UPDATE – Start off 2016 right! Don’t miss all the articles from my 52 week series. They are all on the blog already, so start reading and get ready to ELIMINATE DEBT!
Are you ready to get your budget under control? Do you long to live a life without debt? Then get ready for our new series: 52 Weeks to Eliminate Debt and Curb Spending!
Each week we will discuss practical ways to help you get out of debt and take back control of your finances. Now, this isn’t an easy challenge but it’s one that you must commit to in order to help secure your financial future.
Some of you may be thinking it’s not possible to be debt free. Maybe you’re living paycheck to paycheck and are just barely making your minimum payments each month. Regardless of your financial situation, you can still get out of debt.
For some people (depending on the amount of debt) it may take just a few months, but for others a few years. However long the road to a debt free life, it will be worth it in the end. Just stick to the plan.
My family is finally living debt free. Our goal was always to be debt free except for our mortgage. Once we wrote that last check, it was liberating. I felt like a weight had been lifted from my shoulders, and I want all of you to feel the joy of not owing your hard-earned money to someone else.
Are your ready to eliminate your debt? Get started with Day 1!
Week 1:Establishing Debt Relief Goals Week 2:Make a Functional Family Budget Week 3:Making a Debt Repayment Plan Week 4:What Debt Should We Pay Off First? Week 5: Finding Income When you Have NoneWeek 6:Change the way you view money Week 7: 3 Ideas to Make the Step to DownsizeWeek 8:Making Wise Budget ChoicesWeek 9:8 Ideas for Finding Alternative Sources of Income NOW Week 10:Is Bankruptcy Ever a Good Choice? Week 11:How to Avoid Bankruptcy Week 12:How to Negotiate with Creditors Week 13: Get Rid of Money Zappers Week 14:Green Living for Debt Relief Week 15:Focus on Student Loan Debt Week 16:Understanding How Your Spending Habits Affect Your DebtWeek 17:Why Do You Need a Savings Account? Week 18: Week 19:Get Serious About Your Household BudgetWeek 20:Get Started Using The Envelope Method for Debt Relief Week 21:Evaluate Your Success And Make Changes Week 22:Knowing When You Should Refinance Your MortgageWeek 23:Week 24:Credit Card Settlement Facts – You Need to Know Week 25:Are You Planning for Your Retirement?Week 26:Cancel Unnecessary Subscriptions – Don’t Miss These 6 Memberships Week 27:Downsizing Your Vehicles for Ultimate Savings Week 28:How to Vacation for Free or Cheap Week 29:Practical Ways to Teach Your Kids Healthy Money Habits Week 30:Tips to Embrace a Simpler Lifestyle Week 31:Saving On Education Expenses Week 32:Gardening as Debt Relief Week 33:Are Balance Transfers and Debt Consolidation Right for You? Week 34:Creating Income With Yard Sales Week 35:5 Best Grocery Store Savings {Without Coupons} Week 36: Tips for Negotiating Interest Rates On Credit Cards Week 37:Focus On Long Term Debt Changes Week 38:Ask For Outside Advice Regarding Your Debt Week 39:Use Your Talents To Pay Off Debt {10 Work at Home Ideas} Week 40:How to Plan a Weekly Menu {Money and Time Saving Tips} Week 41:Don’t Pay For Something You Can Get For Free Week 42:Change Your Bill Pay Method For Debt Relief Week 43:Knowing When To Close Credit Accounts Week 44:Tips For Going On A Spending Freeze Week 45:Living Debt Free At Christmas Week 46:Bartering To Pay Off Debt Week 47:Let Interest Accounts Make Money For You Week 48:Motivate Yourself To Change Financial Habits Week 49:Set Long Term Financial Goals Week 50:Is It Time to Cut the Cord? Saying Goodbye to Cable Week 51:Don’t Fall Victim To The Debt Trap Again Week 52:Focus On Debt Relief Success
Don’t miss a week of the series. Get each weeks post straight to your inbox and get a FREE Financial Planner! The planner includes:
Savings Goal Worksheet
Debt Payment Checklist
Debt Repayment Plan
Bill Pay Calendar
Monthly Budget Worksheet
Cash Envelope Template
Sign up below or click HERE to get your FREE financial planner.
I’ve also created a Pinterest board that you can follow along as I pin each weeks post plus more ways to keep your budget on track and curb your spending.
Now let’s get started!
Disclosure: I am not a financial adviser nor do I have formal financial training. All articles are for informational purposes only and should not be interpreted as financial advice or consultation. Please consult your account and/or financial adviser before making changes to your finances. Allsituations are different, so please consult a professional to determine your individual needs.
The 52-week money challenge not only allows you to save a substantial amount of money by the end of the year, but also offers a number of other benefits: You start with a small, manageable amount, making it less intimidating for beginners. Helps you identify your spending habits as you find ways to save each week.
But know that this savings plan is effective, and it can help you sock away more than a thousand dollars in a year — $1,378 to be exact. You could build up even more if you put the funds in a high-yield savings account. Doing the challenge takes commitment, but it's easy to start.
There are no complicated rules to remember. Week 1, you save $1.00. Week 2 you save $2.00, and it continues through the year, adding one more dollar to each week's savings goal. By Week 52, you'll set aside $52.00, which will bring the year's total savings to $1,378!
The 100-envelope challenge is pretty straightforward: You take 100 envelopes, number each of them and then save the corresponding dollar amount in each envelope. For instance, you put $1 in “Envelope 1,” $2 in “Envelope 2,” and so on. By the end of 100 days, you'll have saved $5,050.
It works like this: Gather 100 envelopes and number them from 1 to 100. Each day, fill up one envelope with the amount of cash corresponding to the number on the envelope. You can fill up the envelopes in order or pick them at random. After you've filled up all the envelopes, you'll have a total savings of $5,050.
The plan is refreshingly easy, even for the math-challenged: set aside $3 in the first week and put it into a savings account. Then add another $3 each week after, so $6 is saved in week two, $9 in week three, and so on. By week 26, when the final deposit of $78 is made, the savings will total $1,053.
For anyone trying to improve their savings in 2024, the 52-week money challenge is a simple and effective way to stay on track. And at the end of the year, you'll have $1,378 extra dollars to bulk up your emergency savings or put toward a savings goal, such as a vacation fund or a down payment on a home.
Given the upward bias inherent in the stock markets, a 52-week high represents bullish sentiment in the market. There are usually plenty of investors prepared to give up some further price appreciation in order to lock in some or all of their gains.
The 52-week high and low serves as an important indicator for many traders. First, it acts as a reference for establishing the relative current value of a stock. Second, traders can use these prices to determine if a breakout is about to take place. The 52-week high and low both provide plenty of useful information.
The answer to that question depends on interest rates or rates of return. With no interest involved, putting one dollar a day into a bank account (or a jar at home) will see you end up with $365 in a year. Multiply that amount by 30 years and you'll end up with $10,950.
Take stock of your savings At the end of 100 days, you'll have 100 envelopes containing $5,050. That's right—1 + 2 + 3 + 4 and every other number through 100 equals just over $5,000.
With this challenge, you save weekly rather than daily. And this amount goes up incrementally. Essentially, you save £1 for each week you are on in the year. So week one = £1 and week 52 = £52.
With no interest involved, putting one dollar a day into a bank account (or a jar at home) will see you end up with $365 in a year. Multiply that amount by 30 years and you'll end up with $10,950. Now let's factor in an interest rate of just 1%.
For something as short-term as this, it may be easier to set smaller, daily goals in order to make saving a part of your daily routine. In order to save $500 in 30 days, you would roughly need to save $17 per day, and this can be a combination of cutting back on spending and making extra money.
Introduction: My name is Kimberely Baumbach CPA, I am a gorgeous, bright, charming, encouraging, zealous, lively, good person who loves writing and wants to share my knowledge and understanding with you.
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