Spending less and saving more is a popular New Year’s resolution. According to a Nielsen study, it has been the third most popular resolution in the past (over 25 percent of Americans have made saving money their New Year’s resolution a few years ago). Saving money can be a challenge, especially if you don’t have a plan. Fortunately, with a little self-restraint and a fun plan you can successfully save money and reduce your financial stress.
Listed below are some ideas for saving plans that can help with your financial New Year’s resolution.
The Penny Challenge
Saving money when you’re strapped for cash may seem like a daunting task, but it is possible if you start small.
- Save $667.95 in one year. For this savings plan, you’ll start by saving one penny on January 1st and two pennies on January 2nd. You continue this pattern and by the end of the year, you’ll be setting aside $3.65 on December 31st. All of these pennies will add up to almost $668, which will make for a great rainy day fund.
The Seven-Day Dollar Cycle
If you can save more than one penny per day try this saving plan. With this strategy, you put aside a few dollars per day and save over $1,000 in one year.
- Save $1,456 in one year. This saving plan is rather simple. On Monday save $1 and on Tuesday save $2. Continue this pattern and by Sunday you’ll be up to $7. The following Monday you’ll repeat the whole process over again by saving just $1. With this seven-day cycle, you’ll save $28 per week for 52 weeks. In the end, you’ll an extra $1,456 on hand.
Week by Week
With this plan, you save money one week at a time rather than one day at a time. There are 52 weeks in a year and for this plan, you’ll need to divide the year into four parts.
- Week 1 – Week 15. For your first week save just $1 and for your second week save $2. Continue this pattern through week fifteen, for which you’ll save $15. By mid-April, you’ll have saved $121 in all.
- Week 16 – Week 26. From week sixteen to week twenty-six, increase your saving by intervals of $5 instead of $1. So, for week sixteen save $20 and for week seventeen save $25. By week twenty-six you’ll be up to $70 a week and you’ll have saved an additional $495. This will take you through June.
- Week 27 – Week 38. For the rest of the year do the same process in reverse. From week twenty-seven to week thirty-eight save money at decreasing $5 intervals. So, for week twenty-seven save $70 and for week twenty-eight save $65. By week thirty-eight you’ll have saved an additional $580.
- Week 39 – Week 52. And from week thirty-nine through week fifty-two, decrease your saving intervals by $1 every week instead of $5. So, for week thirty-nine save $14 and for week forty save $13. By the last week of December, you’ll have saved $1,230 for the whole year!
Bonus. Finding ways to save money, whether by day or by week, can be hard. Fortunately, you save money by kicking some of your bad money habits, such as constantly snacking and staying up late. By going to bed on time and eating healthier, you can reduce your costly Starbucks orders and your frequent trips to the office vending machines and save money. For more money saving tips try this article.