the 52 week savings plan

piggybank

Photo courtesy of hoveringcat

Saving has never been my strong suit. Now spending on the other hand I am very good at. I should have a medal… and a cash prize… so I can go shopping.

But one of my goals for 2014 is to get serious about saving and curb spending. Although Andrew and I have joint accounts we choose to keep personal accounts as well. That way if one of us wants to splurge on a “want,” rather than a “need,” we’re not spending the other person’s money. Our personal accounts differ quite considerably. Long story short Andrew has money in his and I don’t. Well… at least never for long.

So I wanted to find ways to make it “fun” to save this year. 2 days into the New Year a co-worker told me he was doing the 52 week savings plan. On a weekly basis you put the dollar amount that corresponds with the number of week it is in the year into a savings account. So for example, I started two weeks ago and put $1 into a savings account.  Last week I contributed $2. And this week I’ll add $3. Week after week the savings grows exponentially until the last week of the year when you put $52 into the savings account. At the end of it all you save $1,378.oo.

Obviously this savings plan seems ridiculously easy at first, but I know it will get hard once I hit November and December. Still its a plan I am willing to commit to. For one I like the idea of seeing how quickly the dollars add up. And two, my co-worker is doing it too, so I know we can keep each other accountable.

Do you have a savings plan for 2014?

Advertisements

14 thoughts on “the 52 week savings plan

  1. I’m doing this too! I tried to do it last year, but was unsuccessful because I tried to do it with cash and, being someone who never carries cash, this didn’t work out so well, but I did save more than I would have had i not! This year though, I’m doing it by transferring money from my Checking to Savings. My fiance and I opened a joint savings account at the end of last year. We’re saving up to buy a house, so what I did was double the amounts in the 52 week savings plan and I’m starting backwards ($104 for the first week) and he’s going forwards, so that we’re hoping to have around $5k in the bank by December!

    • Wow! What a great way to save an “easy” 5k! If I am successful this year I might have to try that next year. Also, I couldn’t do cash either… I would spend it if it was lying around

  2. I’m working on doing this one as well, but like a friend mentioned, at the end of the year it can get a bit tight to do the larger amounts weekly, so we will be doing it backwards. I’m also putting small change and spare bits in a tin for my holiday spending money. Every little bit helps.
    Hubby and I are really bad at saving too, so this will work. Your first sentence sums me up to a tee! Good luck.

    • What a great question! The truth is I don’t know yet. Option A would be to invest it… Option B would be to put in a Canadian Savings account called a TFSA… one thing I know for sure is I don’t want to spend it in 2014. But if there was a big trip I wanted to go on in 2015 I might cave… lol

    • no kidding! I’d like to think that’s one of the reasons I’ve had such a hard time saving up until this point. So I am hoping this plan makes it a little more fun to stick to. Also I think its important to note I am not trying to save $5,000 in one year… I think $1,378 is pretty manageable… I hope!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s