Happy Holidays! This was touch and go because Christmas is an expensive time, and I wasn't sure if to put in a final IOU but I thought it was good to end on positive note for the year. So I get the cash together from my bank accounts.
I'm posting this earlier in the week - basically week 52 - because I have other stuff to do, like buy Christmas presents - I tend to be late. I guess it's probably a good time to do a final review.
Review of 52 week money challenge
This challenge is based on saving money 52 weeks of the year, but the caveat is you save the according to the week number. So in the first week of the year £1 or $1 is saved and this increases as the year goes on until the final week of the year - week 52.
What's good about it
1. It highlights saving. So as result, I did review my 'proper savings' plan which is a regular amount each month.
2. It is fun to start with!
3. It simple to understand.
What's not so good about it!After the first few weeks it can get quickly expensive to do this saving. At times, I couldn't afford it or I have a fair amount of IOU or debt notes in the money jar.
It also gets boring and tedious trying to remember each week to put the money away - I forget some weeks and others I lacked the motivation, especially towards the end. I only stuck with it because I was blogging about it.
Putting money in a jar isn't the safest way to save money - it's too accessible. It can be stolen, or you can use it in casual emergencies, borrow from it intending to payback etc.
Lessons and Takeaways
I need to point out, I'm not qualified to give financial advice so please contact your bank or any qualified financial advisor.
It's better to have regular savings, a constant amount each month that goes into a savings accounts, than messing about with it. You can do it automatically by bank transfer if your bank/savings society offers that facility. Like most things, it's best to do this when you get paid or your paycheque/check, so you feel it less.
Some people stipulate a set amount each month but I just think it needs to be something the saver is comfortable with and can afford.
If you can't afford any savings, I'd suggest a token amount could be as little as a pound or dollar but the caveat/warning is whenever you have any spare cash lying around just sweep it into the account.
At times when I was in between jobs, I'd take a savings holiday because I couldn't afford it, but as soon as I got a job, I would start off again.
Overall it was an interesting and tediously experience.
I shall be counting the cash at some point and doing a blog post when I do.