I don’t make New Year Resolutions. If you’re going to make a change in your life, the best time to do it is when you decide it is necessary or even just when you think of it.
It just so happens that this One Year Savings Challenge popped up on my FaceBook newsfeed on January 1st. I had seen it before and liked the idea, but didn’t really like the way they wanted you to save.
I think the one I saw before had you start depositing in your savings account $1 or $2 for the first week and increase by $1 or $2 per week for a full year. By the end of the year you will have saved a fair amount of money. It turns out to be $1378 for the $1 start and double that for the $2 start.
This one was the reverse, starting at $52 and decreasing by $1 per week. The result would be the same, except that you would earn more interest by depositing more at the beginning.
The problem for me with this way is that either the first few months or the last few months would have a fairly large deposit of around $200 (starting or ending with $1) or $400 (starting or ending with $2) for the month – which is out of my financial capabilities.
The idea still appeals to me but it would be much easier on me to have a fixed amount to deposit. It is much easier to budget for a fixed amount each week for the entire year than it is to have the highs and lows.
Between my 2 jobs, I am paid every Friday – so Friday would be my deposit date. I calculated an amount that I should be able to maintain and what that would earn me in 52 weeks of deposits and came up with $30. per week. This would give me $1560 for the year plus whatever tiny bit of interest it would earn. I just counted the Fridays in 2016 though and it turns out there are 53 of them – so my total for a year of Friday deposits would be $1590.
January 1st was the first Friday in the month/year, so I made my first deposit right then. Now, all I have to do is keep it up for a year.
If anyone else is interested – here is where you can download the forms to keep track of your savings. They have other downloadable forms for budgets and more too. One Year Savings Challenge
I needed a picture for this and Chester looked so peaceful having a snooze – so here’s my boy. He doesn’t have a care in the world – just the way it should be. 🙂
Looking at the picture, I see that it is time to trim the hair between his toes and pads. 🙂
If you decide to try this yourself, let me know and we can offer encouragement to each other. The form is divided into 4 – 3 month sections so I may post updates every 3 months to keep in touch. This might be the boost I need to actually save enough money to travel.