admin September 6, 2016

As Americans we are not the best at saving, but who can with a dollar cheeseburger and two dollar coffee on every corner? We all know we need to be setting aside more of what we earn but when it comes to actually squirreling away cash, too many of us don’t follow through. Sixty-two percent of Americans have less than $1,000 in savings, according to a survey by Go Banking Rates, which puts us a hair’s breadth away from financial disaster. Yet a different poll by Gallup found the same percentage of people said they enjoyed saving money more than spending it. Interesting right? The United States is a nation of failed would-be savers, it seems.

Given the disconnect between our desire to save and our actual bank account balances, it’s hardly surprising that many people are drawn to tricks that promise to help them bulk up their nest egg. One in particular has recently caught on in a big way: the 52-week money challenge, which was created in 2013 by a woman named Kassondra Perry-Moreland. The challenge is simple. You start by saving $1 this week. The next week, save $2. In the third week, $3, and so on. After 52 weeks and your final deposit of $52, you’ll have a total of $1,378 saved. The challenge is easy to understand and relatively painless to follow. It works even if you don’t have a savings account, a shoe box will work just fine. But is a scheme like this one really the best way to save money? While the strategy can work for anyone who wants to boost their savings, it’s a better fit for some people than others. See more here…

-via Cheat Sheet-

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