Sunday, January 5, 2014

The 52 Week Saving Challenge - 2 Versions

Hi!

I spent over €2,000 on stuff I didn't need last year. Does that shock you? Because it shocked me. I didn't even go through an itemised list - that figure is based on an average of €40 a week on stuff like books, nail polish, make up, candles, clothes, "bargains" I come across in the Supermarket, impulse buys, cups of takeaway coffee, newspapers, DVDs - things I don't need. I'd actually say that €40 a week is putting it mildly, especially in December or when I have extra cash. I seem to blow money the second I get it, so I'm determined to stop buying this year and save some money instead. Every time I see a "big" item I'd love to get (a tablet, or a games console, or a new phone) I think it'll take me forever to save up for it, I get half way there, then blow the whole lot in bloody Penneys on socks that lose their partners within a week, nail polish I already own (yep, did it), scarves I wear twice, dresses that don't fit, or stuff for the kids that won't fit them in a month. NO MORE!!

I've seen these 52-week challenges cropping up everywhere over the past week or two. For the more hardcore, this is one that will guarantee you almost €1400 in savings by the end of 2014 if you stick to it:

[Source: honuhealth.com

The idea is that you save €1 (or $1 or £1 depending on what currency you use) in week 1, €2 in week 2, €3 in week 3, and so on. The problem with this plan, as someone rightly pointed out to me on twitter, is that while it's relatively easy for the first half of the year, it's hellish in December. I've seen some people saying that they're going to work it backwards, big savings first, but January is a tight month in general so this won't work for me either. What I'm going to do is save something off the list every week. That way I can save the bigger amounts when I feel I can afford to. I'm using an empty formula can so I won't be able to see the money building up. When it goes into the can, it's gone. It's not coming out until the end of the year, at which point I'll use it for one or two decent things instead of a year's worth of crap.

There is a milder challenge that may be a better option if the above one seems too daunting - it's a children's version, but a savings pot of €340 isn't to be sneezed at!

[Source:4hatsandfrugal.com]

There are hundreds of versions out there! Hopefully I'll have a full can by the end of the year.




16 comments:

  1. Little tip- Cut a whole in the top of the can and superglue the lid on. I know it's a bit much but I have to do it otherwise in a moment of weakness I'll "borrow" money out of it and it'll never go back. x

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    1. It's firmly glued on! I'm a disaster for "borrowing" too but I've decided I want to put the money towards my teeth so I'm really, really determined to not dip into it x

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  2. Saving half for the big stuff then putting it on interest free helps too. We do this a bit and its not as hard to repay as amount much less than should be. I tend to avoid pennys these days. I resell or swap a lot of clothes on adverts. Make up is my downfall

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    1. I'm avoiding Penneys from now on too, leaving aside the fact that it seems to be getting dearer by the week, everyone has the same stuff! Adverts is a great idea.

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  3. I really like this idea, would be great to actually have an end result at the end of the year! Mad to thing how much we spend on goods each year that we don’t need! Gonna try and make my own version, like yourself I can imagine it’s hard in December so I might halve that amount!!

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    1. I think I'm going to try and do the December ones in the middle of Summer and leave some easier ones for December!

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  4. I think the children's version might be better suited to me as well! So broke at the moment so will probably wait til feb to start but in general I do love the idea of this, I seriously need to save this year too.

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    1. I'm so annoyed with myself every time I spend money on frivolous rubbish, the instant gratification isn't cutting it anymore! x

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  5. I love this idea, think the children's one is definitely a little easier, but it's a fab idea!!! It also made me realise how much money I've spent last year probably on Pennys socks and random makeup!

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    1. It's insane. I was looking for something last night and I found brand new makeup I hadn't even opened, think it got to the "collecting" stage! x

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  6. I would do the 52 week challenge, BUT, I would do it backwards, I wouldnt have €52 in December to save

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    1. No way would I have either. Definitely going to try my best to put the larger amounts in over summer!

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  7. I'm the very same i tend to spend an awful lot on stuff. and I was looking to do one of these but as you pointed out the 2nd half of the year would be horrible! However i saw this method which it much more manageable http://eboosaves.ca/2014/01/04/a-new-savings-challenge/
    This allows you to pick which weekly amount you want to save depending on how flush/broke you ae. I can see myself being very generous around payday but as the month goes on picking smaller amounts.

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    1. That's absolutely what I'm going to do, brilliant idea! It's all willpower, I have to keep reminding myself that if I can stop smoking, I can do this :)

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  8. Pretty sure I did the same thing, it's the price of a new laptop or holiday...going to try and save a lot this year!

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  9. I'm using the idea from the first one but doing it in two lots of £25, so I won't save as much but it'll still be a lot more than last year! I'm not starting till pay day though. It's all going into one of those pound shop saving tins that you have to take a tin opener to open.

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Talk at me!