Savings Plan Challenges

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If it’s for retirement, a new car, vacation or Christmas, there are a number of planning tools to help you learn to save money. Starting off with a simple solution is the “365 Day Penny Savings Plan” or the “52 Week Dollar Savings Plan”. You have probably seen them on the internet and they usually show up about this time of year. This is also a great project to involve your children or grandchildren to learn the value of saving and money.

365 Day Penny Savings Plan

Start with a penny on January 1 in your bank. One January 2nd put two cents in your bank. On the 3rd put in three cents and each day for that number day for the year. On day 365, you’ll put 365 pennies (you really don’t have to use pennies) in and at the end of the year you’ll have a total of $667.95 in your bank. That’s a simple solution and a few Christmas presents without putting too much of a dent in your daily spending. Use the chart below to mark off the days as you make your deposit. This chart breaks it down by week. You can find a chart you like by doing a Google search.



52 Week Dollar Savings Plan

If you need to save more, try this one. It’s a little more challenging, but worth it. Here you’ll place $1.00 in the 1st week of January. The second week is $2.00 and so on. In week 52, you’ll place $52.00 in you bank. At the end of the year you’ll have $1,378.00. Here is a chart to help you track it.



You don’t have to stick to the outlined schedule. That could be difficult especially in December when you have to deposit $49, $50, $51 and $52 for that month. Skip around and make the larger deposits in months that have more spendable cash. Like after you get your tax refund or if you receive cash for your birthday, etc. Just cross off the days as you see fit.

Pinterest has a number of different charts you can pick from. But the most important part is getting started. Saving a little as you go, makes it easier than coming up with all of it at one time. And throwing in a few extra penny’s only adds to the excitement. Make it a family project. I bet your kids will keep you accountable.

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