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52 Week Savings Plan: Week 1

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52 Week Savings Plan: Week 1

Posted on by Lindsay Diedrich

Hello everyone! My name is Lindsay and I’ve committed to following the 52 Week Savings Plan. I’ll be documenting my adventures along the way here on Fox’s blog.

Not familiar with the plan? Checkout our 52 Week Savings Plan webpage to learn all about it.

My first order of business: decide what I’m saving for.

I’ve been a homeowner for about five years and let me tell you: stuff breaks, needs to be repaired, and/or replaced. The furnace, water heater, plumbing… I’m speaking from experience here. A few recent repairs have taken a sizable chunk out of my emergency fund. It’s time to build that back up with the 52 Week Savings Plan.

Second order of business: develop a plan of attack.

Many versions of the 52 Week Savings Plan (and Adam Sandler in the Wedding Singer) suggest to dedicate a pretty mason jar to house your cash. Not me for two reasons:

  1. Eventually there’s going to be over $1000 in that jar. I don’t want to tempt myself or anyone else in my household with that kind of hard earned money lying around.
  2. Online banking is so much easier! As a Fox Communities Credit Union member (yeah I know, shameless plug), I can easily set up a sub-savings account and schedule my weekly transfers.

I’ve also decided to follow the plan in order, using the recommended dollar denomination. The awesome thing about the 52 Week Savings Plan is you can tailor it to your needs. You don’t have to go in order and you can use dimes or whatever denomination you want instead of dollars. For the purpose of my goal (home emergency fund), I’m going with dollars.

Third order of business: complete Week One.

It took all of three minutes. Logged into Online Banking. Created a new sub-savings account. Transferred $1.00.

52week-week1v2

Final Thoughts.

I hope you’ll embark on this journey with me. It won’t always be as easy as Week One, but just knowing there’s someone else going through it too, helps. See you in Week Two!

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