|Are you ready to take the Pad Your Pockets 2014 Challenge?!?!?|
We've seen these before. We've all wanted to do it. But what happened?
Too much commitment to deposit a larger sum of money at the END of the year when the money is even tighter? That wouldn't work for me - I need every extra penny I have during the holidays to spoil my boy!!
I liked the fact that money is put aside for your savings, for a rainy day, for a trip....hmmmm...I'm sure you can name a couple of things worth saving for. But the "other challenges" seemed to come up short.
I like the idea that this challenge brings you OVER the $1500 mark.
Boo-ya! Fifteen Hundred Bucks. Now we are talking!
Take a look at the chart above. See that we start out making a larger deposit working our way down. Now, the difference with this challenge is that we are not depositing $1 at a time, at any time. I figured since we have built our new savings habit, that we should keep it rolling without insulting ourselves with a measly single digit deposit - we are worth more than that.
From Week 33 - 47, it's a $20 deposit, then we are taking it down to $10 deposits for the last 5 weeks of the year. This keeps our new saving habit alive and well, while taking our savings total higher!! Oh and P.S.... the balance you see above does NOT include interest! So, if you manage to have or find a savings account that has a great interest rate, well....you'll be even richer! While I am no financial advisor, I would recommend looking into opening a Tax Free Savings Account (for my fellow Canadians, anyway!)
Go on. Pad your pockets!!