In January, our attention was drawn to the 52 Week Money Challenge that was taking social media sites and financial bloggers by storm. The Challenge maps out savings for people over the course of a year starting with their first deposit of $1 and finishing with a total amount of $1,378.

 

Saving money is a challenge that tries our patience because we often spend money based on what we want in the present, not thinking about what would benefit us most in the future. For example, when there’s a sale at a department or sporting goods store you may justify spending money because “It was on sale!” or “It was such a good deal!” Moments like these are opportunities to challenge yourself to prioritize your spending and make a contribution to your savings account before you spend money. The 52 Week Money Challenge can help you, as it has helped many other people, develop a pattern of making a deposit into your savings before you spend money to help you reach your savings goal.

 

There are many ways to approach the 52 Week Money Challenge if you want to get creative with your savings like starting from the end, which would make your first deposit $52 and your last deposit $1. You could also double the amounts of your deposits each week and finish the Challenge with $2,756; or triple the amounts of your deposits and finish the Challenge with $4,134! Setting a savings goal and finding a way to save that works for you will help you be successful whether you want to build a rainy day fund or save for a down payment on a house.   

 

Ask any Member Advisor today how you can set up your 52 Week Money Challenge savings account and start developing a savings pattern that works for you. Or, you can open your open account online using your Social Security number, valid form of identification, and a credit or debit card or U.S. checking or savings account.