Do you have trouble saving money, and find yourself nearly at the end of the year with nothing to show for it?
Here’s a Super Simple Buck A Week Savings Plan
The beauty of this buck a week savings plan is that it’s so simple, young children can implement it.
This would be a great system to start in the new year, but why wait? Like the old saying goes, the best time to plant a tree was 20 years ago, and the second best time is right now. That applies to your savings too.
Step 1 In The Simple Buck A Week Savings Plan
Sometime during the first week of this program set aside a single dollar to put in your savings jar, savings account or some other place that you commit to only depositing into, and never withdrawing from until the end of the program.
Step 2 In The Simple Buck A Week Savings Plan
After the first week, you will increase the amount you save by $1 every week. That means during the second week you will deposit $2 into your savings, the third $3 etc until in the 52nd week you deposit $52.
How Much Will You Save in The Buck A Week Savings Plan In One Year?
As shown in the chart below, by the end of the 52 weeks you’ll have nearly $1,400 accumulated that you can use for next year’s Christmas shopping, to take a vacation, or whatever you choose to use it for.
As you can see the most you ever contribute in one week is $52 dollars, which should be manageable for pretty much everyone.
This just goes to show the power of small deposits made on a consistent basis.
If you read my post from yesterday though, you’ll know that it’s difficult to “save” your way to wealth. The real trick is to increase the spread between your expenses and your income. While I agree that it’s a great habit to form and pay yourself first always, it’s also important to create multiple streams of income and increase your cashflow.
Cashflow is key to creating financial freedom. You don’t need to be a millionaire or billionaire to live life on your terms. You simply need to create enough cashflow to support your desired lifestyle. That could be just a few thousand dollars a month, or it could be six figures or more a month. The amount is up to you, and will be dictated by how extravagant a lifestyle you want to live.
If having enough extra money to be able to put $52 into your buck a week savings plan is a stretch for you, then the first thing we need to do is help you increase your cashflow.
Leave me a comment below and let me know if you plan to implement the buck a week savings plan for yourself. I’d love to hear how this simple strategy can create a cash fund you’ve never had before.
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Best of Success,
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P.S. Earn $500-$1200 a day the easy way!
Big thanks to SavingABuck.com for sharing this concept.