When it comes to the new year, many people want to start embracing change and developing new habits. In fact, 27 percent of adults in the U.S. made at least one resolution for 2020, and 44 percent of those people had “saving more money” as one of them. This article from mintlife walks you through a program to save $1,378 over the next 52 weeks. Here’s how it works:

Easy, right? Depositing an increasing amount of money each week makes it an attainable goal to achieve $1,378 at the end of the last week. Each time you make a deposit, write down your current total savings to keep you on track and motivated.

Mintlife also offers a downloadable money-saving chart to help you understand how much money you should be depositing each week during the 52-week money challenge.

We all need a little motivation when it comes to achieving resolutions. Start the challenge with an end goal in mind and set reminders for yourself throughout the process. Having a goal such as saving up for a vacation or increasing your emergency fund will help you stay motivated during the challenge.

To ensure that you’re on track with your challenge each month and have enough money available for it, you can add it to your weekly budget. If you use a budgeting app, add the amount that will be going to your savings account each week. You can also set up an automatic transfer to your savings account.

To make sure you’re successful in this challenge, consider cutting back on some expenses you have each week. This also helps with financial knowledge as you start building healthy spending habits.

Challenge Money in a Separate Account Because this challenge lasts a whole year, it might be tempting to use the challenge funds when buying groceries or having dinner with friends at some point. To prevent that from happening, keep the funds in a separate savings account. Simply contact us to open one!