Money Saving Challenge

It’s only the third week into the year and I’m already thinking about how to not lose track of my resolutions… One of my resolutions for this year is to accomplish a money saving challenge. Yes, it sounds pretty simple — dish out a few bucks a week and don’t touch it until the end of the year, right? But how much should I start out with? What if I have a goal I want to reach?

52 Week Challenge — I found this challenge on Pinterest over the weekend and thought it would be great challenge to share. According to the challenge, you are to start off with the smallest deposit and increase the deposit amount by a dollar every week. If you start off the challenge with $1 then by week 52, you will have $1,378!

Saving X Amount — My goal is to save $5,000 within the next two years, so that means I need to divide $5,000 by 104 weeks, which equals to $48.08 per week. This is a great savings challenge if you’re planning for a trip or have specific goal you would like to reach.

Being forgetful is part of living in a busy world. In order to remember what I need to do, I use my handy-dandy smartphone to set alarms and reminders for myself. Are you working on any New Year’s Resolutions?