Pretty soon your social media feeds are going to be filled with the 52 Week Money Challenge. It sounds like a great plan, put $1 in a jar week 1 and increase it by $1 each week with a handy chart to remind you where you are. By the end of the year you will have saved $1378. BUT it doesn’t really work!
The first problem that jumps out at me is that in December you are trying to add $49, $50, $51, and $52 and I don’t know about you, but I don’t have an extra $202 sitting around at Christmas.
The second problem I found is that we live in a cashless society. The first few weeks, it was pretty easy to toss my spare change into a jar and cross the amount off the chart. Once I reached $20 or more, I had to remember to ask for cash back for that week and I often forgot. Once you fall behind it can be pretty overwhelming to “catch up.”
Another issue is the jar. It’s so easy to “borrow” a few dollars here and there with a promise to return it. My solution was a tin can I found at Dollarama. It was cheap and hard to get into! Although, if you look closely at the picture, you can see someone pried the slot open to borrow some cash. This was not a great idea because the metal shredded the bills. I had a hard time finding the cans again, but I finally found a few this week!
So I didn’t end up with $1378 for Christmas with MY 52 Week Savings Plan. I think I gave up in July, but I did end up with some extra money this year.
52 Week Savings Plan – A Better Way
This year, I’m trying something better. I am going to do the 52 week saving plan backwards! I have also found saving is much easier if it’s automatic and part of our budget. I set up a FREE Tangerine account and set up automatic transfers of $52, $51, $50 and $49 starting January 1. The account has no fees and if you sign up with an Orange Key and deposit $100 before January 31, you will earn a $50 bonus! Who doesn’t like free money!?
Open a Tangerine Account with my Orange Key 46813865S1 and get a $50 Bonus! Visit tangerine.ca/referafriend it’s fast, easy and free!
When you use an Orange Key, the referrer gets a $50 bonus as well! So sign up and start saving money! If you are reading this after January, it doesn’t matter when you start, just jump in.