I keep seeing this challenge on blogs and websites this week, mainly US ones I’ll admit. The idea is to save $1 in week 1 and build up to $52 in week 52 so that you end up with $1,378 at the end of the year. In my case it will be £1 to £52, for a total of £1,378 at the end of the year. For the rest of this blog I’m going to be talking in £s, I’m in the UK it makes more sense to me than $.
There are a couple of blogs out there which suggest it may be easier to start with £52 in week 1 (January) and work down to £1 at the end of the year (December) when we have a larger expenditure anyway. That is great, in theory, but January is the month when we are paying off the bills from Christmas so maybe the smaller amounts in January are better? Why not mix it up a bit and save smaller amounts and bigger amounts together? If you are paid monthly, why not save the larger amounts on the first and last weeks of the month when you still have money in the bank and smaller amounts in the middle weeks?
There are some great tips, and alternatives, on Planting Godly Seeds blog. One of the alternatives is for children, why not start with 50p, 20p or even 10p? Starting with 10p, the largest amount you would pay in would be £5.20 and you’d still end up with £137.80 at the end of the year. There is also a Facebook page with reminders and tips.
I’m going to give it a go. I mean, who wouldn’t like nearly £1,400 at the end of the year? I’m going to mix up the amounts a bit though so that I don’t have the big ones at the end of the year or when I know I have a lot of birthdays and stuff. I think I may even take the advice of savingadvice.com’s article which suggests saving as much as you can each week. They have a pdf of the savings chart together with the amounts, just save what you can each week and cross that amount off the chart. The trick though will be to save it somewhere that I know I won’t touch it. Hmm, I think I may have to get another sealed tin or jar which I can’t open without breaking it. Sealed jars work better for me than separate bank accounts, with online banking it is so easy to transfer the money out if I need to, it’s not so easy for me to break open a sealed jar or tin.
For those who are overwhelmed by the 52 week savings challenge, there is also a 365 day challenge where you start with 1p and build up to £3.65. The total saved in the year is £668! Well, £667.95 really but we could find that extra 5p to round it up couldn’t we? I think I might try both.
I’ve found my tins, I had an extra one which I bought from the pound shop (Poundland, Poundworld and the Card Factory were all selling them before Christmas), it actually says “Holiday Savings” on it, how appropriate. I had £7.07 in my purse so I’ve put £6 in my 52-week tin and £1 in the 365-day tin and crossed those amounts off my charts. Oh boy, I hope I don’t get confused with all of my tins – I already have one for my lottery money (I save what I would have spent on the lottery because I stopped playing it) and one for my loose change at the end of the week.