Are you looking into an effective way to start saving? Maybe you are thinking of making a big purchase in the near future like a new car, vacation, or remodeling your bathroom. The 52 Week Savings Challenge is a great way to start saving for that special something!
This savings plan went viral on Facebook a few weeks ago and I think this is such an interesting idea! The concept of the challenge is to create a savings account during the first week of the New Year where you deposit money into the account every single week for an entire year.
For example, the first week you would deposit $1 into your savings account then, the second week you would deposit $2, and so on and so forth. The largest deposit you will have to make is $52! By the end of the year, your account will have almost $1400! Want to supercharge your savings? Add $2, $3, $4, or $5 more each week instead of one and you could save more than $6,000.
This is great easy way for people (like myself) who may not save or do not know where to start. This challenge can be easily done through Online Banking by scheduling or manually transferring the allotted amount for each week.
Here is what your savings account would look like during week 1:
If you were to start the first week in January, you would currently be in the 4th week. This is what your savings account should look like now:
For reference, here is a complete chart of how much money will be deposited each week for the entire year:
Connex has a Special Purpose Account that is perfect for the 52 Week Savings Challenge. A Special Purpose Account is a separate account that is great for saving up for something specific with no minimum balance or monthly service fees.
A new Special Purpose Account can be opened in Online Banking under “Additional Services,” by calling 1.800.CR.UNION, or stopping by any branch.
So please join us and try the 52 Week Savings Challenge! This is a very simple and easy format, but it can definitely be altered to the way you want it.
Lauren Dufour, VP of Unbanking