One posted on the website Apartment Therapy has gained attention online. The yearlong challenge involves putting aside $1 on Sunday, $2 on Monday, $3 on Tuesday, and so on — then starting fresh at $1 each Sunday. After 52 weeks, there will be savings of $1,456.
The website notes that those taking part in the challenge can collect money in a jar, or even sign up for mobile apps that do the work for you.
Technically, challenges such as this one work but they can be difficult to stick to, Toronto-based personal finance expert Rubina Ahmed-Haq explains.
“This sounds like a lot of maintenance, like every day remembering to save money,” Ahmed-Haq told Global News.
But the finance expert said such challenges do have some benefits for those trying to stick to their money-saving new year’s resolutions. For example, they can help kick-start the year with an overall focus on saving.