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Maximize Your Savings with the 52-Week Savings Challenge - CCCU

 Friday, January 29    CCCU
Maximize Your Savings with the 52-Week Savings Challenge - CCCU

Tips for Maximizing and Completing the 52-week Savings Challenge

 
If you want to build an emergency fund, save for a vacation, or set some money aside for a big purchase but aren't sure how to go about it, you've come to the right place. The 52-week challenge is more than just a money trend. It might be the perfect solution for saving money in 2021, and our Portland community credit union is here to set you up for success.


How to save money with the 52-week challenge

The idea behind the 52-week money-saving challenge is simple: You save $1 the first week, $2 the second week, $3 the next week, and so on. You'll continue through the entire year (52 weeks), increasing your weekly savings by $1 a week. By the end of the year, you'll have $1,378 saved up.
 
This method is ideal for people who generally have a hard time setting money aside. It starts off easy, which helps you keep up the momentum, and meeting higher dollar amounts is rewarding—kind of like a game.
 
Ready to get started? Find tips and guidance for maximizing and completing the challenge below.


Recruit a buddy

As we mentioned, the 52-week savings challenge has a game-like format. If you tend to be more successful in competitive environments, you might consider recruiting a buddy to join you. You can keep each other accountable, check in weekly, and cheer each other on throughout the year.
 

Monitor your spending

As with all savings goals, monitoring your spending is often key to success. The first few weeks of the challenge might be a breeze, but after a couple of months, you may have to start cutting back on some purchases.

There are lots of budgeting apps and online tools that make it easy to track your spending. Check out Mint, PocketGuard, or YNAB (You Need a Budget).
 

Audit recurring charges

Besides day-to-day spending, it might help to assess your recurring charges. This might include TV streaming services, cable, a gym membership, a streaming workout program, newspaper or magazine subscriptions, or paid apps. Canceling just a couple monthly expenses might be enough to cover your weekly savings.
 

Plan for $0 spending days

Once or twice a month, commit to spending $0 for an entire day. Maybe this means you cook dinner at home, make your own coffee, go for a hike, or have a quiet night in with your loved ones. There's plenty you can do that won't cost anything, and it can help you save money in the long run.
 

Make it automatic

We're big proponents of automated savings transfers. At the beginning of the year, you can set up automatic transfers for all 52 weeks, which might make it easier to complete the challenge. While you'll still need to budget for the transfers, you won't have to think about saving it every week.
 

Open a high-yield account

A high-yield money market savings account or share certificate might make the 52-week challenge more rewarding. The interest you earn on a high-yield account can be as much as 25 times higher than a traditional savings account. In other words, your money will grow faster.
 

Consider additional deposits

The whole concept of the 52-week challenge is that little amounts add up. So why not put away another few dollars here and there?
 
Saving an additional $5 a week would add $260 to your end-of-year total, and another $10 a week would add $520. You don't have to save more money every week, but when you can swing it, it's easy to transfer a few extra bucks using a banking app.
 

Flexible savings accounts from our Portland community credit union

The whole concept of the 52-week challenge is that little amounts add up. So why not put away another few dollars here and there?
 
Saving an additional $5 a week would add $260 to your end-of-year total, and another $10 a week would add $520. You don't have to save more money every week, but when you can swing it, it's easy to transfer a few extra bucks using a banking app.

Here at CCCU, we make the process of saving money as easy, straightforward, and fruitful as possible. Our Portland credit union offers primary savings accounts, high-yield money markets, share certificates, holiday savings accounts, and first-time homebuyer accounts. It's easy to check your balances and set up automatic transfers on our app, and you can manage all your personal finances in one place.
 
Open a new savings account or become a member today.
 

52 Week Savings Challenge


Week:                 Deposit:            Balance:                            Tip:
1                         $1                       $1                                     Recruit a buddy
2                         $2                       $3
3                         $3                       $6
4                         $4                       $10                                   Open a high-yield account
5                         $5                       $15
6                         $6                       $21                                  
7                         $7                       $28                                   Set up automatic payments
8                         $8                       $36
9                         $9                       $45
10                       $10                     $55
11                       $11                     $66                                   Monitor your spending
12                       $12                     $78
13                       $13                     $91
14                       $14                     $105
15                       $15                     $120
16                       $16                     $136                                 Audit recurring charges
17                       $17                     $153                                
18                       $18                     $171
19                       $19                     $190
20                       $20                     $210
21                       $21                     $231
22                       $22                     $253
23                       $23                     $276
24                       $24                     $300                                 Plan $0 spending days
25                       $25                     $325
26                       $26                     $351
27                       $27                     $378
28                       $28                     $406
29                       $29                     $435
30                       $30                     $465                                 Consider additional deposits
31                       $31                     $496
32                       $32                     $528
33                       $33                     $561
34                       $34                     $595
35                       $35                     $630
36                       $36                     $666
37                       $37                     $703
38                       $38                     $741
39                       $39                     $780
40                       $40                     $820
41                       $41                     $861
42                       $42                     $903
43                       $43                     $946
44                       $44                     $990
45                       $45                     $1,035
46                       $46                     $1,081
47                       $47                     $1,128
48                       $48                     $1,176
49                       $49                     $1,225
50                       $50                     $1,275
51                       $51                     $1,326
52                       $52                     $1,378
 


 


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