Yesterday evening all over Facebook many of my friends was sharing the same photo. The photo that was shared was the 52 Week Money Saving Challenge. One Sister Save-A-Lot reader shared the photo on my page also. I just knew that I had to talk about this challenge; all last night I was thinking how can I really complete this challenge and be successful at saving. I didn’t have to look very far because my frugal Friend Tiffany “The Budgetnista” Aliche shared with her friends ho to successfully complete the 53 Week Money Challenge.
- 1. Open up a FREE, NO FEE, Savings Account. She suggests using an online account, so you won’t have easy access to your money. Online accounts typically take 2-5 business days to withdraw funds. This will discourage impulse spending. You can use Bankrate.com to help you choose the best bank for you.
- Set up automated transfers (on the same day each week) from your regular bank, to your new Savings Account. Most banks have an online calendar where you can schedule transfers (when and how much).Tiffany encourage you to set up the transfers in bulk, a month/4 at a time, or do the whole year. The scheduling should take a matter of minutes and this service is FREE! You don’t have to do the transfers manually each week, unless you think you may not have the funds available in your regular bank account and want to avoid over-drafting.
- Make sure that you have the money available in your regular bank account each week.
- 4. Sit back and watch your money AUTOMATICALLY grow and grow and grow!
According to Tiffany “ Automation is the new discipline”. So are you up for the challenge? I have set up my automatic transfers for the January and February with my ING online saving account. Start yours today and let me know how it is going for you.