Saving Money in 2019

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.