We all could save a little money right? Coming just out of Christmas I am sure we can all agree we spend too much this time of year! Let’s set ourselves up for 2016. They say the average Canadian spends about $700 at Christmas, how about if we saved for it little by little each year?
We shared the 365 Day Penny Challenge that is floating around to save $667.95 over the course of the year – effortlessly, on our Facebook page (day one $0.01, day two $0.02… all the way to day three hundred and sixty five $3.65 (366 next year!)). Some asked, how do you do this without pennies? We were going to calculate the weekly amounts and set up 52 auto transfers with our bank, INSTEAD we just spent less than 2 minutes setting up a weekly recurring transfer of $12.85 ($667.95/52 = $12.85) into our savings account*. $667.95 saved easily! This feature is free at our bank and will now be automatic for the next year starting January 1st! You could make it almost $800 if you upped it to $15.00!
For those also considering the 52 Week Money Challenge instead (also floating around Facebook… for week one $1.00, week two $2.00… all the way to week fifty-two $52.00 for a total of $1378 saved). You could also set up one automatic transfer for $26.50 weekly for the same amount and have it automatic and effortlessly! Most importantly you don’t need to remember to do it each week!
We have shared and attempted the 52 Week Money Challenge the last 3 years (we failed a quarter to half way through as we never made it automatic and would just forget certain weeks and it became a lost cause!). This year we thought the penny challenge was more doable so we opted for it and now that we’ve already set it in place, we don’t have to think about it all year! Maybe we’ll even up it to the $26.50 in time!
*our bank charges no fees for these automatic transfers we have set up. Check with your bank or explore your online banking tools! Set up was easy!!