The 52 week Savings Plan
Financial Wellness
I’ve been tweeting about Financial Wellness the last few days so I figured I would talk about it more here. This is one where we think about it the most yet attack it the least. However, I’m a big fan of the 52 week savings plan because it’s great for those just starting out in life or just want to start saving in small steps and life is all about small steps.
Check it out right here: https://www.money-challenge.com/tools/52-week-money-challenge-printable-chart
I’ve been doing this and it certainly does help because saving some is better than nothing and that’s what this is about; something better than nothing. Simple savings is always the best way to go. Start with a budget, list out your income vs your expenses and see where you can save. The penny pinching through the year will end up saving you big money. Even just $20 a month will get a thousand dollars that you can put away for an unexpected situation. Its all about developing good habits early and sticking with it. Sure, this won’t make you a millionaire but its going to give you a strong base-line habit for you to continue and grow with. I’m sure for a lot of people, this is eye opening and shows them just how easy it is to save.
You *should* (in theory) have two separate savings funds:
A: $1,000.00 for emergency situations.
B: 3-4 months worth of your yearly income for life emergencies.
Start working on plan A, don’t touch it and then when that’s done, start working on plan B. You’ll feel a lot better knowing that you can at least withstand a bump in the road. A lot of this is people just not knowing how to save but using that 52 week savings plan, you’ll be well on your way to a better life and a better you.
7th Wellness 