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?
The information on this page is provided for educational purposes only and is not tax, legal, financial planning or investment advice. Neither the information nor any opinion expressed in this section constitutes an offer to buy or sell any securities or advisory products. The information provided is general and is not information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase or sell any particular security. You should not regard this information as a substitute for the exercise of your own judgment. Investing involves risk.