I stumbled upon this interesting savings plan last night and thought I would give it a go.
52 Week Money Challenge
I know it is easily achievable, in a nutshell for every week of the plan you are on that is the number of dollars you put in your savings account. This being week one, I have already put my $1 in my challenge envelope. Once I hit week 10 I will go ahead and deposit the total. (I feel sort of silly depositing $1) By the end of the year you will have saved a total of $1,378! So simple! Here is what the week by week looks like.
This is something completely independent of the $5 experiment. Hopefully by the end of the year I will be at least $2000 richer without even really trying. Anyone want to join me?
Along these same lines, my husband and I have discussed putting the 7 Bank Accounts Every Family Should Have plan into place. This should be a reality for us by February. I absolutely love this idea. Once you read through the information the theory really does hold water. The only account we would not need is an HSA (health savings account) because of the type of insurance we have and we have an MFSA (medical flexible spending account) through Matt's job.
If your company offers MFSA take advantage of it. It is pre-tax dollars that come out of your paycheck to be reimbursed later for health care expenses you incur throughout the year. It lessens your tax burden on the front end and pays you back for expenses you would normally have, dental co pays, vision expenses, prescriptions and medical co pays. However, be sure to not to take more than you will use because the funds do not roll over from year to year. If you over estimate your expenses you will be out the surplus money. Use it or lose it.
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