The 52-Week Savings Goal Catching On
MIAMI (CBSMiami) – A simple plan to save money is gaining followers and growing bank accounts.
An Oakland woman is changing her life and thousands of others' after a Facebook post on a simple 52-week savings plan.
Kassondra Moreland was looking for a new goal this year.
"I was getting ready for work, and I just asked God, 'I can't do 2013 like I did for 2012. What do you have for me to do?' " Moreland said.
This question led her to something so much bigger, and it all started with social media.
"[I] signed on my Facebook, and there was this chart, and I said 'I'm gonna save.' I've never been a saver, let's save," said Moreland.
The chart was a 52-week savings challenge posted to her wall. Right away she shared it with her family and friends.
"I promise to motivate you every week to make deposits. I promise at the end of year to make sure we keep each other accountable, because I need you to hold me accountable," Moreland said.
In the first week, you make a $1 contribution. During the second week, you make a $2 contribution. By the end of the year, that last week's $52 contribution into your savings will bring you to a total of $1,378 saved.
Since Moreland's post, 3,000 people have jumped onboard.
"The next thing I know, I got someone on there from France saying. 'I'm doing deposits in Euros,'" she said.
Moreland's new friends on Facebook, many who she doesn't even know, have big plans for their savings.
"People want to go on vacations. People want to have money at Christmas without having to use credit cards," she said.
Others are banding together for churches and other organizations. A church in Louisiana has invited 25,000 people to the challenge.
"So that's $25,000+ they will have at the end of the year, and they are going to buy a church bus," said Moreland.
It's a chance for non-savers to save and reap the benefits at the end of the year.
"I'm not saying I'm giving you financial freedom, because $1,378 doesn't give you financial freedom, but it does allow you financial breathing room," Moreland said.
An alternative idea is to reverse the plan. So, the bulk of the savings will come sooner, instead of at the end of the year around the holidays.
Want to try it out?
https://www.facebook.com/52WeekSavingsChallenge?fref=ts
http://www.bankrate.com/finance/personal-finance/christmas-club-accounts-1.aspx
