Tuesday, 5 January 2016

52 Week Money Challenge


First post of the year is about the Benjamins or the pound coins in this case!

So last year my husband and I really got into Dave Ramsey. He is a shouty American who lectures about being Debt Free and saving for retirement and I love it! He uses 7 specific baby steps and there are so many success stories of individuals and families who are now debt free. It's all very interesting and motivating especially if you are interested in saving money or paying off debt. I recommend giving him a Google! (I sound like they paid me to say this - sadly they did not) Also, that's not really what this post is about.

Through watching YouTube videos about Dave Ramsey, Debt and saving I heard about the 52 week money challenge.

It sounded doable and I was excited by the payoff at the end of the year ( £1378 to be exact). I am starting my challenge in January but to be honest you can start at any point.

So how does it work? I have included a table below which is pretty self explanatory. Most of the tables I found online were for dollars so I just replaced the $ with a £ - genius...not.

Once a week you put money in a jar. In week 1 you start with £1, week 2 in goes £2, week 3 you put in £3 and so on until week 52 when you put in the final £52!

The 52 Week Money Challenge
WeekDepositTotal SavedWeekDepositTotal Saved
1£1.00£1.0027£27.00£378.00
2£2.00£3.0028£28.00£406.00
3£3.00£6.0029£29.00£435.00
4£4.00£10.0030£30.00£465.00
5£5.00£15.0031£31.00£496.00
6£6.00£21.0032£32.00£528.00
7£7.00£28.0033£33.00£561.00
8£8.00£36.0034£34.00£595.00
9£9.00£45.0035£35.00£630.00
10£10.00£55.0036£36.00£666.00
11£11.00£66.0037£37.00£703.00
12£12.00£78.0038£38.00£741.00
13£13.00£91.0039£39.00£780.00
14£14.00£105.0040£40.00£820.00
15£15.00£120.0041£41.00£861.00
16£16.00£136.0042£42.00£903.00
17£17.00£153.0043£43.00£946.00
18£18.00£171.0044£44.00£990.00
19£19.00£190.0045£45.00£1,035.00
20£20.00£210.0046£46.00£1,081.00
21£21.00£231.0047£47.00£1,128.00
22£22.00£253.0048£48.00£1,176.00
23£23.00£276.0049£49.00£1,225.00
24£24.00£300.0050£50.00£1,275.00
25£25.00£325.0051£51.00£1,326.00
26£26.00£351.0052£52.00£1,378.00

I can already tell I'm really going to struggle in week 10 (March for me) when I hit double figures but the pay off for me is worth it, if I can do it.

I have also seen people do it the other way around, starting week 1 at £52 and working their way down but that's a little too rich for my blood right now so I am stating small and working my way up. 

If you are looking for a savings challenge feel free to get involved! 
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