I CHALLENGE YOU... FOR 53 WEEKS!

The New Year is quickly approaching and that means it’s time to set our New Year’s Resolutions. Most times our resolutions center around our health and well-being. For 2015, I want to challenge you on a financial resolution.

What’s the challenge?

For 2015, I am going to challenge you to save $1,431. I know, it sounds like a random number but it’s all part of the 53- Week challenge. For those of you that did the challenge with me in 2014, you remember it was a 52-week challenge where we saved $1,378.  Well,  there are 53 weeks in 2015, which gives us an extra week which means we can save more money.

The way it works is, each week you save a specific amount of money starting with $1 and every week the amount increases by $1. So the first week of the New Year, you collect $1. The second week $2. The 15^th week… $15 and so on until you hit week 53, which at that point, you collect $53. The challenge is easy to do… it’s remembering to put the money aside that’s the hard part. 

How to get started

I did this challenge last year and I found the easiest way to was to open up a new savings account. This way I could direct my challenge money to that account and it was out-of-sight, out-of-mind and it prevented me from “borrowing” money from that account.

In addition, you will need to create a 53- week challenge chart so that you can keep track of what needs to be set aside. Check out an example of the 52- week challenge.

Most importantly, you will need determination. It’s not easy to pay yourself first, but it’s worth it in the end.

Want to challenge yourself even more?

I know how hard it is to save money each week, I've always been told, “It takes 21 days to set/break a habit.” So, once you get 21 days into the habit will become easier. But, if you are up for it, let’s make this challenge harder by reversing it. Instead of starting with $1 for week one, $2 for week two and so on. Try starting with week 53. Put away $53, then week 2 put away $52 and work your way down so that on week 53, you only have to save $1.

I prefer this way because it get the larger amounts out of the way. Plus, when we get into the holiday months, I don’t have to worry about putting in the larger amounts.

There are many ways to do the 53- Week Challenge, find the way that works for you and be sure to stick to it. It’s nice having some extra money come the end of the year.

^Alysha