It’s week 8 of the 52 Week Money Challenge! I’ve actually gone ahead and deposited my money for this week and next week (week 9) because I only had a Ten and 7 ones (not enough for week 8 but it was the perfect amount for week 8 & 9). How have you been doing? Have you stayed on track?
Being that we are currently on week 8, you need to add (or should have already added) $8 to your savings…highlighted in yellow in the chart above.
- Week 8 Deposit Amount $8
- Previous Account Balance $28
- New Account Balance $36
If you haven’t done it yet, it is not too late to get started just put in the amounts for weeks 1-8 (a total of $36) or break it up into 2 deposits if you need to.
To keep track of where you should be, I have also created a 52 Week Money Challenge Schedule for you to reference.
If you missed the post explaining it all, here’s how the 52 Week Money Challenge works:
Each week of the year (52) you save a designated amount (based in the week #) and by the end of the year, you will have saved $1378.00 (that doesn’t include any interest it may accrue if you deposit it into a savings account).
So on week 4, you deposit $4. On week 12, $12, week 23 $23, week 38 $38 and so on and so forth. Just print out the chart and cross off each week as you go along.
You could also work backwards and start with an initial savings of $52 (Reverse 52 Week Money Challenge) so that your deposit amounts get smaller as the year goes on. If you started backwards, then:
- Week 8 Deposit Amount $45
- Previous Account Balance $343
- New Account Balance $388
**Don’t forget I’ll be doing giveaways some of the weeks, so keep checking back!
This is a good way to start saving money, but I don;t know if I shall be joining you. I shall observe for now.