Hello guys! So in my 6 month No Spend Must Save Money Challenge, I talked about saving $250/month. This is my long term goal to save for an ongoing emergency fund. I also wanted to save money to be able to make large purchases (anything over $300) in cash, and not have to use credit to fund these purchases. I thought about it, and for me right now, I did not want to mix the 2 savings efforts. I thought that the 52 week money savings challenge would be a perfect way to start to build a savings for these purchases. Now unless you have been living under a
rock, I'm sure you have seen those 26 and 52-week savings challenges floating
around right? Well I sure have seen them too many times to have not participated
in them a long time ago. That all stops today for me! I am ready to start my savings
challenge and take you guys along with me. Are you ready to save??? You can save it in a jar, as I have seen that some people do, but I would advise that you save it in a savings account. If you do not have a savings account, most banks will let you open an account with a minimum of $25 and mostly all credit unions will let you open an account with only $5. Now if you already have a savings account, you can start this challenge in that account or open a vacation or holiday club account to start this challenge. The best
way to get this right without having to change your deposits each time you get paid is to schedule deposit transfers from your checking to
your savings account for the whole year on each pay date. I know, I know, it sounds long and
exhausting, but it is actually not. It took me about 20 minutes to do. I advise
you to go down the list I will provide below, and write your corresponding pay date next to the amount before you get started
with doing your transfers. The savings starts off small, and increases
gradually at each paycheck. Once you get towards the end of the year when the
amount starts to increase, you should have developed a discipline
for your savings pattern, and should be a long way away from temptation(hopefully). Will
you join me? I am excited to start! If you get paid weekly, you are only in for
$1 for this week, us bi-weekly folks start off at $3, now I know we can do
that! If you get paid twice a month, like on the 1st and the 15th or the 15 and
the 30th, then use the twice a month chart that is also listed below. It is slightly different
because you only have 24 weeks of savings and you start off saving $6. The goal is to get us used to the idea of
saving money without it feeling like you are going broke for saving. If you fall off just pick yourself back up wherever you left off. I will be doing monthly updates so we can discuss our progress and talk about different goals to save for, whether it be an emergency fund, a house, a car, or just a lavish shopping trip at the end of the year. Whatever it is! If it's important to you, it's worth saving for.
Well
guys until next time, I'm signing off, OSM.
Copy and paste the link below for a printable version of these forms in PDF.
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