It's the time for New Year's Resolutions, and for me, 2015 was the first time I was able to finally keep one for an entire year, so I plan to keep the same resolution for 2016:

Sergiy Palamarchuk - ThinkStock
Sergiy Palamarchuk - ThinkStock

First things first, the challenge is *usually* done by saving $1 the first week, then $2, then $3, etc. By the end of the year, you wind up with $1,378! (Not a bad chunk of change.)

Here's a handy chart to explain:

52-week money challenge

But wait!

Last year, before the challenge started, a listener suggested doing the challenge in reverse. That's how I wound up completing it, and I really think it's the best way to do it.

You start by adding $52 to your savings in week 1, then $51 in week 2, and so on.

Not only do you get the toughest part out of the way while you're still truly motivated, but when the holidays come around in December, you'll seriously appreciate how little you need to add to complete the challenge.

So, for 2016, I'll be focusing on the reverse chart:

Money challenged reversed
Laurie Cataldo, Townsquare Media

Additionally, like last year, I will at some point try to hold the savings level steady to complete the challenge. For example, this year, once I hit week 23, I simply added $30 to my savings every week for the rest of the year. It was a manageable and doable amount for me to save every week. Find what works for you!

I'll be kicking off 2016's money challenge this Friday, January 1st, and will post reminder blogs every Friday after that to keep us all going.

I also recommend having a goal in mind. My 2015 savings is going towards my honeymoon, and my 2016 savings will hopefully eventually go towards a post-wedding move!

What are you saving up for?

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