Week # 16: Financial Challenge & More Savings Ideas

Week #16:
Deposit Amount: $16.00
Total Savings: $136.00

We are just about 1/3 of the way through 2013! This Financial Challenge is just one way you can add to your savings account. Here are some other alternative ways to put a little bit away over the year...

1. Power Hour
Put away your hourly wage once a week, every paycheck, or once a month.

Example: You make $12.00/hr.

If you put $12.00 into savings a week, you would have $624.00 at the end of the year
If you put $12.00 into savings each paycheck, you would have $312.00 at the end of the year
If you put $12.00 into savings each month, you would have $144.00 at the end of the year.

These amounts may not seem that big in comparison to following the 52 Week challenge, however every penny saved is a step in the right direction on the path to financial wellness. 

2. Percentage Savings
Put away a specific % of your income away once a week, every paycheck, or once a month.

Example: You Make $12.00/hr at a Full-Time Job. Your gross income is $480.00 per week.

If you put 5% into savings a week, which is $24.00 a week, you would have $1,248.00 at the end of the year.

An easy way to do this is to set-up direct deposit through your employer (if they allow) and have a certain percentage go directly into a savings account. If you don't ever see the money, then it doesn't seem like you are saving and before you know it, you have over $1,000 in your savings account.


3. Coin Collection
When ever you make a cash purchase and get coins for change, put that away in a coin bank. The amounts will add up fast. I tried this over a 6 month period when I was in college and saved over $200.00 in that short amount of time.