Here at Loud Rambling, we are always trying to find new, creative ways to save, invest, and grow our wealth. We are not experts by any stretch of the imagination but we understand the fundamentals of reducing expenses and increasing savings.
While saving is an enormously important task for anyone seeking financial stability and independence, it can be lacking in tangible rewards, which has a knock-on effect on motivation to continue. In order to combat this, we are starting our first savings challenge and encourage anyone interested in joining along with us!
For the first challenge we will be starting with a pretty basic strategy that a lot of folks recommend. This will be a weekly savings challenge, where we will start by saving $1 the first week and increase the amount by $1 each week for a year, ending with $52 being saved in the final week. By the end of the year we will have saved up a grand total of $1,378!
We will make some updates along the way (probably about once a month) and we encourage you to reach out to us and let us know your experience with this challenge.
Future challenges will add layers of difficulty or less scripted savings like savings based on the weather or our favorite sports teams, so stay tuned!
| Week | Weekly Savings Amount | Total Saved |
| 1 | $1 | $1 |
| 2 | $2 | $3 |
| 3 | $3 | $6 |
| 4 | $4 | $10 |
| 5 | $5 | $15 |
| 6 | $6 | $21 |
| 7 | $7 | $28 |
| 8 | $8 | $36 |
| 9 | $9 | $45 |
| 10 | $10 | $55 |
| 11 | $11 | $66 |
| 12 | $12 | $78 |
| 13 | $13 | $91 |
| 14 | $14 | $105 |
| 15 | $15 | $120 |
| 16 | $16 | $136 |
| 17 | $17 | $153 |
| 18 | $18 | $171 |
| 19 | $19 | $190 |
| 20 | $20 | $210 |
| 21 | $21 | $231 |
| 22 | $22 | $253 |
| 23 | $23 | $276 |
| 24 | $24 | $300 |
| 25 | $25 | $325 |
| 26 | $26 | $351 |
| 27 | $27 | $378 |
| 28 | $28 | $406 |
| 29 | $29 | $435 |
| 30 | $30 | $465 |
| 31 | $31 | $496 |
| 32 | $32 | $528 |
| 33 | $33 | $561 |
| 34 | $34 | $595 |
| 35 | $35 | $630 |
| 36 | $36 | $666 |
| 37 | $37 | $703 |
| 38 | $38 | $741 |
| 39 | $39 | $780 |
| 40 | $40 | $820 |
| 41 | $41 | $861 |
| 42 | $42 | $903 |
| 43 | $43 | $946 |
| 44 | $44 | $990 |
| 45 | $45 | $1,035 |
| 46 | $46 | $1,081 |
| 47 | $47 | $1,128 |
| 48 | $48 | $1,176 |
| 49 | $49 | $1,225 |
| 50 | $50 | $1,275 |
| 51 | $51 | $1,326 |
| 52 | $52 | $1,378 |
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More ways to save: Acorns
Safe savings methods: CDs, Online Banking, Money Market Funds/Accounts, Nickels
Featured image via: businessleader.co.uk
