One of the top New Year’s resolutions is to save money. In tonight’s Money Monday, Lynn Martinez has details on a program that will help you save over $1,300 by the end of the year.
Erin Purchase admits she’s a good spender but not a good saver.
Erin Purchase: “I am not a very successful saver, I will be honest with you.”
She is not alone. Most Americans are saving less every year.
Erin Purchase: “I’ve tried couponing, I’ve tried multiple different ways of trying to motivate myself to save.”
But that motivation is getting a big boost after reading a post on the local Teach me to Save blog.
Leanette Fernandez: “It’s called the 52 week money challenge because there’s 52 weeks in a year, and then each week you designate a certain amount and you put aside a certain amount each week.”
Erin immediately jumped on board with Leanette and the challenge.
Erin Purchase: “I just thought this was an amazing opportunity to take the new year by the reins and kind of commit to something.”
The concept is simple. Each week you put away the amount of money that matches the week that you are on. For week one you save $1. Week two you save $2. On week three you save $3.
Leanette Fernandez: “You’ll save $1,378 by the end.”
A nice chunk of change that can be used for anything at the end of the year or saved for later.
Leanette Fernandez: “That money can be used toward vacations, shopping.”
The hardest part of the challenge is staying on track. In order for the challenge to work you must keep yourself accountable.
Leanette Fernandez: “Put it away immediately. Set a reminder on your phone, alarm in your calendar. Is it for a deposit for a house? Is it for a new car? Maybe put that picture up so it motivates you to do that.”
Do what works for you and you’re on your way to keeping that resolution and seeing green.
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