It’s a new year and time for a fresh start. Maybe you’ve made a commitment to yourself to make some changes in your life. If one of those things happens to be saving money then keep reading. I posted the below challenge in the past on here and received some really positive feedback, so with the beginning of the new year it’s time to bring it back. The objective is simple. Start off by saving a small amount and gradually increase the amount being saved by $1 each week. In week 1 you’ll deposit $1, week 2 you’ll deposit $2, week 3 you’ll deposit $3 and so on until the end of the year. All you’re doing is adding $1 each week to what you’re already saving. The purpose of this is two-fold. You’ll get to slowly increase the amount you save each week without it feeling like a sudden hit and also you’ll get to see how small, consistent savings can transform into a large lump sum.  Print out the chart below and make sure to check off each time you make a deposit. If you stick to it you’ll have saved just under $1400 by the end of the year.

Tips to success:

• Use online banking to automatically transfer money to your savings account. The benefit here is you can schedule it to transfer each week on a specific day. Set your schedule up for the entire year. It might take a little time to do but once it’s all set up you won’t have to think about it.
• Whichever account you save money to, make it difficult for you to access those funds. This will take away the temptation for you to start spending the money you’ve saved. Maybe open a new bank account with a new bank that isn’t your primary bank. (Take a look at our list of Black Owned Banks)
• Try doing it in the reverse order. Start week 1 with a $52 deposit and then each week save $1 less. Some people find it easier to save knowing they have to contribute less each week. Do whichever way you think works best for you. There is no one right way.
• Do the challenge with family members or friends you know are serious about saving. Have them hold you accountable and you do the same. Almost like having a workout partner at the gym.
• Stick to it!

Have more tips on how to get through this challenge or how to save? Share them below in the comments.