Save Extra Money in 2014

December 30, 2013

"A penny saved is a penny earned." -- Benjamin Franklin

A new year is almost upon us, and many of us are starting to make resolutions and set goals for 2014. If saving more money is one of yours, here's a simple step that can help you meet your money-saving objectives:

 Have you heard of the 52-Week Money Challenge? Basically, you save the dollar amount of the corresponding week in the 52 weeks, so $1 in week 1, $2 in week 2 and so forth all the way to week 52. It really couldn't be simpler because you're only putting away a little at a time (so you really won't miss it), and by the time you reach week 52 you will have saved an extra $1,128! It's a great way to put away additional money if you're already a saver, and it's a good starting point if you have a hard time saving. You could double the amounts to save even more, or do the challenge for every member in your family (so for a family of 4 it would be $4 for week 1, $8 for week 2, etc).  I did the challenge last year and plan to do it again in 2014. To stay on top of my saving I added weekly reminders to the calendar in my phone--it was ridiculously easy and it felt great to see my account getting a little fatter every week. 
Good luck with all your money-saving endeavors and other resolutions in 2014!

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