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What Is the 52-Week Money Challenge?

1/11/2019

The new year encourages people to set resolutions, and oftentimes, those include setting financial goals to build savings. Check out the 52-Week Money Challenge to help you save more money in 2019.

52-Week Money Challenge

What Is the 52-Week Money Challenge?

The 52-Week Money Challenge is a savings plan that will help you save up to $1,378 by the end of the year. Start the new year by saving a dollar on Jan. 1 and increase payments to your savings account by a dollar each following week. Not only will you build your savings, you’ll also develop smart money-saving habits over the course of 2019.

How Can I Develop Smart Money-Saving Habits?

Saving money doesn’t have to be overwhelming. Committing to saving a small amount of money each week will make your financial goals more achievable. In addition, your PFCU account offers special features to help you manage and save your money. For example, if you check under the “My Settings” tab within your PFCU profile there is an option to rename and hide your accounts. This will allow you to open a separate account for the 52-Week Money Challenge, set up automatic transfers, and then rename or hide the account. (You have to open a new savings share before you can rename it. You open a new share under “eServices” then you can rename or hide it.)

Why Should I Participate in the Challenge?

Participating in the 52-Week Money Challenge will help you save money and achieve your financial goals in the short- and long-term. The amount of money that you accumulate at the end of the 52-Week Money Challenge can be used for a purchase that you’ve wanted to make for a while or can be added to your rainy day fund. Establishing money-saving habits over time by creating a savings plan will encourage you to continue to build and grow a larger savings. Additionally, contributing to other savings vehicles, such as your 401(k) and an emergency fund, will seem like a walk in the park.

The 52-Week Money Challenge will allow you to take a step forward toward financial freedom. Review the chart below for a breakdown of the challenge and learn how you can achieve your goals.

52-Week Money Challenge
(Image Credit: Jon Gorey, The Simple Dollar)

Erin Elis 
Erin Ellis
Accredited Financial Counselor ®
Philadelphia Federal Credit Union
eellis@PFCU.COM