Some of you may have seen this before, and maybe it can get a few more people saving money, if it can great. It goes like this:
You need to save the same dollar amount, as the week of the year, very simple, for example:
At the end of the first week of Jan 2014, (maybe call this Jan 7 for clarification) save $1, yes $1.
At the end of the second week you save $2.
At the end of the thrid week, so Jan 21, you would save $3. At the end of three weeks you would have saved $6 total.
Hopefully you get the pattern by now. If not *SPOILER ALERT* in the last week, the 52nd week, you have to save $52.
Here is the good news, guess how much you will have saved in total, if you can do this through out the year? Without interest…
$1,378!!! I admit, that is pretty cool.
Go see the chart if you like over at Survivor Mom
Of course the goal is NOT to spend these savings, but invest them, or pay off debt, do something with them, don’t just buy more crap!
The Good – it may help some save more money, it is easy to follow, decent payout at the end.
The Bad – you really should be trying to save $50 a week if you can, not just the last 3 weeks of the year. There isn’t a goal for this, if it is to pay down debt, you should likely be applying it to your debt as your go, not at the end of the year. It is just a silly gimmick, The Fake Cheap looks for fundamental changes in the way you use your money.
If anyone has tired this or is going to give this a go, let me know how it works out for you.