Saving isn't just for those with experience, big bank accounts or investment accounts. Clark Howard and his team have a great way to save a little each week, and at the end of the year, you'll have $2,021. Visit clark.com to read the original article or see below.
The coronavirus pandemic significantly impacted the world in 2020. Millions of people experienced a job loss, paycheck cut or another kind of financial hardship in addition to difficult life challenges.
A key lesson that we can all take into 2021 is the importance of saving money. When you have cash in a savings account, you’re prepared for the “oops” in life, and that helps keep you on the path to financial freedom.
Follow This Chart to Save $2,021 in 2021
Team Clark knows it can be hard to part with the money in your paycheck, so we’ve developed a challenge to help motivate you to get started. If you follow it all year long, you’ll have more than $2,000 in your savings account in 52 weeks.
Here’s how it works:
- Download the Save $2,021 in 2021 chart to your computer and print it out.
- Open a high-yield savings account (or use an account that you already have).
- Transfer each week’s set amount in the chart from your checking account into your savings account.
- Cross off the week in the chart after you transfer the money into your savings account.
- To begin, you’ll transfer $21 the week of January 3, 2021, into your savings account. Then you’ll transfer $15 the week of January 10, 2021, into your account for a total of $36 after two weeks. After four weeks, you’ll have $100 saved.
Worried about saving money when the holiday bills hit? Luckily, four deposits out of the first eight weeks are less than $25. And $65 is the highest amount you’ll ever have to contribute during this challenge.
Keep it up through December 2021 and you’ll have $2,021 in your savings account at the end of the year!
