How The $1 Could Save You Big Bucks
SAN ANGELO, TX – If your New Year's resolution was to save money, and you are not the lucky winner of the lottery, this could be the way to save for something special.
It’s called the $1 challenge, also known as the 52-week challenge on money-saving blogs, according to abc13.
Here is how it works:
The first week of the year you save $1. Then, you increase your savings by $1 each week.
So, during week two, you save $2, which you add to week one’s dollar. That’s $3.
On week three, you save $3, and that adds up to $6. You continue that to 52-weeks and you would have saved a grand total of $1,378.
Some people like to put their savings into piggy banks or envelopes. Others like to keep their cash automatically deposited in savings accounts at the bank.
This fun way of saving could be set up to challenge your spouse to see who can save more by the 52-week mark.
If you wanted to continue increasing your savings by $1 a week into the next year, you’d save up another $4,082 by the end of the second year. Ending two years of saving with close to a $5,500 total.
If you are already an aggressive saver, challenge yourself. Start at $100 on week one. Then increase contributions in $2-a-week increments.