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Old 01-04-2013, 04:00 PM   #1
 
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Default Fabulous money saving idea for the new year!

What a smart idea! I started today and deposited $1 into my tax free account. Felt a little nonsensical to do it, but I love this idea! Just wanted to share

ETA - okay I realized the pic is insanely small and therefore the idea can't be seen.
The concept is to deposit the dollar value of the week every week for the duration of the year.
First week $1, second week $2 etc etc. until the final deposit of $52 on the last week of the year. At the end of 52 weeks, you'll have a total of $1378.

Fabulous money saving idea for the new year!-imageuploadedbycurltalk1357340424.268932.jpg
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Last edited by Narnia; 01-04-2013 at 04:08 PM.
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Old 01-04-2013, 06:41 PM   #2
 
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A friend just post this to facebook yestday! I'm going to do it, but try to double the ammounts!!
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Old 01-04-2013, 07:41 PM   #3
 
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Yes this is the perfect way for me to save for my brothers wedding next December!
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Old 01-04-2013, 08:02 PM   #4
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This is a really good idea! I think I'm going to try to do it!

I've been annoyed by my lack of saving lately, and I think this is just the way to get back into it!
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Old 01-04-2013, 08:30 PM   #5
 
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This is a really good idea! I think I'm going to try to do it!

I've been annoyed by my lack of saving lately, and I think this is just the way to get back into it!
My friend is going to do it too, but she is doing it backwards starting at $52 so that it's cheaper in December for Christmas time.
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Old 01-04-2013, 08:31 PM   #6
 
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Hmm, I would almost be inclined to do it backwards...deposit $52 on the first week of the year, etc., that way you're not hitting yourself with $48 one week, $49 the next, $50, $51, $52...$250 over a 5 week period during the holiday season. BUT that hit can be negated by setting a fixed amount aside for Christmas gift shopping early on.

It is a neat idea. Unless I start making more soon, I can afford to do this comfortably for about 3/4 of the year
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Old 01-05-2013, 04:08 PM   #7
 
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Very cool idea
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Old 01-06-2013, 12:16 AM   #8
 
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I hate to be the negative Nellie, but it seems like anyone who has trouble saving $1,300 in a year is going to have even more trouble coughing up $200/month in those later months. Direct depositing $50/paycheck into an account I don't have easy access to would be much easier for me...and is actually something I used to do in the past.
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Old 01-07-2013, 06:04 AM   #9
 
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i use to have $50 automatically put in to my savings every pay check. it worked great. i had saved up a few grand, but over the past year with the cost of everything going up i found my self having to take out someof it every week to make ends meet and eventually had to stop the automatic deposits because i could afford it. I think this is a good idea for those who really want to save but cant afford to. putting in a dollar is alot easier then 50 for me right now. the ammount per week does increase but may still be more managable then the regular 100 a month i was doing every single month. this is also a good plan for people who may lack the discipline to save. its a good challenge for those folks. also if someone realize they cant afford to do the last few months they can put in what they can, they will still have something to show for it.
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Old 01-07-2013, 09:57 AM   #10
 
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I hate to be the negative Nellie, but it seems like anyone who has trouble saving $1,300 in a year is going to have even more trouble coughing up $200/month in those later months. Direct depositing $50/paycheck into an account I don't have easy access to would be much easier for me...and is actually something I used to do in the past.
This is not to say that this is for people who have trouble saving $1300. I save by having money automatically taken out, I put money in to my retirement savings account, and every time I am in possession of $5 bill, it goes into savings.

This is just an additional, easy, not all that noticeable way of saving money (for me). This would pay for a guilt free all inclusive vacation next winter, or in my case pay for travel/presentation/new dress for my brothers wedding in December.
It could also be additional money that gets put on your mortgage, or car loan. Or stop at the 51st week and there you have Christmas gift money. There are plenty of reasons to do it. And like said above, if you can't manage the last $100 then that's fine. Put what you can.
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Old 01-07-2013, 10:17 AM   #11
 
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Neat!
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Old 01-07-2013, 10:35 AM   #12
 
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Quote:
Originally Posted by Narnia View Post
Quote:
Originally Posted by mrspoppers View Post
I hate to be the negative Nellie, but it seems like anyone who has trouble saving $1,300 in a year is going to have even more trouble coughing up $200/month in those later months. Direct depositing $50/paycheck into an account I don't have easy access to would be much easier for me...and is actually something I used to do in the past.
This is not to say that this is for people who have trouble saving $1300. I save by having money automatically taken out, I put money in to my retirement savings account, and every time I am in possession of $5 bill, it goes into savings.

This is just an additional, easy, not all that noticeable way of saving money (for me). This would pay for a guilt free all inclusive vacation next winter, or in my case pay for travel/presentation/new dress for my brothers wedding in December.
It could also be additional money that gets put on your mortgage, or car loan. Or stop at the 51st week and there you have Christmas gift money. There are plenty of reasons to do it. And like said above, if you can't manage the last $100 then that's fine. Put what you can.
I wouldn't trust myself to do it. LOL I need it to be automatically deducted from/deposited somewhere.
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Old 01-07-2013, 02:36 PM   #13
 
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^^^ Same here, SL. Changing the amount every week and having to do it myself pretty much guarantees I'll never do it. It's so much easier for me to save when I don't have to think about it.
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Old 01-07-2013, 03:32 PM   #14
 
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What I like about this idea, and why I think it would work for some individuals, is the way you start out so low and very gradually build.

I think for people who don't have much discretionary money, this could help them ease into savings.

Never underestimate the power of “don’t break the chain.” For some, this can be incredibly motivating.

I also totally agree with whoever said it doesn't matter if you see it through. Just saving for half the year would yield something worthwhile — both in the bank account and perhaps an adjusted attitude toward saving in general.
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Old 01-07-2013, 06:15 PM   #15
 
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I vote for reverse only because otherwise the heaviest savings month will be December which is a hard month to put away extra savings.

But good luck to everyone with a savings goal this year!
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Old 01-08-2013, 06:06 AM   #16
 
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i was able to make automatic schedule payments into my bank account.i'm sure who ever is seeing my account is wondering what the hell i'm doing. "$1? $2? wth?"
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Old 01-08-2013, 09:17 AM   #17
 
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Quote:
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I vote for reverse only because otherwise the heaviest savings month will be December which is a hard month to put away extra savings.

But good luck to everyone with a savings goal this year!
Or maybe you could stagger it? I guess it wouldn't make a ton of sense though... Like $1, $52, $2, $51, $3, $50... But at that point you might as well must do $50 biweekly..
Two thumbs down to the idea lol!
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