Christmas is behind us and I am pretty sure that some of you are not happy with your bank statement – either you only have a small amount on your bank account or you are overdrawn. What if come next Christmas you will have enough money to buy all the presents and still have some money left? You could spend the money that is left on a trip, a holiday, perhaps a massage etc. 😀 It is fairly simple and easy to do – all you need is a jar and a spread sheet! (and money of course).
So here is what you have to do in order to save 1,378 euros, dollars or pounds (or whatever your currency is) in one year:
Option 1: Each week you put the amount written on the spread sheet into the jar. That’s it! On week 1 you put $1 / €1 / £1 into the jar, then on week 2 you put $2 / €2 / £2 into the jar, on week 3 the jar is wealthier by $3 / €3 / £3, and so on until the 52nd week when you put in $52 / €52 / £52. You can download the spread sheet here: 52 week challenge_weeks 1-52
Option 2: You can also do it the other way around – so you start with $52 / €52 / £52, and you continue to $1 / €1 / £1. This might be useful if you got some money for Christmas and you can afford this reverse cycle. You can download the spread sheet here: 52 Week Money Challenge_backwards
Option 3: This one is easier on your wallet than the previous two options because it can be difficult to put $200 / €200 / £200 in one month, especially if you had to set aside $170 / €170 / £170 the previous one, and a big amount the previous month which happens when you get to weeks with higher numbers. In this option the amounts you have to put into the jar each week are evenly distributed throughout the year, so that at the end of each month you put $106 / €106 / £106 into the jar. This makes this option my favourite one. 😀 You can download the spread sheet here: Money Challenge: evenly distributed (pdf) You can also download the Excel spread sheet and change $ into your currency: Money Challenge: evenly distributed (Excel)
Just choose the option that suits you best, print out the spread sheet, glue it to the money jar, and start saving! 😀
Option 4: with this option you don’t save 1,378 euros / dollars / pounds, the amount you save depends on each individual. What you do is each day you put all the coins with the highest value (€2, €1) and the banknotes with the lowest value (€5) into the jar. This requires you to pay for everything with real money and not cards so that you actually have money in your wallet at the end of each day. You’ll be amazed at how much money you have in your piggy bank by the end of the month! If your account balance is positive, it simply means that the amount in your piggy bank can go towards your summer holiday! Hurray! 😉 😀
If you are worried about keeping all that money at home, you can open a savings account and then deposit the money you have saved each month. If you already have a savings account and electronic banking, print out the spread sheet, and then just simply transfer the amount from your account to your savings account. 😀