One of the most popular resolutions of any New Year is saving money. Money, money, money we all need it and we all should save it but it isn’t always easy right? If you’ve been on social media than you’ve seen the 52 Week Savings Plan, where you can save $1378 in 52 weeks simply by adding the dollar amount of each week to your savings account. My opinion is any way that you can save money isn’t a bad idea! I’m tempted to try this method, but I want to know what you guys think. Do you think this is an effective way to save money? I think it is a simple way to sock some money in your savings and it could work just as well in reverse.
If you want to reach this amount or even a little more you can sock away $30 a week and have $1560.00 or if you want to hit close the $1378.00 a year amount you can put away $26.00 a week and at $28 a week you can save $1404.00. The point is it doesn’t take much to save a little cash! When you think about how easy it is to spend $25 or $30 a week on eating out or even coffee at Starbucks putting it away seems like a no brainer. Now, I know there are times when you may not have $20 bucks because times are tough, so maybe that doesn’t work, but any dollar amount is better than nothing. Here are a couple easy ways to make sure you save those dollars:
1. Automatic Deposit from Your Paycheck- If you don’t see it you don’t feel it. Having $20-$25 deducted from you paycheck and automatically going into a savings account eliminates you having to make a choice it just happens and your less likely to waver.
2. Open up a free Capital One Savings Account (this used to be ING) -I’ve used this and I love this savings account! You can open up different savings accounts such as an emergency account, Christmas Club, or Vacation account. It is very simple to automatically transfer money from your checking account and it can be automatic.
3. Save that Change!-Ching Ching! Don’t underestimate how much you can save when you are putting those pennies and quarters in a jar. Start now by putting your loose change in a drawer and by the end of the year you’ll be shocked at how much you saved!
4. Try to Save Some Dollar Amount Each Week– Finances can be thin, but even then try to put a $1 or $5 away, you’ll feel better and each dollar counts. In the very least remember to put that spare change in the jar.
5. If Unexpected Money Comes In Dump It in a Savings Account-I know it is tempting to spend extra money, but try to be disciplined and put it in your savings account. If you need to use it for bills then at least put a small portion of it in savings. The more you save the more secure your financial future will feel.
This year I’m determined to make an effort at chipping away at my debt and getting financially fit. So I’ll let you know my progress on saving and I’m looking forward to hearing your tips too! So please leave your comments on how you plan to become financially fit in 2015!