A new year generally means new years resolutions, and for many these include better budgeting, saving money and getting out of debt. If you are looking for a yearly savings plan that is easy to follow and achievable for a range of incomes then the 52 week savings challenge is for you!
How does the 52 week savings plan work?
This savings plan is incredibly easy to follow and involved putting away increasing amounts of money each week throughout the year. You can tailor it to suit your income and budget as well as savings goals and I’ve even done up two 52 week savings challenge printables for you to mark off your savings as you go!
Are there different versions?
Yes. I have included three versions of the savings plan for you to choose from depending on your income.
The first plan is suitable for almost anyone and starts with putting away just $1 in the first week and building to $52 by the last week. At the end you’ll have accumulated $1378! How’s that for a handy little Christmas fund?
The second plan is suitable for those with a bit more disposable income and starts with $21 a week in the first week and builds to $72 a week in the final week. At the end you’ll have accumulated $2418. Enough for a family holiday!
The third plan is ideal for those who really want to put away some savings and have room for some cuts in their budget to make room for the additional money set aside each week. It starts with $51 in the first week and builds to $102 by the final week, ending up with just under $4000 by the end of the year!
If you have the room in your budget you can increase the plans even further. You could set aside $101 in the first week, building by a dollar each week to $152 by the final week. This would build to a sum of $6578 by the end of the year. Not bad!
Should this replace my existing savings?
Ideally this should be in addition to any current savings you are setting aside. The idea is to make cuts to your spending to accommodate the savings money each week to put away more than you normally would.
Where can I find the savings plan printables?
I’d love to know if you found these helpful. Leave a comment below and feel free to share xx
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