Here is a different take on the 52 week challenge....

[edk35]

http://www.pocketyourdollars.com/2014/01/why-you-shouldnt-do-the-52-week-money-challenge/


Thought I would share...

 

[wiigirl]

Interesting....

 

[supersnoop]

Not only is that the complete opposite of the idea, but I think the psychological result is counterproductive. The approach in the article seeks to motivate you by providing immediate results. That the weight loss example. Sure, I'd love to lose more weight more quickly, but the real success is the momentum that allows you to keep the weight off.

The purpose if the 52 week savings program, as I see it, is to train you that the results will NOT be immediate. That it takes persistence and perseverance to make a measurable change. It's more important to KEEP the ball rolling than it is to start big and trail off.

We all need to forget about the instant gratification and focus on the long term. This article flys in the face of that idea.

 

[Jaime4004]

Seems more like a plug for a free capitolone saving acct. Which, BTW, i actually have.
Any way that gets people to save more is a good thing, fad or not!

 

[edk35]

I goggled the 52 week plan and this one popped up that is how I found it.

 

[AndreaO1983]

I actually think that this way will work better. November and December are the months that most people are spending more because of the holidays. If you are putting the larger amounts away sooner, than come Christmas you won't feel overwhelmed with the amount you need to be putting away for savings. Or even take the total amount and make equal payments every week.

 

[RitaE]

Nice opportunity to get her Capital One referral link up on a webpage.


I've seen people do all kinds of things for the 52 week challenge. Forwards, Backwards, Randomly, Yahtzee style. Whatever floats your boat. What puzzles me is the number of people who want to insist to everybody else "You're doing it WRONG!"

I guess it's just human nature. This is what I do so everybody else should do it too.

 

[edk35]

Nice opportunity to get her Capital One referral link up on a webpage.


I've seen people do all kinds of things for the 52 week challenge. Forwards, Backwards, Randomly, Yahtzee style. Whatever floats your boat. What puzzles me is the number of people who want to insist to everybody else "You're doing it WRONG!"

I guess it's just human nature. This is what I do so everybody else should do it too.

Are you referring to me posting that referral link? Or the person that wrote the article? Okay I didn't notice that and had no idea about referrals and could care less actually. I just googled the 52 week plan and that popped up. I have never referred anyone to that Capital One acct. I started out when it was Direct Ing years ago...don't even know if they did referrals back then either. I read one thread on here about wanting ideas to save and saw that OP was doing some 52 week plan so I googled it.

The other way caught my attention...posted it.

 

[edk35]

I actually think that this way will work better. November and December are the months that most people are spending more because of the holidays. If you are putting the larger amounts away sooner, than come Christmas you won't feel overwhelmed with the amount you need to be putting away for savings. Or even take the total amount and make equal payments every week.

That part made sense and the other way I guess makes sense too because maybe people spent way too much at Christmas and it is easier for them to save a small amount. I mean really...if you have the money just plunk all of it into your acct. in Jan. and be done.

 

[MickeyManiac]

This is exactly how I do the "Challenge". I do it backwards with higher amount first so in December I only have to put away $10 for the month. I also do a weekly transfer from my checking acct to a dedicated savings acct. One more reason to look forward to Friday. I KNOW if it was sitting in my house in a jar I would spend it. Plus, I don't like to keep large sums of money on a counter, dresser, etc.

I say do this challenge however it works for you. It's better than not saving at all.

 

[ellie05]

Since we started our in November the regular way works great for us, because Nov and Dec we spend more money.

 

[DawnM]

Yeah, so what works. Whatever that means for you.

$115 per month is how I would do it. $28.75 per week.

We get paid twice per month. The first check covers most of our expenses. The second check is where we take our savings amounts from, so once a month deposit of $115 is how I would do it.

A jar at home wouldn't work for me either. I hate having cash around. When I need $5, I scrounge to find cash in the house. If there is a jar of cash I would be grabbing.

Dawn

 

[tinkerone]

Since we started our in November the regular way works great for us, because Nov and Dec we spend more money.

exactly what i have done!! it means that during the really spendy months, such as november and december, you don't have to contribute much and by October 31 of the following year you have your christmas fund!

it works well for me and makes christmas so much easier.

i don't see that doing it backwards is any better. it may not grow fast at first but it makes it easier to get dedicated and for it to become a habit before the big $$ start to go in. if i had to put $200 in the first month i may be thinking, in the back of my mind, what i could do with that money and it would be gone. by putting $10 in the first month its not that tempting to spend and it gives it time to become that good habit.
jmo

 

[mi*vida*loca]

I tried the 52 week challenge but that didn't work for me. I can't have cash around and I don't want to set up a different amount to be transferred from my account every week or a different amount out of my check every pay.

What works best for me is having a separate savings account at my credit union at work. I transferred $50 a pay for January and February (I needed relief after Christmas and my kids birthdays). Starting next pay I'm doing $100every pay.

I work in the outpatient office. The credit union is at the hospital across the street. I don't have an ATM card for this account. I have to go in person and make withdraws. The credit union is tucked in the back of the hospital so it's a long walk. I'm usually very busy at work and can't just run over there. There is always a long line there. And they have very short hours and not open on weekends. So it's not easy access.

I hope to have 4000 by our next trip in 2015. I hope we don't have to touch it for that trip and can save even more for a trip in 2016.

 

[edk35]

This is what I have been doing..... saving the amount of the coupons I use each week for groceries. If I save 10 bucks one week...I note it in a notebook I keep vacation notes in. At the end of the month I transfer that much over into the ING account that I opened years ago. For the month of Feb. I actually had 62 bucks to transfer over. That included some other store coupons I used at Pet Smart too. I guess one could always transfer that exact amount each week too...but I just do a lump sum at the end of the month.

We also throw all our change into a can and before a trip I cash it in at our credit union. I also started buying a 50 dollar Disney Gift card every two weeks.
Just little things that we don't miss in our pay but they really add up over time.

Oh and I also have a transferred amount every 2 weeks from our checking to the ING account (Capital One now) that coincides with my husband's payday. This ING account is our vacation acct.

 

[MrsPete]

I agree with the article. I've always been against the "save your change" concept for the same reason: It's not about decreasing your spending; rather, it's about keeping your money in a different place.

If you really want to save money, look for places you can cut back: Cut your grocery bill, eat out less, consolidate your errands, be more moderate in your gift giving, make old clothes do longer. Spending less makes more sense than gimmicks.

 

[MickeyManiac]

I agree with the article. I've always been against the "save your change" concept for the same reason: It's not about decreasing your spending; rather, it's about keeping your money in a different place. If you really want to save money, look for places you can cut back: Cut your grocery bill, eat out less, consolidate your errands, be more moderate in your gift giving, make old clothes do longer. Spending less makes more sense than gimmicks.

I feel like I am reducing my spending while doing this savings plan. I transfer the money from my account before I have a chance to spend it. If it's not there, I can't spend it. This is by no means our only savings plan, it's actually a very small portion. It's just a fun little way to challenge myself to save more.

 

[IBelieveInTheMagic]

I posted this in the other 52 week threads but we've having "fun" with the 52 week challenge. I decided to cut out each week and the money amount into strips, put them in a cup and my DS pulls one every Wednesday. This way it's random and exciting and hopefully they get mixed up better that way. This morning he pulled $47 and looked at me and said "yikes, sorry I pulled a high one". I told him no worries, we need to pull it sooner or later

We are doing this for fun and a little extra side $$ for something down the road. Of course this is in addition to other savings, retirement, etc, etc. Whatever helps you save and not spend it - awesome!

We are up to $200 and have not skipped a week yet. I actually look forward to Wednesdays now and love seeing what he'll pull and feel awesome when I cross off another week from the list.

Heather

 

[edk35]

I posted this in the other 52 week threads but we've having "fun" with the 52 week challenge. I decided to cut out each week and the money amount into strips, put them in a cup and my DS pulls one every Wednesday. This way it's random and exciting and hopefully they get mixed up better that way. This morning he pulled $47 and looked at me and said "yikes, sorry I pulled a high one". I told him no worries, we need to pull it sooner or later

We are doing this for fun and a little extra side $$ for something down the road. Of course this is in addition to other savings, retirement, etc, etc. Whatever helps you save and not spend it - awesome!

We are up to $200 and have not skipped a week yet. I actually look forward to Wednesdays now and love seeing what he'll pull and feel awesome when I cross off another week from the list.

Heather

That's a cute idea.

 

[Marionnette]

I posted this in the other 52 week threads but we've having "fun" with the 52 week challenge. I decided to cut out each week and the money amount into strips, put them in a cup and my DS pulls one every Wednesday. This way it's random and exciting and hopefully they get mixed up better that way. This morning he pulled $47 and looked at me and said "yikes, sorry I pulled a high one". I told him no worries, we need to pull it sooner or later

We are doing this for fun and a little extra side $$ for something down the road. Of course this is in addition to other savings, retirement, etc, etc. Whatever helps you save and not spend it - awesome!

We are up to $200 and have not skipped a week yet. I actually look forward to Wednesdays now and love seeing what he'll pull and feel awesome when I cross off another week from the list.

Heather

This sounds like a lot of fun and you're teaching you child that sometimes putting money into savings is hard to do. It kind of goes against the premise of the whole challenge, which is to slowly help you adjust to saving, but it sounds like you are already have it under control.

I'm not a fan of the 52-week challenge the way that it's written. I think that if you can afford to put $200 aside in the month of December, then you should be able to do it the other 12 months of the year. And I wonder how many people who start the challenge with gazelle-like intensity actually push through the tougher months in the latter part of the challenge. I much prefer the idea of just having consistent amounts deposited into savings on a regular basis.

In the long run, I suppose that anything that motivates you to save is a good thing. I just prefer to do it my way instead of relying on a gimmicky plan.