Four ways to rule your 52-Week Savings Challenge

Make a resolution to save more money in the new year with the 52-Week Challenge. You start small then put a little more in your account every week for 52 weeks — a full year. During week one, put $1 into your savings account. On the second week put $2, on the third week add $3 … you get the idea. By year’s end you could end up with more than $1,300 from your savings and any dividends you may earn from your deposits. Check out these four fun ways to rule your savings challenge!

Make it a New Year’s Challenge
Embrace the 52-Week Challenge as a New Year’s resolution. Tell your family and friends about your Challenge and encourage them to participate. Plan to share your progress with each other to hold yourselves accountable and be recognized for your efforts. Want more of an incentive? Plan a fun activity with some of the money you’ve saved.

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 a holiday savings account, for example. You won’t miss what you can’t see! Want another savings shortcut? Deposit $26.50 each week for 52 weeks and you’ll still end up with $1,378 (plus any possible dividends) at the end of your year!

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. Kick off 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 a portion of individual savings. Then, similar to social media “photo challenges,” share pics of your vacation spot and the activities you want to do while you’re there. This way you can support one another and stay motivated!

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. Contact a financial advisor for additional guidance.

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