VIDEO: 52-Week Savings Challenge

VIDEO TRANSCRIPT:

OK! Bonus savings challenge. If you have a limited budget, you can start building your emergency fund slowly by taking on this 52-week savings challenge. Essentially the way it works is that because there are 52 weeks in a year, you can build your savings slowly as you progress throughout the year. So let’s say in the first week you only save a dollar; on week two, you save $2; on week three, $3; on week four, $4. I think you get the picture — on and on until finally week 52.

If you do that, follow that pattern, by the end of week 52, you will have $1300 in your emergency fund. So it’s a really easy way to get a long-term savings plan accomplished. You can alter the date you can change the amounts as your income grows, but the goal is just to get into the habit of saving on a regular basis before spending so that you can build a bright financial future.

If you like this lesson, please see our entire course on savings for emergencies at mymoneyworkshop.org. We can also be found on Facebook, LinkedIn, Twitter, and Instagram.