I spotted this ingenious and simple 52-week savings plan* on Facebook a few years ago, posted it on my Facebook page, and it went viral with thousands of likes and even more shares within a couple of days. I’d never seen anything like it. A savings plan, a 52 Weeks Savings Challenge — who can resist something that straightforward and simple?
Obviously, this plan hit a nerve with a large number of people who know they need to save money, want to save but are dealing with the reality of tight budgets.
For many years in my family, my husband was the saver and I was the spender. Big time. It took a while before I began realizing the power that comes with having money in the bank. It was the best feeling in the world when we decided to buy an upright freezer for all the beef and chicken I was buying in bulk and paying for it in full with cash. When money was tight, having extra in the bank meant that we could cover our monthly expenses, at least.
Trust me. If you’ve been struggling with saving money, it’s simpler than you might think and with this 52 Week Savings Plan, you begin to train yourself to save at the lowest level of just one dollar per week.
How does the 52 Week Savings Plan work?
On many calendars, each week is numbered, beginning with Week #1: January 1-7. On this 52 weeks savings plan, you save the number of dollars that corresponds to that week’s number. For example, during Week 1, your goal is to save $1. Week 2, you save $2, Week 3 it’s $3, and so on throughout the year.
If one week you find yourself with extra cash, add it to the pot. You’ll end up with more than the $1378 total by the end of December or you’ll have created a bit of a padding for weeks that don’t have any extra cash left over. The 52 Weeks Savings Plan is highly versatile. You can begin with Week 52 in January, or start on whichever week is easiest for you.This savings plan hit a nerve with a large number of people who know they need to save, want to save, but are dealing with the reality of tight budgets. Click To Tweet
Print out this chart or make your own and check off each week as you save. If there are other members in the family with an income, encourage them to do the same. A family with 2 breadwinners could end up with a grand total of $2756, and that’s no small potatoes!
Here are a few suggestions for making the 52 Week Savings Plan work for YOU
1. Get the whole family involved. Discuss how you’ll spend the savings, give some to charity, etc. and then post a progress chart. Kids who earn money for odd jobs, babysitting, and the like can contribute, so everyone learns how to save and then gets to share in the rewards!
2. The last half of the savings plan can be pretty pricey per week. If that’s too much for you right now, go through weeks 1-26 twice. You’ll still end up with a nice balance at the end.
3. Others have suggested starting with Week 52 at the beginning of the year so the larger savings can be set aside at a time of year when holiday expenses aren’t an issue.
4. Each month on this blog you’ll find an article devoted entirely to the best savings and bargains for that month. Just type in the name of a month in the search box and you’ll find it.
For more help following the 52 Weeks Savings Plan…
Pick up my handy ebook with loads of tips for success, and printable savings charts for the weekly plan, a biweekly savings plan, a monthly plan and a reverse savings plan chart for those who want to begin saving $52 during Week 1 and end up saving just a dollar at the end of the year when expenses are higher. Along with these charts, you’ll receive a savings chart for kids and my Gift Card tracking chart — purchase one gift card per month and end up with 12 at the end of the year to give as gifts or to spend over the holidays!
Sign up for my monthly 52-Weeks Savings Plan emails, which include a different topic each month for saving money.