The Today Show’s 52 Week Challenge

Do you have trouble saving money?

Well if you watch television in the morning, you may have heard of a money saving challenge issued by The Today Show.

Their challenge is: Save $1 dollar per week and put it in a savings account that does not have a debit card connected to it.

Then the next week, add one more dollar to that amount, making a $2 deposit in your savings account. Then the next week, make a $3 deposit, and so on.

If you do this, by the end of one year (52 weeks), you’ll have $1,378 in your savings account.

While this may not seem like big money, it’s a great accomplishment for those who just can’t seem to save money.

And when I say “save money” I mean putting it in a savings account and leaving it there, no matter what.

The biggest benefit of participating in a challenge like this, is that you can establish the habit of saving money each week. And leaving that money in the bank so your balance grows.

And you can even take this challenge one step further…

I am a big fan of creating an “Emergency Fund.” A savings account that you add money to regularly, where the only exception for withdrawing money is in a real financial emergency. This could be unexpected medical bills, car repairs or even a last minute trip to visit a very sick relative.

So here’s my version of the 52 Week Challenge:

Create your savings account like above, with no debit card attached to it. And use this account for your 52 Week Challenge deposits. With the intent of not touching a dime of it.

Then create a separate account for your Emergency Fund, also without a debit card attached to it.

Now, each week when you make your deposit into your 52 Week Challenge savings account (which goes up by $1 each week), make an equal deposit into your Emergency Fund.

By the end of one year (52 weeks), you will not only have $1,378 in your savings account, you will also have $1,378 in your Emergency Fund.

Then when your 52 Week Challenge is up, continue making deposits into both accounts, while continuing to increase the weekly deposit by $1 in both accounts, each week.

Doing this exercise will turn you into a good saver. And will give you the peace of mind of knowing you have money in the bank, in two savings accounts.

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Please share your comments and questions