Saving money can be hard.
However, if you are committed to saving money, especially for you are trying to build an emergency fund, you can definitely reach your goal.
That’s why I started doing the 52 week money challenge because I wanted to get serious having money on the side in the event an unexpected emergency occurs.
For my 52 week money challenge, I want to save up at least one month’s of living expenses.
Having a month’s worth of living expenses is extremely important to me because according to a 2017 GOBankingRates survey, more than half of Americans (57% to be exact) have less than $1,000 in their savings.
Fidelity Investments’ retirement plan states that by the time you reach 30 years old, you should have saved up the equivalent of your annual salary. So that means if you make $40,000 per year, you should have $40,000 in savings by the time hit the big 3-0.
Sounds intimidating when you consider the fact that millions of people are one paycheck away from being homeless.
Let me tell ya…nothing throws a monkey wrench in your finances like having to cough up a hefty chunk of change for an unexpected event like:
But let me stop assuming that you want to start the 52 week money challenge because you want to save up for an emergency fund like me (even though I highly advise it).
Maybe you want to save up for a summer vacation.
Maybe you want to save up for a down payment on a house.
Maybe you want to save up for that new designer handbag
Still, whatever your reason for wanting to start the 52 week money challenge, I have 5 helpful tips in the video below that you can use to help you succeed.
Track: Down for Whatever
Artist: Silent Partner
Genre: Dance & Electronic | Funky
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