Yet another challenge to consider, I saw this on Facebook and thought it was a great idea and I will be doing it for 2013. Basically, for whatever week you're on, that's how much you stash off to the side. So if you're on week 2, you save $2 and if you're on week 27, you save $27. Anyone care to join??
52 Week Money Challenge
January 3rd, 2013 at 06:00 am
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and then keep a note of it in my budget book
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there actually is a group on FB that was created just for the purpose of helping to support those who are taking part in this.
https://www.facebook.com/groups/52WksofMoney/
GOOD LUCK!
January 3rd, 2013 at 11:01 pm 1357254111
January 4th, 2013 at 12:26 am 1357259200
OPTION #2: where I set aside/save a dollar amount equal to the week number added to itself, (for example: Week 1: 1+1= $2; Week 2: 2+2= $4; etc.), for the entire 52 week period of the challenge. In doing so, I will have saved $2,755.00 by the end of this challenge.
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You can do the same by saving $26.50 a week, which would jump start the interest a little sooner.
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Thank you again!
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If you don't have an EF and have just started trying to attack your debt, I see this as a good way to start to develop discipline. It is similar to the Greek myth of Milo of Croton, who was said to have every day lifted a calf upon his shoulders and carried it with him as he ran around a track, until the calf was a full-grown bull. This is a way to develop "financial strength."
PS. The typo is only on week 49. Week 50 shows $1225 plus 50, so the $1125 is only a typo. Weeks 50 - 52 are correct.
Would anyone like a spreadsheet to help them track this? I can whip one up in Excel in just a few minutes. I think there should be the columns above, an additional column for your "real" savings, and another calculated column for the difference (plus or minus). Any other ideas what should be on the spreadsheet? Maybe a couple of cells for "ten year look ahead" assuming you've done "where you are today" for a total of ten years at (another cell's) interest rate?
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Its not just moving it around, its generating the desire to move it from the spend it pile to the save it pile.
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