Ring in the New Year with a savings challenge

Erica Tobe<tobee@msu.edu>, Michigan State University Extension - December 30, 2015

Want to ensure that you meet your financial goal for 2016? Using the 52 week savings challenge to help you complete your savings goals for the New Year!

Did you know that most New Year’s resolutions actually end by mid-January? Most of us start the New Year with the best intentions. However, without a good clear plan of what we want to accomplish and how it will work, it is hard to make your financial goals a reality. But, there’s hope! The University of Florida Extension and Rutgers University have put together two 52 week money challenges to help you create a plan to meet your financial goals for the year. Here’s how it works!

First, identify a financial goal. It’s best to make your goal a SMART goal (Specific, Measureable, Attainable, Realistic, and Timely). By creating a SMART goal, you can provide enough detail in your goals to develop a plan to meet them. To assist you with this process, check out the Michigan State University Extension SMART goal setting worksheet.

Second, select a 52 week money challenge to follow. There are two listed below for you to choose. Both allow you to set aside money each week to save towards your personal financial goal.

University of Florida Extension has a 52 week challenge that begins with setting aside $1 the first week, and each week that amount doubles until you have saved $1,378. To visit this plan, check out their website.
Rutgers University Extension has a 52 week challenge that begins with setting aside $2 the first week, and each week that amount doubles until you have saved $2,500. This plan allows you to skip two weeks throughout the challenge.

Finally, once you have identified your goal and selected the “challenge” to follow, begin saving! Remember, sometimes making financial changes can take time, patience, and discipline. If you would like to seek the help of a professional, Michigan State University Extension offers many in-person and online courses. To find a course near you, visit MI Money Health website.

This article was published by Michigan State University Extension. For more information, visit https://extension.msu.edu. To have a digest of information delivered straight to your email inbox, visit https://extension.msu.edu/newsletters. To contact an expert in your area, visit https://extension.msu.edu/experts, or call 888-MSUE4MI (888-678-3464).