April is Financial Literacy Month, and what better way to be more financially literate (laugh)
than to work on building up your savings, and today I have an idea that might help with that.
Hi, it’s Amanda Christensen with Utah State University Extension.
April is Financial Literacy Month nationally, and what better way to focus on financial
literacy than to talk today a little bit about saving money?
Saving money often gets a (descending music) boring rap because nobody wants to save money.
Everyone wants to spend it right?
(cheering) But today I have a challenge that might make that a little more fun.
So, it is the perfect time to begin a 52-week money challenge.
If you choose to start a 52-week money challenge, it doesn’t matter the time of year, you
don’t have to start in January, start now; any week can be week one, and by the end of
52 weeks, you’ll have saved over $1,300 that you can put towards any financial goal, maybe
a big summer vacation next year; whatever you choose.
So getting started.
If we’re in week one, we would save $1.
Week 2 we would save $2.
Week 3, $3.
Week 51, saving $51, and then that final week we save $52.
By the end of those 52 weeks you will have over $1300 saved.
Alright, the first tip to have to making this a successful venture is to create a separate
savings account at your financial institution just for the money coming from your 52-week
money challenge.
That way you can make an automatic payment into that account, you can do an online transfer,
easy peasy, one and done, and you’ll be able to save that money and not be tempted
to spend it.
My second tip is to involve the entire family.
If you have kids at home, call them together for a fun family meeting and explain the 52-week
money challenge.
Ask them how they think they can help as part of the 52- week money challenge and come up
as a family together with the way that you will spend the money once you’re through
with the challenge.
My third tip to make this a success, it’ll be a fun one especially for all the crafty
craftys out there, it would be to make a chart with 52 spaces, and as you complete each week,
check it off or put a sticker in the spot.
This is a visual way to track what your progress, to help your family be on the same page together,
and to see how many weeks you have left to go.
It’s a good motivator to complete the 52-week money challenge.
If you’ll notice by the end of the 52 weeks, you’re saving quite a bit of money, in some
cases over $200 a month in a 4-week period.
So, to help you to be more successful with the 52-week money challenge, here’s a variation.
Create the chart, draw the 52 squares, and then if you have a little extra you’re
able to save, maybe a little $35 this week that’s extra, check off the $35 spot, deposit
the money, and you’re good for that week.
If the next week, you can only scrimp $10 savings away, cross off the $10 box and save
that money in your account and move on to the next week.
Leave those lower weeks, those $1, $2, $3 weeks, for a time during your 52-week period
when you can’t afford to save, save that much or when it would be easier on your budget
to only put $1 away that week.
Thanks for watching.
Be sure to check the description box below for a link to a printable 52-week money challenge
chart you can print right out and start using today.
If you choose to make your own chart, be sure to send me pictures.
You can tweet at me or Instagram me.
I would love to see those photos.
Also leave a comment below and tell me, what are some of the things you might use $1,300
for?
I would love to know, would love to hear any of your fun twists on the 52-week money challenge.
Thanks again for watching.
I’m Amanda Christensen with Utah State University Extension.
See you next time, bye.
My first, bp, I don’t, be well, blalala