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52 week savings plan
11 replies to this topic
Posted 05 January 2013 - 02:55 PM
Found this online today, seems pretty simple and Im going to give it a go!
Week 1 $1
Week 2 $2
Week 3 $3
In the end you should have roughly $1378 in the account, plus interest if you use a high rate savings account!
Posted 05 January 2013 - 03:04 PM
If I was doing it, I would go backwards to get higher interest (but then if doing that you may as well save the higher amount continually)
Posted 05 January 2013 - 04:53 PM
I saw that too. It is a great idea, and very achievable too
Posted 05 January 2013 - 05:52 PM
$26.50 a week will get you to the same principle amount and will earn you higher interest along the way.
Posted 05 January 2013 - 06:05 PM
I think the idea is to work upwards so you don't 'feel' the first few payments and give up.
If you can save $52 / week, why wouldn't you just keep it as $52 per week?
Posted 08 January 2013 - 02:35 PM
yeah great for those who can afford to put away the high scale payments.
Posted 08 January 2013 - 11:35 PM
I'm going to do this too. I'm a crap saver and hopefully this will help get me started!
Posted 10 January 2013 - 01:45 AM
You would save a bit more since theres a calculation error in week 49.
I would try it but we are set to save $100 a week to put towards a bigger car.
Another way to help start saving is to transfer what is left in your account the day before pay day, even if its a dollar.
Posted 10 January 2013 - 07:09 AM
We brought one of those money tins that you need a can opener to open and every day my husband and I put $2 in the tin. It might not seem like much but at the end of the year we have $1460. Since having kids I have become a terrible saver so this method has worked really well for me as I don't miss the $2 and once it's in the tin it's out of sight, out of mind. Then when the tin gets full we bank it.
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