Editor’s Note: Here’s a challenge for you – from Financial Advisor Kimberly R. Stewart! It’s a part of her column here titled “Kimberly Talks: Money Matters,” published on the first Monday of each month on the Business News page. If you desire to learn more, contact her online: www. krswm.com.
“A Will and A Way to Save Money”
A 2011 study showed that 64% of Americans do not have $1000 saved.
Want to get out of the 64% and into the 36%?
Was “saving” money one of your New Year Resolutions?
Do you have a savings plan?
Do you have an emergency fund?
Not sure how to start?
Ask no more! I’d like to share with you a great, easy way to jumpstart your savings for 2016.
It is called the 52 Week Money Challenge. It is a weekly savings program that, if done correctly and consistently, will yield $1400 by the end of the year. You will be on the “honor system.” You will be collecting and keeping your own weekly deposits (you may open a separate bank account if you choose).
I suggest printing out the challenge and either taping it to a jar or a Manila envelope. Your 1st deposit of $1 is due Friday, January 8th and deposits are to be made weekly as noted on the sheet. It is very important that you do NOT use or “borrow from yourself” throughout the year. Please let your conscience 🙂 be your guide.
Q & A:
1. Can I do the challenge in reverse?
Yes, so your 1st week deposit will be $52.
2. What should I do if I do not get paid weekly?
I’ve struggled with this question because in my opinion, a major part of this plan is to teach financial discipline, better known as budgeting. Bills and financial obligations do not always coincide with our pay cycles. That being said, I would “prefer” that you do this weekly. But in reality, it’s all the same. That being said, you can choose another frequency. I’ve attached the bi-weekly saving schedule.
3. What if I can save more?
Having too much money has never been a problem. This is a baseline start, if you can do more, do it! Please just make sure you stick to the frequency you choose. The key is to get used a regularly, scheduled saving plan.
4. I have one change. During your birthday month, I would like you to give yourself a present by contributing an additional $22.
That way you will end up with an even $1400 by the end of the challenge!!!
– Kimberly R. Stewart, Financial Advisor
© Orlando Community News, 2016