The 60-Week Challenge

I recently post to my Instagram a chart for the 52-week challenge. Now if you haven't seen it before, the 52-week challenge is a way to put money away every week, in increments until you reach the end of the year. The goal is to take $1 dollar in week one and put it away. $2 dollars in week two, $3 in week three and so forth. By the chart on the right, you should reach the desired goal of $1,378 at the end of the next calendar year.

In my case, I'm doing a 60-week challenge. Why? I don't want to wait until January to start my savings program. The final amount for the 60-week challenge will be $1,830. Here's a word of warning. Keep in mind that as you progress in the weekly interval, you will be taking out amounts in the $40, and $50 dollar range from your check on a weekly basis. That might be something that is very prohibitive depending on your expenses. Another way to do the 52-week challenge is to do so in reverse. Carrie Rocha in her article Don’t Do the 52-Week Money Challenge (At Least Not Their Way) from the Pocket Your Dollars website dated January 8, 2014 describes how you can do it in reverse by taking out the bigger amounts in the beginning when you are motivated and have the smaller amounts taken out in December when you're main expenditures for Christmas happens.

In the end, do what works for you. I'm starting now because I am not guaranteed a job after Christmas season. I was hired as a seasonal worker and I am trying to stay on permanently. So starting now helps me get a start for when I get hired on a permanent basis (hopefully). I'm doing a smaller one as well, starting with 25¢ and going up from there at 25¢ intervals. They key isn't the amount, its the dedication to stay on the path to savings. Just find what works for you. Here are a few more examples of savings plans.

If you rather do your own plan, print out this chart to keep track:

There's no right or worse way to do this plan. Just find what works for you and ride it out until the end. I'll post on how I'm doing in the near future. Let me know what you think.

Until next time,
FH