First Source 52-Week Savings Challenge
Start Now and Watch Your Savings Grow
The #52WeekSavingsChallenge is an easy way to save. It can start small and build your savings gradually, as you develop good savings habits. Or if you're already a great saver, it offers you a challenge to save more.
Set a Goal
Create your own personal goal to save towards. Maybe a car, vacation, emergency fund, or for investing.
Make a Plan
The Challenge is a great guide to begin. If you need help, please ask. We can help you set up a plan that works for you.
Example 1: Start with $1/week and increase the deposit amount by $1 each week as you go. So you’d save $1 in week 1, $2 in week 2, $3 in week 3, and so on for the entire year. You’d be depositing $52 in the last week of the challenge, and you will have saved a total of $1,378!
Example 2: Choose a fixed amount (say, $20 a week), and add it to your account. By the end of the 52 weeks, you’ll have $1,040. You choose an amount that is comfortable for you. The more you can get used to setting aside, the faster your savings will grow.
Plan to start as soon as possible, and save for the next 52 weeks. If you find it’s easy to save the amount you’ve chosen, try increasing the amount. If it seems like too much, choose smaller weekly amounts.
Need an extra incentive? If you start the #52WeekSavingsChallenge now, you will be elligible for a great Special Purpose Account dividend rate starting October 1, 2019.
Designate Where to Save Your Funds
The goal is to save something separate from your daily funds and current accounts, so it stands on its own. Having a separate account also helps you see how much you have saved, and keeps you from being tempted to spend it sooner.
You can easily set up a special "52-Week Savings Challenge" account, or other Special Purpose Accounts, at any time.
Make it Easy
Find a way to remind yourself to make your weekly deposit. Do it when you deposit or cash your paycheck, or set a reminder on your phone. You can use your mobile app to make a recurring transfer right into your designated account. Whatever works for you.
If you’d like assistance starting or customizing a savings plan, we’d love to help. Start by setting up an appointment.
Make an Appointment