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Sun Credit Union

Sunday, 27 January 2019 11:07

Saving doesn’t have to be complicated.

For many folks, saving money can be a daunting task, but in truth, it does not have to be complicated. Fortunately, there are many tools available to simplify this task. One of the current favorites is the 52-Week Money Challenge.

The 52-Week Money Challenge

The idea is simple: Week 1, save $1. Week 2, save $2, and so on. Gradually increase your savings by a dollar each week throughout the year.

When you complete the challenge, by the end of 52 weeks, you’ll have saved $1,378!

The beauty of this program is in its simplicity and the habitual momentum it can create. And, getting started is not difficult — just about anyone can manage to save one dollar in a week.

Personalize the Challenge

The challenge heats up when you’re saving $50 or more per week in December, which is already a pretty expensive month for most of us. But the good news is, you can do what works best for you. Some people start at week 52 and go backward, others jump around throughout the year, checking off the weeks they’ve completed. So, if you received a big year-end bonus, you could start with the $52 contribution and check that box off from the beginning. Then, you could put in $10 the next week, and $37 the following week, or whatever amount you can comfortably spare, and work upward from there. That way, you save some low-dollar boxes for those cash strapped weeks later in the year.

Get some help from SUN

One of the hardest parts about saving money is making the conscious decision not to spend those dollars, and instead to stick them in a jar. That’s why we offer a variety of savings plans to help you make better financial decisions without having to think about it.

If your employer supports it, automatic Direct Deposit from your payroll check into your Savings (Share) account is an easy way to save without feeling the pinch. You can deposit your entire payroll check or a portion – whatever works for you.

Direct deposit not an option for you? Not to worry. You can set up automatic transfers from your Checking (Share Draft) account to your Savings (Share) account to accomplish the same task. 

For those who like to save for a purpose, our Christmas Club account is for you. You can begin saving as early as November for payout the following October. And, best of all, this modified Savings account earns dividends from dollar one. Direct Deposit is also available with the Christmas Club, but be prepared to save, as you will incur a $15 fee for each withdrawal prior to the October 1st payout.

It’s not how you save, it’s that you save.

Whether you join the 52-week Challenge, open a Christmas Club account, enroll in Direct Deposit, or save in some other way, it doesn’t matter. The important thing is that you start a routine of putting away money for your own future, and that you stick to it.

And, of course, the sooner you start, the sooner you will see the success of your efforts.

Last modified on Sunday, 27 January 2019 11:33