Saturday, January 11, 2014

52 Week Money Challenge

If you have been watching the local news lately you probably have already heard about this, but just in case if you need a new and creative way for your family to start saving money this year and have some extra cash to spend, the 52-week Money Challenge could be your ticket to helping you reach your goals.  This is a great way to save for a family vacation, a new wardrobe, the holidays that seem to come upon us so fast, a mission trip and other great things you want for your life.

Stephanie Johnson, an entrepreneur, was recently named by Forbes magazine as having one of the most promising companies in 2013. How does the challenge work?
52-Week Money ChallengeGet a jar and put $1 in it the first week. The second week, put in $2; the third week, $3. Increase the amount $1 every week. By the end of 52 weeks, you'll have saved $1,378.

Click here for a copy of the savings chart.

Johnson offered these additional savings suggestions:

1. Never spend change 

Each day, put the coins from your pocket or purse in a jar. When the jar is full, wrap the coins and deposit them in your savings account. Save more by wrapping them yourself (or find a financial institution that does it for free). Do not use a machine at the grocery store to count your coins; it retains a fee.

2. Get a cash-back credit card and deposit the cash into a savings account

Always consider half of all "extra money" as savings; half of all tax refunds and gifts should be deposited into a savings account.

3. Always have something direct deposited into a savings account from your paycheck
Even if it is only $5, that's better than nothing, and it adds up over time.

 For kids you can scale this idea down and have them put $.25 in the first week, $.50 the next week, $.75 on the third week and a $1.00 on the 4th week. Depending upon how much allowance they get or money they earn you can keep adding in small increments and then start over from $.25 when they reach their max amount they can save. Most banks offer free savings accounts to kids so when you go and deposit your check, take your kids with you and let them also make a savings deposit and they can watch their money grow online.

If you have any other great savings ideas I would love to hear them and how you make them work for your family.

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