As I mentioned in my post Can I Make My Kid a Millionaire? I started a 52 week savings plan to save my son $2000 a year. I am also using a similar 52 week savings plan to save $5500 this year. I have actually already surpassed my goal with some extra savings I save now that I’m debt free, but I’m continuing with the savings plan because I want to save as much as I can this year. I actually even saw someone who had a similar plan to save over $14,000 in a year, which is feasible, but can be overwhelming if you are new to saving so I suggest a smaller goal, like the $2,000 or $5500. Most savings plan start with a low amount like $10 and move their way up so much a week until you’ve saved your goal; however I suggest you start with the highest amount (week 52) and work your way down (week 1). You will see progress quicker and you will can make up some difference later if you see that the larger amount is too much for you to save all at once, plus by the end of the year when you are feeling a money crunch because of the holidays, saving $10 won’t hurt as bad as saving $208.
I get paid twice a month, so I have actually been saving for two weeks at the beginning of my check just because it simplifies things for me. I save week 52 and week 1, then week 51 and week 2 etc. You will see that it averages out actually to saving the same amount each paycheck if you do it this way instead of depositing weekly, but there is something oddly satisfying about marking through those weeks instead of just setting an automatic deposit for the same amount every paycheck. I have inserted the $2002 52 week savings plan so you can see what a savings plan looks like. I like to print mine out very small and I keep it in my desk drawer, then each week, I add up my two weeks worth of savings and transfer that amount into savings. There are many savings plans like this one you can print off on Pinterest. I will like my “finance and frugality” board here so you can find some of them on my board.