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Money Minute
Quick Tips
Bite by Bite, Dollar by Dollar
Money Minute
Saving can feel like an elephantine task, but this tip will help you build an emergency fund that’s more than just peanuts.

As the old saying goes, “How do you eat an elephant? One bite at a time.” If you’re someone who finds saving difficult, applying this same concept to money can yield surprising results.

Consider this 52-week savings plan: save $1 during Week 1, $2 during Week 2, $3 during Week 3 and then continue this savings trend until you get to Week 52. If you follow this plan, you would have a total of $1,378 saved up after just one year.

Whether you’re a novice saver trying to build up an emergency fund or you’re a seasoned investor who contributes the maximum to an IRA every year, anyone can benefit from this simple technique. And who wouldn’t want to have an extra $1,378 in their bank account?

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