52 Week Money Savings Challenge

Here I come up with a really simple savings plan that anyone should be able to do and end up with Rs.1,37,800 savings by the end of the year. It starts with saving just Rs.100 the first week.

The next week, save Rs.200. The third week, save Rs.300...and so on. While these are tiny amounts, as the chart below shows, they add up to a big difference. If you're still working on your emergency fund or want to invest these savings for something special like buying a car or bike, it'll be gratifying to see your savings grow each week.

For even more savings, do it in reverse. Start with week 52 and go backwards, so you can take advantage of greater compounding in your savings account.

The 52 Week Money Challenge has been floating around the web since at least the start of this year. It seems like an ideal challenge to take on for the new year—or get a jump on it now.

Note: Tip from my side is if you can create a separate account for this savings alone and do a fixed deposit of the principal every week,you will get even more aggressive interest at the end. I am doing it with HDFC bank and am getting 8.2% of interest rate on the principal.

SAVEMONEYGETRICH.BLOGSPOT.CA

Enjoy Savings! Invest Wisely!

:)