Saving is not easy. If it was everyone would be doing it, but there are ways to make it easier. With the new year just around the corner, it’s a great time to think about setting a savings goal for 2019.
There are three steps to help you get started: Set a Goal, Make a Plan and Save Automatically. First decide what you are saving for - maybe just a basic emergency fund - second, make a plan to reach that goal.
That’s where the 52-Week Savings Challenge comes in. Perhaps you’ve seen it make the rounds on social media or heard a friend talking about it. The 52-Week Savings Challenge requires you to put something into your savings each week, slowly increasing your contribution until you’ve saved just over $1,300 in a year. So week 1 you put in a $1, week 2 you put in $2 and so on until you get to week 52 ($52).
Maybe this won’t work for you. For some, it may be easier to do in reverse (and earn you a bit more in compound interest), or divide it into 52 equal payments of $26.50. The only way you will be able to save is if you make a plan that works for you.
Step three, once your plan is in place is to save automatically. Set up an automatic transfer or payroll deduction and watch your savings grow.