Are you ready for an exciting new way to save money? If you’re like most people, it may seem impossible to set aside even a few dollars. Money is tight. We get that. That’s why we’ve rolled out the 52 Week Savings Challenge to RVA! We have an easy, fun way to help you save almost $1,400 in just a year – we promise. Keep reading to learn more and get started today!
What is the 52 Week Savings Challenge?
The 52 Week Savings Challenge uses principles of gamification (essentially, making the hard stuff in life fun) to help instill habits of saving money within participants. It is not a budget. It is simply a challenge from us to you to put aside a little bit of money to cover most financial emergencies you’ll encounter throughout your life.
How does the 52 Week Savings Challenge work?
Have you ever played Yahtzee®? The 52 Week Savings Challenge is somewhat similar to this classic dice game, using the same concepts that make it so addictive but for the purpose of saving money. There are 52 weeks in a year, and you are given 52 distinct dollar values to save each week, ranging from $1 to $52. You choose how much you save each week, but you can never save the same amount twice! Perhaps one week you save $52, the next week you save $36, and then the week after that you save $47….it’s all up to you!
Can I see an example of how this might work?
Absolutely! Take a look at this abbreviated sample tracking sheet below:
In week 1, you were able to save the maximum amount of $52. Good for you! In week 2, money was a bit tight – perhaps rent was due, and you saved $15. This brought your total balance to $67 ($52 from week 1 plus $15 from week 2). In week 3, you’ve got some extra cash and stretch a bit to save $47. Now, your balance is $114 (prior balance of $67 plus the new contribution of $47). Finally, in week 4, your car payment and a few other bills are due so you can only save $1. That’s ok – you still saved something and made progress towards your goal, fulfilling the challenge for another week! Your balance now amounts to $115 (the prior balance of $114 plus the new contribution of $1).
This is simple, right? You can do this, right?
What if I want to learn more?
Our friendly Member Services Department is ready to help! Call them any time between 8:00 AM and 6:00 PM, Monday through Friday, at (804) 359-8754, option 4, for assistance.
How do I get started?
Are you ready to go? Great!
1. First, do you have a savings account? If you’re a member of New Generations Federal Credit Union, the answer is yes – it’s your share (or, S1) account! If you’re not a member here, why not join?
2. Once you’ve got your savings account, download the 52 Week Savings Challenge Tracking Sheet. Print a copy and keep it in a safe place, as you will need to update it each week.
3. Now, you’re ready to get started! Make your first week’s deposit into your savings account, record it on your Tracking Sheet, and give yourself the pat on the back you deserve – you’re on your way to building emergency savings that will protect you and your family for many years to come.
4. Each week, make another deposit and record it on your Tracking Sheet. And that’s it! This really is a fun, simple way to save!