Saving $1,000 is a great goal, but one that may take time for lots of people out there. I know it takes me a few weeks to tuck away that much money.$1,000 is enough money to cover most small emergencies, and it’s a great starting point for building larger savings off of. There’s just something about seeing that comma in a savings account that gives you a mental boost. So we’ve found a 26 week savings plan that will help you stack those bills and save that $1,000.
I can’t take credit for this idea, having seen it on What Mommy Does. But it’s such a good idea! And especially for those with low incomes or a lot of debt.
The best thing about the 26 week savings plan is that it’s the definition of slow and steady. You don’t have to give up everything you love to reach the goal, and it gives you time to work out the kinks in setting money aside.
Here’s how it works. During week one, you save $26. In week two, you save $27. Each week, you save one extra dollar. By week 26, you should be saving $51. Each week the balance adds up, and by the time you’re tucking away that
This challenge is ideal for those who don’t have a ton of money to set aside each week. Even at the end when the numbers are the highest, it’s still not a huge amount of money. So the savings shouldn’t stretch your budget too much!
It’s also a good challenge for those who need a simple plan to follow. Since all you’re doing is increasing your savings by one dollar each week, it’s easy to track. And since it’s small amounts of money, hopefully it’s easy to do.
Having $1,000 set away, or adding $1,000 to your existing savings is a good idea no matter your financial situation. An extra $1,000 can mean the difference between having to take on credit card debt, or being able to pay for something out of pocket.
Have you taken one of our other saving challenges? How does the 26 week savings plan sound to you?
Looking for more great articles on how I handle my money? Try these articles:
Kara Perez is the original founder of From Frugal To Free. She is a money expert, speaker and founder of Bravely Go, a feminist financial education company. Her work has been featured on NPR, Business Insider, Forbes, and Elite Daily.