Let’s face it, in this economy, it is very difficult to prioritize our money to stash a little away for a rainy day. Between bills and other obligations, our money is stretched far and wide. Saving a little dough often seems impossible! However, we still recognize that it is extremely important to maintain financial stability as Soldiers and leaders. Do not fret! Here is a simple 52-Week Savings Plan that will help you put away almost $1,400 is just 52 weeks!
Here’s how it works: Simply begin on the first week of the year. Pick a date, let’s say…Friday. That is our “deposit” day. On Friday, the end of the first week, we will take just $1.00 and put it into our savings account. The next Friday, we will put in $2.00, giving us a total of $3.00 is our savings. This will continue on each week for an entire year… It breaks down to something like this:
- WEEK $ DEPOSIT $ TOTAL
- 1 $1 $1
- 2 $2 $3
- 3 $3 $4
- 32 $32 $528
- 52 $52 $1,378
Simple, right? In just a matter of 52 weeks, you are able to squirrel away a little over $1,300 and the most you had to take out of your disposable income was $52!
There is also a way to really build that bank account that works on a similar system that my Father used to joke with me about. And, you only have to start with 1 penny and you can be a $ millionaire in 1 month. Put the penny in an account and double the amount in the account each day for 30 days. So, day 1 is 1 penny and day 2 is 2 cents. Day 3 is 4 cents, day 4 is 8 cents, so on and so forth.
I challenge you to do the math and see how much you have after 30 days.
FINAL THOUGHTS: The first plan is a very simple savings plan that provides a decent yield. However, feel free to modify it! Personally, I put my money into a variable rate CD from USAA that allows you to make contributions throughout. You could even double what you put away each way if you like!
Thanks for visiting my website today. My name is Chuck Holmes. I am a former Army Major (resigned). I enjoy mentoring Soldiers, NCOs and officers through this website. I’ve had the luxury of working for myself, from home, for the past six years. I’m a pajama entrepreneur. If you’d like to learn how to work from home like I do, you should learn more about my home business. I promote natural and organic products and weight loss.
If you’d like to get in touch with me, my best email is firstname.lastname@example.org.