Happy New Year Glasses

Yup! That’s me… :)

Happy New Year y’all!

Are you ready to have your best year yet? For YOU I’m claiming:

- More savings

- Less debt

- Increased income

- Higher credit score

- Balanced budget

- A RICHER life

Let’s get started with saving in 2014…

Many of you may have been introduced to the 52 Week Money Challenge in 2013: (see chart below)

52 Week Money Challenge Chart

 

 

If you took the challenge in 2013, congratulations! If you didn’t,  now is the time to start.

The Challenge works like this, each week you deposit the number of that week of the year into a savings account.  During the first week of 2014, you would deposit $1; the second week, $2 etc, etc. By the end of the year, you will have saved almost $1,400!! Pretty cool huh?

Here are 2 ways to make the challenge even better:

Way #1: Automate

How to automate the 52 Week Money Challenge Chart:

1) Open up a FREE, NO FEE, Savings Account. I suggest using an online account, so you won’t have easy access to your money. Online accounts typically take 2-5 business days to withdraw funds. This will discourage impulse spending. Use Bankrate.com to help you choose the best bank for you. I currently use Ally Bank. They have free, no-fee savings accounts that take less than 7 minutes to open online!

2) Set up automated transfers (on the same day each week) from your regular bank, to your new, online Savings Account. Most banks have an online calendar where you can schedule transfers (when and how much). I encourage you to set up the transfers in bulk, a month/4 at a time, or do the whole year. The scheduling should take a matter of minutes and this service is FREE! You don’t have to do the transfers manually each week, unless you think you may not have the funds available in your regular bank account and want to avoid over-drafting.

3) Make sure that you have the money available in your regular bank account each week.

4) Sit back and watch your money AUTOMATICALLY grow and grow and grow!

Automation is the new discipline. :)

Way #2: Reverse It

As you well know, most people don’t stick to New Year’s Resolutions. The reason being is that as the year wears on, your resolve diminishes. I suggest saving $52 in week 1, and $1 in week $52. In this way, the closer you get to December (and holiday shopping), the less you’ll have to save.

Use the 52 Week Money Challenge Reverse Chart below to help you:

52 Week Money Challenge Reverse Chart

 

However you choose to save in 2014 doesn’t matter… what matter is that you begin saving.

Happy New Year and LIVE RICHER!

The Budgetnista

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