We’re three days into the new year, how are your resolutions coming along?
This year’s top resolutions are to “lose weight,” “get organized,” and “spend less, save more,” according to the University of Scranton Journal of Clinical Psychology, but only 8% of people who make resolutions actually keep them.
Financial goals can feel especially daunting as the year progresses: how do you save with bills and debt to pay off!? A 52-week savings challenge that’s been sweeping the Internet is one easy and digestible way to get started — or keep building — your nest egg in 2014.
You begin with $1, and each week add $1 to the amount you are saving (Example: week 1 save $1, week 2 save $2, etc.). The most you’ll put away in a week is $52, the last week of the year and by the end you’ll have $1,378 saved! The great thing about this challenge is most of the weekly amounts are pocket change you’d likely be dropping on a cup of coffee or shirt or drinks with the girls. A few small tweaks is all it takes to have a nice chunk of money to play with next holiday OR to invest and save with interest.
So print out the list above, grab a jar, pop in your first dollar and get ready to watch the money pile up! And if you really want a challenge do the chart backwards, starting with saving $52 your first week, so that by the time the holidays come you’re only putting down the lighter weekly installments.
What will you do with this money at the end of 2014?
Follow me on Twitter and let’s discuss: @Nakisha . Here’s to an abundant year!