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52 Week Money Challenge: Small Saves = Big Gains

The following is a post by guest blogger Margaret Yu, Momentum Financial Literacy Facilitator.
Happy 2015 everyone! I hope 2015 brings you and your loved ones good health, happiness, and prosperity.
Growing up my mom always told me that “$1 is a lot of money and that small savings can add up.” But I didn’t fully realize how much $1 was until I saw the 52 Week Money Challenge. This chart shows you that small savings can mean big gains.
Imagine if this was you saving for 52 weeks. The first week you save $1 and then the second week you save $2. The third week $3 and so forth. By the end of the year you would’ve saved $1,378! This isn’t petty cash either. What would you use your savings for?
I think it’s a brilliant idea! The challenge allows you to take small but impactful steps to save money. Like finding $1 to save in your weekly budget and then gradually increasing and finding more ways to save.
This challenge has inspired me to build an emergency fund in my Tax Free Savings Account (TFSA) by scaling back on my spending and save the same way!
If you’d like to learn more about saving money check out our FREE Money Management  workshops or call 403-204-2664.
What are your thoughts on the 52 week money challenge and can you see it working for you? Let me know! I look forward to reading your comments. 🙂

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