With Christmas done and dusted, I know that many of you will be looking at how you can ease the financial pressure next Christmas, or are thinking of ways to save a little extra any way you can.
One of the common suggestions you might see for saving is to go without your daily coffee – I absolutely cannot support this recommendation. Not only do I love my daily coffee (almost as much as I love visiting my coffee shop!), but baristas need to make a living too!
So in lieu of going without coffee, one of my favorite ways to save extra during the year is to set myself a 52 week money challenge. The basis of the challenge is that you commit to saving an amount of money each week – how much is completely up to you!
One recommendation is to add a dollar per week ie: week 1 = $1, week 2 = $2 through to week 52 = $52. Another is to reverse this ie: week 1 = $52, week 2 = $51 through to week 52 = $1.
I prefer the reverse option for a couple of reasons. First, I find it easier to save $50 a week at the beginning of the year than in December. Second, as I get used to going without that money I tend to keep putting more away, especially when I’m down to single digit savings.
A simple google search will yield a number of graphics from which you can print one to keep handy – go on, we’re only in week 3 of the year so it’s not too difficult to catch up!
PS This information is general in nature and should not be considered personal financial advice, please consult a registered financial planner prior to implementing any investment strategy.