“How to Save for an Engagement Ring” is a common search term I find driving people to my site. It is a question many of us have found ourselves asking, so when I heard about the “52 Week Challenge” I thought I should share it here. I found a great explanation and graphic at A Mitten Full of Savings and you can read even more about it there,
The 52 week challenge builds on the simple premise that anyone can save $1. Add another dollar to that amount each week and by the end of one year you will have saved $1,378.
How exactly does it work? At the start of week 1, deposit $1 into your savings account or money jar. Week 2, $2, by the end of the first 10 weeks you will have saved $55. That doesn’t seem like much, but when you get into the later half of the year and are saving $40-$50 a week those amounts start really adding up.
The first few weeks will be easy – skip the Starbucks and bring lunch from home, but as the year goes on it does get tougher. Sign up for challenge newsletters from A Mitten Full of Saving here to get tips and reminders to keep you on track each week.
It also helps to have a dedicated online bank for the challenge so you don’t get the urge (or need) to dip into the cookie jar and make an early withdrawal. A good choice is a free online account from Discover Bank which pays a higher than average interest rate – meaning you may end up with even more than $1378 by the end of the year.
So, what does $1378 get you? A quick look at the Amazon Top Selling Engagement Ring page found me this beauty from top rated seller Houston Diamond District for $1290!
|1cttw halo engagement ring from Houston Diamond District, $1290|
What do you think? Will you try this challenge to save up for your engagement ring this year? Have another way to save up? Tell us in the comments below.