It’s all over Facebook – The 52 Week Savings Plan. The idea is to start with $1 and then each week put that same amount plus $1 more into savings and at the end of 52 weeks you will have $1388. It’s a great plan if you don’t have a normal savings plan, or you want to have this money at Christmas time.
There are a couple variations that might work better for you.
Many people have more money right now from gifts, bonuses, etc. If that is the case, try reversing the plan. Start with $52 this week and work your way down to $1 by the end of the year. The result is the same.
If you are like us, and have income coming at different intervals, you can always customize the plan. Depending on what your income is for the week, pick a number that fits best and deposit that amount. Cross it out on your sheet and total the deposit for the week. This will take more discipline to not always choose a lower number. If every box is done, the result will be the same.
Either of these will work to put Christmas money away, or if you have no savings. If it helps you to do something each week, then do it!!
The best way I find to save is to put a percentage away of any money that you receive. 10% is a good place to start. Whether it be a paycheck, a bonus, a gift, commissions, or any money at all, just take 10% and put it in savings. This takes the guess work out of how to set a certain amount and when to do it if your money isn’t stable or comes in at different times during the year.