It’s that time of year…MONEY SAVING CHALLENGE!
Hey Y’all Hey!
Kijan Ou Ye! How You Doing?
Last year I did the 52-Week money saving challenge and I was successful! I was so proud of myself because I usually start the challenge and quit halfway through prior.
I use to be horrible at saving money but when I had my son that thought process of spending money frivolously changed. I knew I would need to have money set aside for emergencies, medical bills, and definitely vacation.
Being that I was successful last year, I am choosing to do it again. This time however, I’m going big. I’ll be doing the $5,000 52-Week money saving saving instead of the $1,378.
Where the money resides
Here are 3 different types of saving challenges you can do:
Similar to the $1,378 52-Week saving challenge, you will start off with a penny instead of a $1 and increase it every day. This challenge is perfect for kids to start their own. I will be doing this challenge for my son and when he gets old enough, I will let him do it on his own.
26-Week Saving Challenge
I know most people get paid biweekly and it can be a bit rough sometimes to follow along with the 52-Week challenge. So here is the 26-Week challenge for you.
52-Week Saving Challenge
There are several 52-Week challenges you can do. So I have them listed for you in three tiers starting from the least to the most. As I mentioned, this year I’ll be doing tier 2 and if I’m successful, then I’ll move on to tier 3 next year.
Tier 1 – $1,378
You can always do this one in reverse or start with $2
Tier 2 – $5,000
Tier 3 – $10,000
Are you planning on saving some of your money this year?
Which challenge will you do?
I strongly urge each and everyone of you to start a savings this year and see it through the end.
The best way to make it to the end is by setting it up and forgetting it. I choose to have an account specifically made for my savings challenge last year so that I would not have immediate access to it. It’s strictly a savings account and I can only do a certain amount of withdrawals every month. So look into where you want to deposit your savings to ensure you do not spend it.
You can set it and forget it with the following accounts:
- Ally Bank
- Any savings account that has a high APY %
These types of challenges are great for the following reasons:
- To save towards purchasing something you always wanted
- To add to your emergency fund
- To save for vacation
- A great way to teach your kids the value in saving
So, let’s get to where the money resides in 2021!
Until the next post…
Live with purpose, Love with passion, Laugh with pleasure