Make it a New Year’s challenge
Embrace the 52-Week Challenge as a New Year’s resolution. Let your family and friends know about your challenge and encourage them to do it with you. Plan to share your progress with each other to hold yourselves accountable and be recognized for your efforts. Want more of an incentive? Plan to take a trip together with the money you’ve saved.
Start your Challenge in reverse
As the Challenge comes to an end in December, it may be harder to save larger amounts with the holidays looming. Instead try counting down instead of up. Kickoff your 52-Week Challenge in January with $52 in week one, $51 in week two, and so on. By the time December rolls around, you’ll be down to single digit dollar amounts and can finish the challenge with ease.
Use social media to make the challenge fun
Arrange a “buddy challenge” so others will save with you. Create a closed group on Facebook with those close to you. Think of a trip your group wants to take with their savings. Then, similar to the “Photo Challenges,” share pics of your vacation spot and the activities you want to do each week in the group. This way you can support one another and stay motivated!
Hack your Challenge
Worried you’ll forget to save for your weekly challenge? Create a separate account and have your weekly contribution automatically deposited into that account. Hint: if you deposit $26.50 each week for 52 weeks, you’ll still end up with $1,378 at the end of your year!
Take the Challenge now and watch your savings grow all year long with the help of this 52-week challenge chart.
Article provided by Local Government Federal Credit Union.
The advice provided is for informational purposes only.