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New Year, New Savings Plan. My 52-Week Challenge


Authored By: Halee Niemi on 12/21/2018

A notebook with a list of 2019 goals sitting next to a piggy bank. The words, new year, new savings my 52 week challenge show at the bottom.

New Year, New Savings Plan. My 52-Week Challenge


As we all probably know, setting a New Year's resolution is a whole lot easier than sticking to one for the next 12 months.

I'll be the first one to admit; I'm incredibly guilty of losing momentum halfway through the year.

However, this year will be different. I'm determined to stick to it for one big reason.

I recently sat down with a mortgage lender at Honor Credit Union and got pre-approved for a mortgage loan. This year, my new year's resolution will revolve around saving as much money as I possibly can and planning for the next big step in my life.

I started asking around to find the savings plan that would best fit me and my tendency to back out of my new year's resolution.

My colleague, Adele, told me about a savings plan called the 52-Week Challenge. You might remember Adele from her blog about planning a trip to Italy for her family of four… She has excellent financial advice!


Here's how the 52-Week Challenge works: Start by saving $1 the first week of the year and gradually increase your savings by a dollar each week throughout the year. You will save $2 in week two, $3 in week three, and so until you deposit $52 in week 52. 

By the end of the year, you'll have saved $1,378. This intrigued me.

Sure, it sounds easy in the beginning, but I wanted to make sure I would stick with it when the deposit amounts increase.    

This year, I'm writing down a few rules to make sure I don't go back on my 2019 New Year's Resolution.

Rule #1: Keep track on a calendar

I've decided to get a physical calendar, so I could cross off every time I make a deposit… I know, how old school of me, right?

This tactic has helped me in the past, so I decided to give it a shot. If a calendar app with the ability to send you reminders works better for you, I suggest hopping on your app store right now to download the one that fits you the best. 

Rule #2: Designate a day of the week to make each weekly deposit

I chose Friday as my day of the week to deposit money into my savings account.

Then, I went through my entire calendar and wrote down the amount that would need to be deposited each Friday, according to the 52-Week Challenge, so I could visually keep myself on track.

Rule #3: Deposit more when I have extra money

Instead of completely following the 52-Week Challenge rules and increasing my amount every week, I decided to mix it up and deposit more when I have the extra money.

A few great times to deposit extra money will be shortly after Christmas, around my birthday, and when I receive my tax returns.

I'm also going to take it one step further. Each time I pass up on spending the extra money at my favorite coffee shop or going out to lunch with my co-workers, the money I would have paid will go directly into my savings. 

I’m proud to admit that I already have a head start. Before I left for my Christmas vacation, I deposited $52 into my savings account and crossed week 52 off the calendar. The key to staying on track will be to take away any temptation of spending money on things I don't need.

Everyone is different and in different situations. As you move into the new year, take the time to write down and record your own set of rules to make sure you stick to your 2019 New Year's Resolution and join me in making this our best year yet!

 

Accept the Biggest Saver Challenge TODAY!
 

A piggy bank wearing a workout headband and weights next to it, with the words 'Honor makes it fun to reach your 019 savings goals" and the Biggest Saver logo (a $100 bill with a tape measure around it and the words Biggest Saver).

Why stop here? Keep on reading!

Be sure to follow Honor Credit Union on Twitter @HonorCU, on Facebook @HonorCreditUnion and on Instagram @honorcreditunion!

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If you are using a screen reader or other auxiliary aid and are having problems using this website, please call 800.442.2800 for assistance. All products and services available on this website are available at all Honor Credit Union full-service locations.