BAC Challenge Week #2 – Building your Savings Account

For our second challenge of the year we are focusing on finances. We want to build a financially responsible community. Recently, a spreadsheet showing a 52 week challenge was shared with us and we thought it was a great idea. Kassondra Moreland, the originator of this challenge, has made it easy for you to get started. Now we by no means are saying you should only save this amount, but if you have never saved, this is a great way to start. The premise of this challenge is that each week you deposit the number of that week into a savings account (or whatever amount you deem is appropriate for your family). For example, the 1st week of 2014, you would deposit $1.00 into the savings account. Week 2, you would deposit $2. Week 3, $3 and so on. The largest deposit ends up being $52.00 and that will be the very last week of 2013. At the end, you would have saved $1,378. So, if you are able and want to double that amount then your largest deposit would be 104.00. You may even consider timing this with your pay periods…either way just get started saving something.

Kassondra has also launched a new website that assists you in tracking the deposits (I believe it reminds you to make the deposit). You can get started at www.savewithkass.com . We felt this was a great resource for our second BACVOL-life challenge. You can do the challenge on your own, just google 52 week challenge by Kassondra and it will pull up a lot of information about it or you can just sign-up for her website (it is free) and start saving money. She also has a facebook page 52 Week Money Challenge where people discuss different ways to accomplish the challenge and to support one another.

Before starting this challenge, we encourage you to ask yourself some hard questions: Do you have an emergency fund? If something broke down tomorrow (your car, your HVAC, your refrigerator could you easily repair it? How much credit card debt do you have? If you lost your job tomorrow how long could you survive? These are real questions you have to ask yourself…you may not like the answers but ignoring them won’t make it go away. Act on them and don’t just say “oh well”…lets honestly look at our situations and make a change for the better. If you need help reach out to our facebook community and lets talk about it and come up with some real solutions.

We are also going to repeat the goals from week 1 this week as well. So make sure you remember to do those this week along with saving money.

Lets GO VOLS!!!!