We just keep on coming with the Savings Challenges on Be Secure Financially!
Okay, so this one might seem difficult for many; but we want you to know there are different ways you can save throughout the year depending on your budget and goals.
You might be thinking, if you have that kind of money, why not just put the $800 a month right into the account?
Well, the reality check is that even for those with extra money, putting $800 in one lump sum can still seem difficult. However, depositing weekly amounts up to $204 can be just a bit easier for their pocket book or state of mind.
$5000 Savings Challenge
This $5000 Savings Challenge can be great for those building up to a down payment for a home, paying off less than $10,000 in credit card debt, or building a good "nest egg" emergency fund.
So, how does this savings challenge work?
You start with $4 the first week, $8 the second week, $12 the third week and keep increasing your deposit amount by $4 each week. Over one year (or 52 weeks) you will be depositing between $4 and $204 each week into a designated savings account.
At the end of the year, you will have $5512.00 in one account!
$5000 is a lot of money and one that can realistically be reached if you stick to this savings plan. Can you imagine this time next year having an additional $5000 socked away? We think that sounds fantastic!