52 Week Savings – A S.M.A.R.T Goal

I have found my new challenge!!!

Each year I try and give myself a savings challenge. During the last few years, I have completed several of these challenges, including: save $1 a day, save $10 a week and this year, I have squirrelled away every $5 note that came my way.

 

The 52 Week Savings Challenge

Hearing of this challenge, I was always reluctant to try for fear of losing track of where I was up to. Going to give this a go, and more importantly, I have found stickers to track my savings (very helpful when you have a memory like a Goldfish, thank you, Closet Planner Addict).

 

 

Original Version has savings Week 1 $1, Week 2 $2, etc. Reverse Version has savings Week 1 $52, Week 2 $51, etc. Source: Closet Planner Addict

 

A S.M.A.R.T. Goal

While the stickers will be of some help to track what week I am up to, for most savings plans to work, there needs to be a goal in mind. As with all goals, the SMART method should be followed for the best results. Let’s see how the 52 week challenge adds up…

 

S = Specific – save a certain amount each week

M = Measurable – balance of savings is on each sticker

A = Attainable – small amounts to be saved are manageable

R = Realistic – this is something I could commit to for the whole year

T = Time – Time frame of 52 weeks

 

I have not yet worked out what the 52 week savings will go to, but with each sticker showing what the balance should be, this should be enough to keep me motivated until I work out which of my goals to put these funds to.

 

In a Nutshell….

Give yourself a savings challenge, you might be amazed at how small change can add up to big bucks.