GUELPH – Money – Do you find it hard to save? Have trouble making and sticking to a plan? Here is a simple savings plan that could lead to a small emergency fund in just one short year. The plan is called the 52 week saving challenge.
Mompreneur and former Thunder Bay resident Alicia Murphy was inspired to create a simple and effective worksheet to help people save money.
The challenge is quite simple, each week you save a specific dollar amount based on the corresponding week you are on. It starts with saving just $1 for the first week, $2 for the second week, $3 for the third week and so on. These seem like tiny amounts, but with every weekly increase the savings quickly add up.
By the end of 52 weeks you should be left with just under $1400. If your income is higher you can save double each amount every week to gain even a higher nest egg at the end of the year.
Alicia has put together an excellent free printable tracker to help with this challenge at her site LifeByMom.com which focuses on frugal and clean living.
Link to 52 Week Savings Challenge Tracker
