If you suddenly received a 10,000 deposit in your bank account, how would you allocate it? Take a few minutes and relish in that thought. Would you use the money to pay off debt? Would you treat yourself to something nice or maybe upgrade your car? Would the $10,000 put towards the purchase of a new home? The possibilities are endless.
Now imagine if you received an extra $10k in your bank account every year! Think about how much that could impact your life.
If you'd like to experience this as a reality, I'm here to show you the way.
Last year, I set the intention to save more money. Many years ago, I was adamant about saving but, once my debts were paid off and I had more disposable income, I lost a bit of focus. But I'm ready to get back on track. Thankfully, I just happened to come across an infographic with a clear weekly strategy that will allow us to easily save up to $10k in a single year.
This saving plan provides us a specific savings goal for each week of the year. Since we're still in January, it's not too late to get started. Even if you stumble on this article in the middle or end of the year...start anyway.
When you look at the chart below, your first thought might sound something like "I can't save that much every single week." I want you to dismantle that thought. Even if you can't save the designated amount every week, I still want you to try anyway.
If you try this 52-week savings challenge and fail, you will still end up with more money in your bank account than you started with. Even if you fail, you will still win so let's get started!
With the $10k savings plan, the amount saved each week fluctuates. This gives us the opportunity to move things around if we have an unexpected expense. On weeks where you have to pay large bills, you might set aside $50 or $75. There will also be times when you have excess income....plop that extra money in your savings.
Let's talk specific strategies to help ensure that this system works for you:
Tip 1. // Create a new bank account for this savings. Preferably one with no fees and offers a decent amount of interest. For fun, you can name that account something inspiring like "Dream Home Fund."
Tip 2. // Have a plan (set an intention) for the $10k. This doesn't mean that you have to spend all the money. Simply think about what you can experience with that money. Fantasize and fall in love with the idea of being $10k richer a year from now. Stay connected to why you're doing this savings challenge. This will keep you motivated to stay consistent until the end.
Tip 3. // Set reminders to keep you on track. Saving is easier when you do it automatically. Some banks allow us to set weekly or monthly savings plans so please take advantage. I've already set a reminder on my phone that will remind me every 2 weeks. When that reminder appears, I'll create a transfer from my main bank account to the savings.
Tip 4. // Figure out how to get the money. I've already decided to alter my current spending habits. For instance, I'll walk into a store and buy random stuff just because. The other day, I bought a pack of 6 macaroon cookies for $3.99. The minute I bit into a cookie, I thought to myself, "I should've said no and transferred that money into a savings account." I'm going to scrutinize a lot of my random purchases from now on. We can't allow a bunch of insignificant purchases to keep us away from our big goals.
Tip 5. // Try to increase your income. If you actually have no money to save at all, shift your focus from saving to creating more income.
Work towards getting a promotion or taking on a side hustle.
Lastly, if you can't keep up with the amounts suggested in the 52-week savings plan, then cut the numbers in half and shoot for $5,000.
What I love most about this system is that it can be replicated year after year. One year, you can save for a car, the next year you might use this to plan for a couple dream vacations or whatever you desire. There is no limit.
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