Reverse Money Jar Savings

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I love the 52 week money saving challenge – I think it’s a great way to put some money aside.  That being said, moneysavvyme decided to flip it on its head and make a couple of adjustments to help people earn even more!

Flip it on its Head!
To begin with, I literally mean, flip the idea on its head.  Instead of starting week 1 off with $1, start the year off with a $52 deposit!  This may seem a little daunting, but big effort yields big results! Imagine the difference seeing $202 in your savings at the end of the month vs. $10!!!  Which amount is going to give you the motivation to keep on going?

Ditch the Jar!
Yes, the idea of using a jar, so you can see the money is great in theory.  For me, this won’t work.  Money in a jar, on my counter, that I see each and every day?  Ya, that’s not going to last.  Just wait until a beautiful, warm summer day and the jingle of the ice cream truck fills my neighbourhood with its delightful indulgences.  My hand’s going right into that jar and not only messing up my savings goals, but blowing my weight loss ones too!  Instead, open a savings account where the money exists as numbers on a screen.  That way, you can watch it grow and not be tempted to dip into it.  Not only does this help avoid your temptations, but also allows you to earn interest on the money you earn AND if you sign up with Tangerine, you’ll get a bonus $25 added to your account when you use orange code: 41341719S1 You can consider the $25 an extra bonus or use it to help ease off your first week’s deposit. 

Of course using your usual bank is fine too, one of the nice things about Tangerine is not only the $25 bonus using orange code: 41341719S1, but also the fact that money doesn’t transfer to your bank account automatically.  This can reduce impulsively dipping into the savings for trivial things.

Push the Envelope!
Looking to save up for something really special?  Or, just want to push your money saving limits?  Set higher goals!  Aim to put $200 a month, or a week, or double up (or even triple up) each deposit!  Have extra one week?  Add it as a bonus and watch your savings grow!  Do not limit yourself to simply adding the amount allocated for the week – think of it as your minimum deposit!
Of course, you need to work within your income, while making sure you are able to meet your cost of living.  Make modifications to fit your individual needs – the key is to make sure you are putting money away. 

Need ideas on ways to earn more money for your savings goals? Check out this post with over 30 ways to earn money online in Canada!