January Weekly Savings Challenge

January Weekly Savings Challenge

A Fresh Financial Start for 2019

The fresh beginning signified by New Year’s Day is often marred by the ugly reality of post-holiday credit card bills and dwindling savings. Holiday fun quickly gives way to worry, as tight money management makes us wish we had stayed within our entertainment and gift-giving budgets. If you’ve found yourself in this predicament, take heart! Here’s a fun, straightforward way for the entire family to tighten their belts while learning valuable saving skills.

This family savings challenge can help you whittle away at January debt and start building a fund for next year’s holiday purchases. Along the way, you and your children will learn the value of savings goals and how gratifying it is to achieve a goal and claim your reward!

Setting Up Your Family Challenge

Craft your family challenge to match your finances and your goals. There are many online plans for 52-week savings challenges that yield from $1400 to $5000 by the end of the year, but if you are including your children, start with January. Once you and your children have accomplished your initial goal and demonstrated the ability to save, you can easily extend the challenge for another month—or the entire year.

  • Step 1: Prepare a saving chart. Follow this link to download a free example that’s easily modified to meet the needs of your family.
  • Step 2: Decide on a goal. Make this a shared family goal like purchasing a new board game or video game the whole family can enjoy or attending a special event together. Experiencing the gratification of accomplishing the goal will encourage children (and adults!) to make savings a regular habit.
  • Step 3: Emphasize savings growth with visible progress. Kids will be more motivated when they can watch their savings grow. Collect coins in a jar or use a brightly colored graph or thermometer chart to track savings growth, week by week.

Build on Success

Accomplishing the goal of your January challenge is just the beginning. Keep the momentum going throughout the year, and when your children have a good understanding of how to save for a goal, you can modify the challenge timeframe and even reward savings diligence by teaching the power of compound interest. Before the next holiday season, you and your family will have saved enough cash to enjoy gifts and entertainment without debt.

Invest in Savings With Maglio Electric’s Residential Services  

Investing in your home’s electrical system can pay dividends month after month, year after year. Maglio Electric reminds New Jersey homeowners that outdated and inefficient wiring and lighting fixtures waste energy and often pose a safety risk. Many older homes also have too few power outlets to accommodate today’s tech gadgets. A lighting or NJ electrical upgrade from Maglio’s team of licensed and certified electrical experts results in greater convenience, improved safety and savings that multiplies each year you own your home.

For additional energy savings at home, consider adding an electric vehicle charger or upgrading lighting systems to LED. Call 908.735.6218 to request an estimate or schedule an appointment online to explore your savings and energy-efficient home options.

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