Thursday, September 3, 2015

My 52 Week Savings Challenge

In the past, I have tried the 52 week money challenge that has you put a dollar away for the number week of the year you are in.  $1 for week 1, but then $52 for week 52.  I don't know about you, but our family normally doesn't have the funds to put away $51 one week, and then $52 the next.  I came up with my own challenge to help me save money.  We will start with $5 a week, and then the last week of the month, we will add $10 instead of $5.  By the end, we will have put away an extra $330 towards our savings.  I have included a blank copy of the spreadsheet I am using, so that you can customize your savings to fit your household's needs.  Also, this month we are starting a new budget system, the envelope system.  Most of you have probably used this budgeting system by now, but we haven't.  I want to see how allocating funds for specific things will help us not only find a way to better save, but to hold us accountable for our spending as well.  First thing's first.  The bills must be paid!  One the bills are paid, we will put out all of the money that we have pre-designated to these different envelopes.  One will be for groceries, two are for gas money, we have another for necessities, and then of course, two for our spending money.  The idea is that whatever money that we have left from the envelopes the next time my husband gets paid, we will toss into savings.  Have fun challenging your family to save money!

Make sure to check out my posts on how I save a few bucks and bring in extra money for my family from the comfort of my home!