Money Challenge for 2013 – Can you save over $1,300??

Have you ever wondered how to save for that vacation each year? Done the calculations and tried to figure out what to do so that you have the funds for Christmas shopping in December? I have.  I now have a few things I do to make sure that I have some extra funds at Christmas time and for other events through the year.

This year, I came across a chart that showed how you can save over $1,300 in one year.  The premise is that you start saving one dollar in the first week of the year.  You then increase your savings by one dollar each week, so that by the last week of the year you are saving $52.  Seems relatively easy and certainly following the holidays, starting at a dollar isn’t difficult.

I have opened a new @SuperStarSaver account with ING and I am going to give this a try.  I certainly would welcome almost $1,400 (when interest is added) at the start of January 2014.  Worst case scenario is that I end up with somewhere between zero and $1,400 saved, even if the savings get, “too heavy” to keep up as November and December creep up.

This chart (which I found on the internet – I am not sure of the source as none was given), shows the math and was what sold me on the idea.  It is easy to follow and seems like it is a manageable program.  I am sure that it will get tough when it gets up to $30-50 per week going to savings, but really that is only one dinner or one night out in those weeks.  That vacation at the end of it all would be worth it, I think.MoneyChallenge

If you would like to join me on this journey, I encourage you to jump on board.  I will be talking about it as the year progresses on social media (using the hashtag #Saver13 – which covers the total saved and the year 2013).  If you don’t already have an ING account, check them out.  If you want to open an account, feel free to use my “Orange Key” which helps both you and I get a bonus.  You can connect with ING here and my Orange Key is – 15735432S1.  What an excellent addition to our savings for the year.

I welcome your comments and thoughts on this idea and I look forward to sharing my progress with you as 2013 progresses!!

11 responses to “Money Challenge for 2013 – Can you save over $1,300??

  1. It’s an interesting idea but grossly flawed down the stretch. The premise has you attempting to save 15% of your total in 1/12 of the time span during the most spend heavy month of the year.

    Odd as it sounds, I’d almost look to reverse the formula. Most people hibernate in January/February. You can save 31% of the goal amount in 1/6 the time during the least spend heavy months of the year. The $10 needed at the end to make the $1300 is far more realistic in December.

  2. The hard thing about this is that people usually already have their money deposited directly into a bank account. This would require a person to remove it physically (chance of losing money) or transfer it from another bank (costing money) and deposit the amount daily (time waster).

    • Thanks for the comment, Terry. I don’t deny that any savings program is going require effort and dedication. The nice thing about most savings accounts now is that you can do most of the transactions electronically via the web or mobile device. What I liked about this system is that it required an effort once every week (or two weeks), depending in your pay schedule.

      • I suppose I could do it daily/weekly without cost, I have ING too. And I like this backwards idea! Thanks for sharing Chris. Apparently I’m a bit of a pessimist in the AM! Ha!

  3. I have all my accounts with ING – They are my main bank right now. While I have maxed out the number of savings accounts I can have, I think I will join you on this adventure (placing the $ in my TFSA instead)… There are a couple trips I need to go on this year and some renos I need to do, but I do have support for both of those things, so I’ll try this out and see where it goes…

    Except I’ll be taking Justin’s advice and going backwards. 🙂

    Based on the current week, Week #3, I should be placing $153 in the pot for this week to “catch-up”…. We’ll see where this leads for me. Thanks for the idea and the little nudge to get something like this started!

  4. I am doing this challenge in reverse too. I have been an ING customer for a few years now and am saving for a family vacation.

  5. My friend printed up this chart, and what she’s doing is figuring out how much she has to save, and checking off the boxes that add up to that amount. For example. Say she has 34$ one week, she’ll put a 12, 18, 4 checked. That way when another week comes with another 34, for example… she can just check the 34. SO, right now (post holiday) she might have a bit less (stick to the smaller ones), but come tax return season, a lot more (fill up the bigger ones) and back to the holidays (go fill up the middle & whatever’s left)… by keeping it out and getting checked in, it’s encouraging to see it filling up, especially that the bigger and middle ones are “done” when you arrive at the end of the year. 🙂

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