's how much you stash off to the side. So if you're on week 2, you save $2 and if you're on week 27, you save $27. Anyone care to join??
Posted in Uncategorized | 25 Comments »
25 Responses to “52 Week Money Challenge”
- Swimgirl Says:
January 3rd, 2013 at 07:07 amI love it! I was looking for some kind of "gimmicky" ways to save a little extra this year. Thanks for the idea!
- gotthedeclutterbug Says:
January 3rd, 2013 at 08:41 ami'm doing a modified version of this for this year. Since my budget is already allocated to saving for everything under the sun, i wouldnt be able to find $52 for a week, so i decided to split mine up into two lots of 26 weeks, and do it that way and also im going to do my weeks random, according to how much spare money i can find that payday.
and then keep a note of it in my budget book
- Sian Says:
January 3rd, 2013 at 12:08 pmsounds like a really good idea. i'm hoping that i could do that. it depends on my budget. so i'll have to see what i can do. or split it into two 26wk lots instead.
- creditcardfree Says:
January 3rd, 2013 at 01:01 pmI like the idea! I will have to see if I can incorporate it in some way to our goals and plans.
- ThriftoRama Says:
January 3rd, 2013 at 02:25 pmIt's a cool idea.
- twest Says:
January 3rd, 2013 at 03:24 pmGlad you posted this. I saw this on facebook too. Love the idea. We already have several goals laid out, but I am going to attempt this one as well. I will just try not to be heartbroken if it doesn't happen
- rob62521 Says:
January 3rd, 2013 at 04:01 pmGreat idea!
- wayne Says:
January 3rd, 2013 at 04:09 pmam i missing something or is the math for week 49 screwed up? it should be $1225
- creditcardfree Says:
January 3rd, 2013 at 06:22 pm@wayne, yep, looks like a typo!
- sarah Says:
January 3rd, 2013 at 07:08 pmIs there a group on facebook doing this. Or some organization that is sending out reminders. It sounds like a good idea but it would be easier to remember if there was a group to like.
- Ima saver Says:
January 3rd, 2013 at 08:11 pmSounds like fun!
- Kim Says:
January 3rd, 2013 at 08:14 pmSarah;
there actually is a group on FB that was created just for the purpose of helping to support those who are taking part in this.https://www.facebook.com/groups/52WksofMoney/
GOOD LUCK!
- wowitsawonderfullife Says:
January 3rd, 2013 at 11:01 pmHmmm, this might work for my emergency fund. Great idea!
- Beawealthywarrior Says:
January 4th, 2013 at 12:26 amYet another option for this challenge
OPTION #2: where I set aside/save a dollar amount equal to the week number added to itself, (for example: Week 1: 1+1= $2; Week 2: 2+2= $4; etc.), for the entire 52 week period of the challenge. In doing so, I will have saved $2,755.00 by the end of this challenge.
- My English Castle Says:
January 4th, 2013 at 05:39 amI saw it too! Count me in!
- mom-from-missouri Says:
January 5th, 2013 at 01:24 amDid you notice their math is wrong? You actually save more as they are wrong from week 49 on up.
You can do the same by saving $26.50 a week, which would jump start the interest a little sooner. - Homebody Says:
January 5th, 2013 at 03:52 pmOooh fun, I will try it!
- mom-from-missouri Says:
January 5th, 2013 at 06:13 pmThe facebook site has the math on this wrong, and they also had several other posts that were wrong, which they have now deleted. So, double check everything--but, they are on the right track!
- BoomerangBuck Says:
January 5th, 2013 at 10:23 pmThis is such an amazing idea! Thank you for posting the image and concept. It reminds me of what I've been doing for weight loss..."Habit Stacking." Same can be applied $1 at a time too! Such a great idea and I think I'll try it out this year!
Thank you again!
- Amber Says:
January 6th, 2013 at 01:03 pmLove it! Count me in
- Wino Says:
January 9th, 2013 at 05:46 amI think any idea that gets people to save is good, but this would be better applied to debt repayment if you've started your journey out of debt. If you're already out of debt, then $1400 in one year is pretty small potatoes.
If you don't have an EF and have just started trying to attack your debt, I see this as a good way to start to develop discipline. It is similar to the Greek myth of Milo of Croton, who was said to have every day lifted a calf upon his shoulders and carried it with him as he ran around a track, until the calf was a full-grown bull. This is a way to develop "financial strength."
PS. The typo is only on week 49. Week 50 shows $1225 plus 50, so the $1125 is only a typo. Weeks 50 - 52 are correct.
Would anyone like a spreadsheet to help them track this? I can whip one up in Excel in just a few minutes. I think there should be the columns above, an additional column for your "real" savings, and another calculated column for the difference (plus or minus). Any other ideas what should be on the spreadsheet? Maybe a couple of cells for "ten year look ahead" assuming you've done "where you are today" for a total of ten years at (another cell's) interest rate?
- Nika Says:
January 11th, 2013 at 09:17 pmLooks like a lot of effort to just move money around. It does not create additional money. Increasing income or decreasing outgo contributes to savings.
- mom-from-missouri Says:
January 11th, 2013 at 11:40 pmNika, I don't agree. This intices people to save--people who otherwise don't save and smoke it, drink it, movie it, clothes shop it......
Its not just moving it around, its generating the desire to move it from the spend it pile to the save it pile.
- aevans1206 Says:
January 12th, 2013 at 08:43 pmDone. Just went in my ING account, opened a new one and titled it 52 week challenge. Simple and effective. LOVE it!
- Bingo Says:
January 21st, 2013 at 02:11 amCool idea, I love this type of inspiration. I have not been on this site lately so missed three weeks but can catch up quickly. Lucky they are the first three weeks of the year! I think this will make a fun splurge account at the end of the year. The other challenge I am doing is "no spend days"
