Thursday, January 16, 2014

52-Week Money Saving Challenge


Hi all!

I was reading Honey Were Home Monday night and the post got my attention. It was about finances and budgeting. The point is how can you reduce your debt, how you can save money, and how you can save money to buy something you really want.

I like to have things, who doesn't. Small things I will buy but bigger things can be problematic if you have debt. We planned to re-do our first floor flooring and remodel our kitchen in 2013, but some significant medical bills really need to be paid off so our remodel was postponed. I hate my kitchen and the flooring is literally falling apart but remodeling is not worth the extra debt right now.

So, let's get to the point of this post. Reading Megan's post she found a 52 week money savings challenge on Helicopter Mom's blog. When I think of the debt I do have and the fact that I want new flooring, furniture, fixtures, vacation, and Christmas money this challenge is a great motivator.

Save money equaling the week of the year for 52 weeks. Week1...save $1; week 25...save $25; etc. Over the course of the year you will save $1,378. You can also break this down to $115 per month to equal $1,380 over 52 weeks.

My family is in each of us will drop $115 into an acct each month to save for Christmas and vacation. This will be just over $5,500 in a year! This teaches my kids about saving money and the reward you get at the end. Very exciting.

Many thanks to Helicopter Mom aka Mickey for posting this challenge and for creating the 52 week challenge printable pdf. Also many thanks for her fabulous blog, I plan to read it from start to present this weekend!

Look for other sources to explain how you can reduce debt. Suze Orman and Dave Ramsey are experts that can lead you in the right direction. Megan points out that you can plan for what you want and once your finances are in a good place you can make your purchase (if you even still want that item). Megan's post also lists things you can do while not spending much or any money. Having fun or having nice things doesn't always have to cost a lot of money.

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