52 Week Money Challange

This week we are going to have 2 posts and they are both all about investing the right way. The first is a guest post from Tretta Bush:

Without a doubt, “How can I save more?” is one of the more popular questions I get from you guys. Well, here’s a fun and easy way to increase your net worth - take the #52WeekMoneyChallenge!

It’s a simple savings strategy that will put an extra $1,378 in your savings within 52 weeks.  It starts with saving $1 the first week, $2 the second week, $3 the third week … and so on.  It’s also a great way to stick to your New Year’s Resolution of “saving more [and spending less]”, increase your Emergency Fund, or save for a special occasion.

Here are a few tips to help you complete the task successfully.  Maybe one, or any combination of  the four, will work for you.

Set It & Forget It - Automate.  Set an automatic transfer from your checking account into your savings account each week or pay day.  Be sure to adjust the amounts for the respective weeks.  Most online banking systems allow transfers from one account to another (within the same bank) for free.

Don’t have a savings account? No problem. Open one! Find a free, no fee savings account to house your new riches.

Be careful here! If you have an unpredictable cash flow, easily forget scheduled payments, or lack discipline in your spending, you may want to manually make your transfer each week to avoid over drafting and bank fees.

Glass Jar It, Granny Style. Ever wondered how your retired, unemployed grandma always seems to have money?! She watched it grow in a glass jar (or stashed it in the back of the t.v.)! Each week, store your cash deposits in a glass jar and watch the magic happen.  Once you’ve reached your goal, enjoy! You can deposit it or buy that special item.  However, you will miss out on the ever so large interest rates that are now being offered by banks on your savings account balance. SMHair! Did you hear the sarcasm?

Flip the Script. Do the challenge backwards. For the first week, deposit $52, $51 for the second week, $50 for the third, etc, etc.  Studies has shown that most New Year’s Resolutions are forgotten or abandoned by February 1^st. With this plan, you save the most while you are excited and eager, increasing your savings account balance sooner, therefore increasing your chances of completing the challenge.

Document It. Keep a visual reminder of your savings goal in a familiar place to help keep you on track. Print the #52WeekMoneyChallenge and check off your weekly victories!

Whether you save a little or save a lot, be sure to save something! 

Fabulously Building Wealth,

Tretta

Tretta Bush is an entrepreneur, managerial accountant, speaker and personal finance trainer. Her mission is to gracefully usher her clients into financial freedom through commitment and education, one day, one decision, and one dollar at a time. If you are ready for financial freedom connect with Tretta on Facebook.com , Twitter.com , or at www.TrettaBush.com