Thursday, January 2, 2014

The 52-Week Money Savings Challenge

You may have seen the 52-Week Money Savings Challenge circulating lately. I've seen it on different blogs, Pinterest, Facebook, and Twitter. I've pinned it, saved it, taken pictures of it, etc. for weeks, but it wasn't until January 1st that I really decided to give it a try.

A savings plan probably doesn't sound like a big deal to most of you, but for me, it's HUGE! I'm the worst over spender out there. I love cosmetics-is it really necessary that one woman have over 100 lipsticks? And when I say that, I can add that I throw away old ones (sometimes brand new). I also tend to shop when I get stressed. Online shopping was probably invented with me in mind (ok, obviously this isn't the case)! So, the idea of a savings plan for me is kind of funny. I know, however, that it's something I really need to do.

The plan looks pretty easy, and I'm seriously committed. My sister agreed to do this with me, and while she also is a big spender, she has much better will power than I do. She will keep me on track. I'm pasting a cute image of the plan that I copied from Lifearoundtheloopblog. (I also need to learn how to create images with cute borders this year).


So, what do you think? Are any of you going to try the savings plan this year? If you hadn't planned on it, do you want to join me?

5 comments:

  1. Have you ever heard of Sharebuilder? Costco Executive members get a $50 bonus for signing up and all Costco members get discounted trading. I have never used them, but they will most likely allow you to set a recurring withdrawal from your checking account, which removes any need for willpower. As to what to invest in, most experts recommend an index fund with low costs. If you prefer individual stocks, there are plenty of large cap Dow stocks that pay good dividends. Check here http://indexarb.com/dividendYieldSorteddj.html for dow stocks ranked by yield. Dividends are taxed at a lower rate than savings account interest so you get to keep more of what you earn.

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  2. ATT is paying 5.23%, GE is paying 3.25%. Disney is paying 1.28%, that's twice the national average one year CD rate.

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    1. Thanks for the info! I'm still going to do the challenge with a group of people. Do you remember my brother? He works in wealth management, but we're far from any sort of "wealth!" I've got a TIAA-Cref, but I'm not working right now, so I need to be a bit more careful!

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  3. I love the concept of this money saving plan! It seems like it would get people used to saving a little more money each week!

    Lauren,
    http://www.atouchofsoutherngrace.com

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    1. Lauren-are you going to do it? The way I see is it, the money could always be used for next Christmas. If you haven't started yet, it's only $10 so far, which includes the current week.

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