Wednesday, 26 March 2014

Savings and the 52 week saving challenge

52 week saving challenge; end of year; emergency fund;

This week I have finally unpacked my books and realised just how many money related titles I have gathered over the years. 'Winning with shares', 'Pay yourself first', 'Money - for women'.  I am not a trust fund baby and every penny I have ever spent I have earned, so believe me I spend my earnings wisely, plus I really don't do money stress very well. The emotional, psychological and physical benefits of managing your money are well known. Lets just say I am that person who knows exactly how much money I have in my bank account, and yes that makes me happy.

I recently come across the 52 week saving challenge and that also got me thinking about the importance of saving. With the 52 week challenge you basically save £1.00 the first week, £2.00 the second week £49.00 the 49th week etc, you end up with £1,378 - if you are able to stick to it.  You could also do in reverse - if you wanted to get the tough bit out of the way. I am thinking of roping in generous friends and family and maybe adding birthday spends to the pot. With the new financial year starting next week this is a really simple way of saving some money - that is if you have any left after paying the enormous food and energy bills. Even if you can make it half way through the 52 weeks this seems like a great way of getting into the savings habit and working up a nice little pot.

I reckon you could also move the weeks around too - if you have a bit extra - or have that birthday money / done a car boot / sold some stuff on Ebay - you could put away a weeks savings out of the order. I am thinking the mini challenge, saving in multiples of £0.50 is manageable and still totally worthwhile - you should end up with £689.00 which is enough for a weekend away, or a new camera or a pair of fabulous shoes. I think even a mini-mini challenge £0.10p a week would get a great treat. 

There are lots of printable tick sheets on the world wide web but this one from Natalie aka OneBustWahm is the best I've seen - thanks Natalie.

Now I am no financial expert, but just in-case you are not yet convinced - my top three reasons for saving.
  1. Emergency fund - nothing like a cooker to break down to wish you had savings.
  2. Independence - everyone needs a little pot for unexpected moments and treats.
  3. Saving money - having the cash to make the most of the sales just makes good sense.
I know sound like such a Mum but savings are good. I know how depressing it is when you don't have any money to save and on the flip-side I see how much money people 'waste' i.e could re-direct.  If you are able to save, save, even a little bit is better than not being able to save at all. There are loads of books and great websites - I go to Savvy Woman for getting my head round the financial things I need to figure out. 

The new financial year is here and it's a great time for a setting those financial goals and mine is a mini #52weekchallenge.

1 comment:

  1. Thank you for sharing my savings challenge!
    Pretty dress shopping totally counts as "emergency fund" though, right? :)
    Good luck with saving - let me know how you get on!