52 Week Savings Challenge: Bit by Bit

As I mentioned at the end of last week, I’m enjoying watching my 52 Week Savings Challenge Jar fill up bit by bit. In addition to the amount listed on the challenge chart (reprinted below), spare change goes in the jar whenever I remember. If you’ve never saved change before, you might be surprised how quickly it can add up. What’s nicer is that I don’t miss having the change in my wallet to spend.

52 Week Savings Challenge Chart for 2017 (save $2, $5, $10, or $26.50 per week) Copyright © 2016 A Chat Over Coffee

52 Week Savings Challenge Chart for 2017 (save $2, $5, $10, or $26.50 per week) Copyright © 2016 A Chat Over Coffee

The 52 Week Savings Challenge is set up based upon choosing a goal amount to save each week and then finding out how much is saved based upon the weekly goal. At the risk of being overly simplistic, did you realize you can also figure out how to reach a set goal amount by breaking it down, week by week?

When you’re faced with a big savings goal, it’s easy to look at the number of zeros at the end of the dollar amount and give up before you start. It’s so tempting to say, “That’s just too much. I’ll never make it.” Don’t do it! Don’t give up!

Instead, look that number square in the eye and cut it down to size. Let’s say I need to save $2,000 by Christmas, 2017. Counting today, there are 40 Mondays between now and then, with the last Monday being Christmas Day. So if I divide that $2,000 into 40 bite-sized chunks, I need add $50 to my savings each week in order to reach my $2,000 goal!

What is the magic word when it comes to savings? | A Chat Over Coffee

For most of us, trying to come up with an extra $2,000 can be intimidating. Doing it bit by bit and trying to come up with $50 a week is easier. If you have the type of income and lifestyle that allows you to perhaps skip a restaurant meal once a week in order to reach that goal, then you know what you need to do; skip a restaurant meal once a week and stash the cash. But if you have the type of income and lifestyle that is already cutting it close each payday, you know what you need to find; a “side hustle” to earn $50 a week to add to your stash.

Let’s encourage each other as we continue to stash cash, bit by bit. Keep meeting those weekly goals and toss in a little extra when you can to build up a bigger final stash, or take that monster of a goal and cut it down to size in weekly (or every-other-weekly) chunks. Either way, you’ll win, bit by bit!

What are you doing to keep your savings on track?

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