52 week money saving challenge alternative

Daisy80

I am recently trying to be on top of my budget and so far so good. I would love to try and save some money as well. I came across this 52 week money saving challenge. Every week you put money away you start at week 1 with £1 week 2- £2, week 3-£3 and so on till week 52 you end up with a total of £1378. I love the idea of it but for me it would be impossible to save such high amounts towards the end. Does anyone know any similar plans? Or any suggestions for poorer people like me?

Thank you!

block10

Those numbers are just arbitrary. I prefer creating a doable budget based on realistic assumptions and sticking to it. It allows me to live within my means.

lalman

I must admit its a nice idea but my wages aren't going up... but bills are so ever increasing savings like that would be tough... as Block10 said i prefer to save a certain amount each month... and whatever i have spare at the end of the month put that away too/ buy myself a treat.

Moneymash

Hi Daisy,

It sounds a fun way to save. I saw this the other day on here on another board but can't remember where. What I do remember is that some people are doing a monthly savings challenge. They are starting with the higher figure first and then lowering the amounts as Christmas 2014 approaches.

If you increase your savings by a £1 each week it starts off easy enough but by the middle of the year you will constantly have to revise your budget.

However, if you will struggle to save £49,£50,£51 and £52, a total of £202 in the last or first 4 weeks of the year, then as others suggest do a monthly/weekly budget and have equal regular monthly/weekly savings. It will help you to budget/save and have a decent emergency fund quicker.