Take on the savings challenge
Vacation plans. Weekend plans. Dinner plans. We all have plans; even if our plan is to just go with the flow. Whether you have your sights set on certain a goal, such as buying a house, or want to be ready for what every adventure comes your way, a savings plan is a necessary step to achieving your goals.
According to a recent Google Consumer Survey, approximately 62% of Americans have less than $1,000 in their savings accounts and 21% don’t even have a savings account. That means most of us aren’t prepared for an adventure, not to mention our next vacation.
The good news is that saving is easy when you have a plan. We’ve put together two simple plans to help you build that initial nest egg.
Based on a 52-week timeline, the first plan helps you save $1,378 in one year by starting with just $1 dollar the first week and adding another dollar each week to your deposits. If you’d like to be a little more aggressive, the second savings plan shows how you could save $3,926 in 52 weeks. It works the same way, starting with $50 the first week and adding $1 every week.
Source: timeforallthings.com; marketwatch.com; realdealretirement.com