Friday, February 28, 2014

A Dollar Here, A Dollar There

While cleaning out her office, a co-worker found something that she was given back in 2013. It was the 52 week money challenge. I had seen this floating around the internet back in November and December but honestly, I forgot about it....that is until now. 

(Image Source)
Some of you may be familiar with this but for those that may not be aware of it -- here is a little overview of what is supposed to happen. The year is divided into 52 weeks. So at the beginning of a new year, one saves $1.00 for the first week, then $2.00 the next week and so on until the 52nd week has been reached, where you would then at that time put into your savings $52.00. At the end of the year you should have saved a total of $1378.00. 

While this sounds good in theory...the hard part is following through with it. Not every week will one remember to do it. There will be weeks when the extra couple bucks just aren't there to do it with. So while it would be a great thing for those that have the fortitude and stick-to-it-ness, for others it may just not add up in the end. However, even if you aren't able to follow through with each or decided to start later in the year, any amount of monies saved is always a good thing. 

Another money saving trick that my co-worker mentioned to me concerns the $5.00 bill. She had a friend whom every time she received a $5 bill in her change, she put it away in her savings stash. After a few months she supposedly had saved around $2500.00. This is another great idea, but for those that pay with debit/credit card or checks most of the time, having paper cash on hand to save wouldn't add up to much in the long haul. 

What are some ways to save money that worked for you? How hard was it to stick to? Have you tried either of the challenges I listed above? How did that turn out? I am curious to know what money saving strategies my readers have tried and conquered. 


Mrs. B, a very peculiar person said...

Throughout the decades I've tried numerous strategies to save money. As it turns out, the most common advise received from folks who are financially very comfortable to very wealthy has worked the best for our family.
As our family's accountant, I immediately give 10% of our income away. Next, I transfer 10%into our savings. Third, I send another 10% to our retirement accounts. Lastly, I pay our living expenses from the remaining 70%. If any money is left over, that also goes into savings.
Living on 70% of one's income requires diligence and creative frugality. We work hard to keep ourselves out of debt and although it has been difficult at times, we have thus far managed it.

Dixie Lee's Mama said...

This is very similar to what our former Pastor taught on.....the 10/10/80 rule.
10% to GOD, 10% to savings and live off the remaining 80%.