Saving money is hard.
It’s especially hard when you’re on a tight budget.
If you’re living paycheck to paycheck and struggling to save any money, here’s an idea to start saving money, starting with just $1. You don’t need to save hundreds of dollars each month to make progress.
This challenge will help you easily save money, $1378 to be exact.
It’s called the 52 Week Challenge. The idea is simple but effective and the money definitely adds up.
Here’s the idea:
Start by creating a separate savings account. Name it “Emergency Fund.”
Starting this week, save $1 in that savings account.
Then the next week, save $2 in that savings account.
The third week, save $3 in that savings account.
You get the idea, each week, add an additional $1 to your savings account.
At the end of 52 weeks, you will have saved $1378 in your savings account.
Easy. And You won’t have to add more than $52 for any given week. Even if you’re broke, you’ll see that you can save money slowly this way. This 52 week challenge is also a great time to keep track of your budget to see where you can save money.
Personal Capital is my favorite online tool to view all of my financial accounts in one place! I stated using them this year instead of Mint.com
Have extra money?
Here are some ideas to increase that Emergeny Fund if you get some extra money one month:
-Add your yearly bonus
-Add your tax refund
-Add any side income or windfalls
Do you have an emergency fund?
Are you ready to start the 52 week challenge?