The 52 Week Challenge- We’re on Week 5!
Happy Friday y’all! I just transferred my Week 5 Deposit over to my Capital One Savings account. I’ve found that it’s easier to have a separate account for this challenge. You can sign up for a FREE Savings account through Capital One HERE. I like that I don’t have access to this money {easily}.
It’s another week in the 52 week challenge! How are you doing so far? Are you keeping up with putting the money in your jar or bank each week? If you need help with weekly reminders, then sign up for our 52 week challenge newsletter!
This week you are depositing $5in your money jar. Or if you’re doing the challenge in reverse, then $48. Or if you’re making up your own challenge, then be sure to deposit that money!
Here’s this week’s savings tip:
Last week, I wrote about practicing the waiting game when it came to making purchases. This means not making purchases that may be impulse buys and instead waiting on them. The info I will give you this week may seem contradictory to this advice, but hear me out.
When I say, “Reap the Rewards”, I mean sign up for as many rewards programs at stores as you can and strategically use them. This may mean buying things you don’t need right now in order to gain rewards to use later for stuff you do need. This is called not only a good way to use the rewards programs, but also, stockpiling.
CVS, Walgreen’s and Rite Aid all have rewards programs. So do many of the chain grocery stores. Many stores you encounter have these programs available. While some will not add up as fast as others, they are all worth looking at and signing up for, even if the store offering it is not somewhere you shop on a monthly basis. For instance, Famous Footwear has a rewards program that gives you coupons and discounts the more you shop via email. This could mean great news for you around back-to-school time in the fall.
The basic idea behind rewards programs is, they give you an incentive to keep shopping via points, store dollars or discounts (percentages off). Some store, like grocery chains, give you points you can redeem for cents off gas purchases at participating service stations. This reward in and of itself is a great deal because you can not only save money by building a stockpile for later use, but save at the pump, too when gas prices are high.
The rewards programs at pharmacies offer either points or in store “money” you can use on future purchases. They will usually let you use coupons when you use your points as well, so you could end up with freebies if you play your cards right.
One example I will give is one I did not too long ago at Walgreen’s. I went in with coupons in hand for some deodorant that was on sale for 2 for $4. I had a coupon that made it $2 off two so each one was $1. On top of that, the deal included 3,000 reward points (each 1,000 points at Walgreen’s is worth $1) per 2 products I purchased of that brand. I bought 6 deodorants for $6 and got 9,000 points. so I essentially got the deodorants for free and made $3.
Using rewards points can be tricky, but by joining groups on Facebook and online, you can master each store. Just be sure to know the rules of each place before you go in to get a mega deal or you might be disappointed.
On a side note, while I told you not to make impulse buys for things you don’t need right now in last week’s 52 week money challenge, buying 6 deodorants was a great thing even though it will take me a couple months to use them. I now don’t have to worry about budgeting that into my monthly self care items and have a stockpile to use from.
Did you miss a week of the 52 Week of Saving Tips? You can find them HERE!
It’s not too late to join the 52 Week Money Challenge.
Why should You join the 52 week money savings challenge?
Most families are on the constant look out for ways to save more money. This challenge is easy and doesn’t require you to do a lot each week. It starts out with just saving a $1 on the first week. Or, if you’re doing the challenge in reverse, then $52 bucks.
It’s an easy way to save money and it does work if you apply just a little self-discipline and you are determined to save money. And having a goal is a good way reach your saving objective. Below are a few saving goal:
- You can use the money you saved to pay for your Christmas at the end of the year.
- Go on a vacation
- Jump-start a college fund
- Pay off debt
- Buy a car
- This could be your first time actually saving money in a bank account
The reasons for saving extra money are endless!But the key is getting started!
People tend to do better when faced with a challenge (of any kind).
- You will receive a weekly email reminder telling you to make your deposit into the bank or jar
- You will also receive a weekly savings tip on a way that you can save that week.
- You will receive inspiring stories and ways to save money each week!
- Many people and blogs start out doing this challenge within their communities. But by March, most have fallen off the band wagon. As you can see,by just looking at our 52 weekly challenge archive, you can see that we kept up with it each week.
- I’ve personally and successfully completed this money saving challenge two years in a row! I am doing this challenge right along with you and to encourage you along the way. And if you need to tweak it to fit your families needs, save more , etc. then I am here to help you with that too!
- You can find out more about the 52 Week Challenge HERE
So, let’s get started! Sign up today to start receiving the 52 week money saving challenge newsletter!
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