Last summer I started the 52 week savings project. After a while, I found that it became a pain in terms of keeping up with it weekly and transferring the money so often.
Then, a few months ago, I saw this new project somewhere, but I can’t for the life of me remember on what blog… when I do, I will link it here.
The idea of it is that you start by saving 1% of your income in the first month. From there, you increase the savings rate by 1% each month. Example: January- 1%. February- 2%, March- 3% etc.
I find this so much easier because you just have to worry about it once a month.It’s also great because the more you make, the more you save!
I am determined to keep up with it for the whole year and move the amount to my TFSA.
Does anyone out there have something similar in terms of helping the out to figure out how much to save each month?