First off, Happy New Years to everyone out there reading this. Let’s all say goodbye to 2018 and hell to the year of 2019. One of the things we all want to start a new year besides health is wealth. When we talk about wealth, it doesn’t mean we want to win the Power Ball or the Mega Millions. For most of us, we just want to live comfortably by having enough money to pay our bills and not live from paycheck to paycheck. This year, we’re going into 2019 thankful my oldest two kids have graduated high school. My youngest daughter is in the 8th grade and she’s heavily involved with numerous after school activities. As she gets older, saving money is becoming more vital as she wants to go to college and I’m thinking about saving for the future. See what you can do by saving money.
Trust me, we all have those moments where we may have to miss work throughout the year. The last two years, I’ve missed time from work to attend several school activities for my high school seniors. There have been instances where we’ve had family members become really ill. In our household, my daughter became really sick and our health savings account came in handy. Check with your employer to see if they offer it because it’s great to have. You contribute to the account and your employer usually toss in a percentage also. You will receive a card and you can use it for co-pays or get the medicine you need, and it helps with prescriptions.
If you plan on putting back the money from the 52-week challenge, it’s perfect for Christmas time. By the time Christmas comes around, you’ll have well over a thousand dollars and more if you choose to double your input. This coming year, we’re already planning on a family cruise so the money we save can be spending money. In the past, I’ve used my Capital One card where I’ve earned money back on my purchases. The money saved throughout was used to pay off the card and left me with a positive balance.
Start A Savings Account
Some may use their savings account to keep money for those rainy days. There are a few places to make money by just putting your money to earn interest off of it. At the end, of the year you can transfer your money into the savings account. Last year, I doubled the amount of money for the savings account, instead of adding a dollar for week 1 I deposited two dollars. In the end, you’ll save a little over 2750 dollars in the end. This year, I’m thinking big and really penny pinching by saving three times the amount with the hopes of saving over four grand.
Start an Account for Your Kids
By doing this money saving challenge, you can start an account for your kids. This is one way to teach your kids about money or maybe start saving for college if they’re young. If you have a newborn, if you do this challenge until their 10, that’s almost $14,000 dollars saved. Just imagine, saving that kind of money for 21 years and on their 21st birthday, giving them a check for about $30,000. Either way, they’re young kids so you would know how to distribute the money.
Use It for Allowance
Since my daughter isn’t old enough to work, around Thanksgiving she wants to earn money. She is always looking for things to do around the house, so she can buy something for her friends or herself. The money saved would be a wonderful way to use for your kids’ allowance. They get to earn some money and it teaches them a lesson in the process to get them ready for the real world in the future.
Will you be taking the 2019 52-week money saving challenge with me? If so, what are some of the reasons you like to save your money? How much will you try to save a week? Head to the comments section below and give me some feedback.