Last year I had seen a few posts on the '52 Week Money Challenge'. I'm not a great saver, but I'm good for throwing coins into a jar and keeping them there! So I thought this would be a great challenge and make me save without realising I was actually doing so. The point of the '52 Week Challenge' is that by the 52nd week of the year, you will have saved almost €/£1400.
The picture below explains it further.
The idea is simple. During the first week of the year, you save €1. During the second week, you save €2. Keep adding a euro/pound each week so that during the last week of the year, you’re putting away €52. This adds up to €1,378 over the course of a year.
The appeal of the plan is obvious. When you first see it and look at the first week, you can’t help but think sure it's only €1. Of course, the catch is that the later weeks are far more challenging than the earlier ones. If like me you start this in January, December’s weeks are going to require you to put away €49, €50, €51, and €52. As this is our most expensive he of the year, I did consider starting the challenge backwards, putting away €52 this week and work back. But I'm a creature of habit and I want to do it as 'the list says'.
Obviously things can happen throughout the year, such as unexpected bills etc, but I'm really hoping that I will be able to stick to the challenge.
So are you in? Print off that table above and pop it on the fridge. Let me know if you are going to take the challenge! Think of it as Christmas paid for next year.
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T, A & H xxx
T & A & Hxxxxx