Thursday, January 3, 2013

52 Week Money Challange

Week
Dep amount
Balance
Week
Dep amount
balance
1
$1
$1
27
$27
$378
2
$2
$3
28
$28
$406
3
$3
$6
29
$29
$435
4
$4
$10
30
$30
$465
5
$5
$15
31
$31
$496
6
$6
$21
32
$32
$538
7
$7
$28
33
$33
$561
8
$8
$36
34
$34
$595
9
$9
$45
35
$35
$630
10
$10
$55
36
$36
$666
11
$11
$66
37
$37
$703
12
$12
$78
38
$38
$741
13
$13
$91
39
$39
$780
14
$14
$105
40
$40
$820
15
$15
$120
41
$41
$861
16
$16
$136
42
$42
$903
17
$17
$153
43
$43
$946
18
$18
$171
44
$44
$990
19
$19
$190
45
$45
$1,035
20
$20
$210
46
$46
$1,081
21
$21
$231
47
$47
$1,128
22
$22
$253
48
$48
$1,225
23
$23
$276
49
$49
$1,275
24
$24
$300
50
$50
$1,326
25
$25
$325
51
$51
$1,326
26
$26
$351
52
$52
$1,378


If excel (excel and I had several arguments over it) and I are correct, at the end of the year you would have $1378 plus interest in savings.

There are several versions of this around.  Some go backwards, so that you start by depositing $52 on week 1, and not on week 52.  This is so that you are saving more for Christmas or end of the year taxes.

The average comes out to saving $26.50 a week.  So, if saving more than that a week is a hardship, then simply put back the $26.50 each week.  The advantage to this is your interest (what little we do earn now days) would add up faster, as it would by doing it backwards.

This could be a great Christmas club account, propane or heating oil account, vacation account, emergency account, tax account....  If you find you don't really need this money, leave it alone and continue the next year, by either increasing the weekly amount or leaving it as it is.  After awhile I think it would do better possibly being moved to a Roth or some other type of account.  But, by leaving it in savings, you do have easy access to it for an emergency.

For small children, change the dollars into pennies.  On day 1 inter 1 penny, up to 52 pennies a week, or you could increase it.  Have them do small chores to "earn" their savings.

Think this is impossible?  What do you spend each week on soda, cigarettes, alcohol, movies, junk food,  vending machines, fuel to cruise, Starbucks......  I am sure there is something you can give up to do this, even if in a smaller amount.  

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