I shamelessly participated in the traditional financial blog January epidemic of sending out 52-week savings plan sheets to my readers.
I decided upon a savings plan that doubles the amount you save every week from a very small base, so in my case, you started by investing 50p, then £1, then £1.50, until the 52nd week when you saved £26, and you’d have a box, or a jar, with £689 in it.
This savings plan post proved a bit more popular than average, in part because the concept is both appealing and approachable.
That’s a decent chunk of change that allows you to do something substantial, and the idea behind the plan is that it’s small enough an effort that anyone can sign on and stick to it until the end.
The reason everyone in this field suggests this is because it works. It’s something simple, tangible, that anyone can do.
But it’s a bit prescriptive. What if you really needed to save £827 to buy your Spring holiday trip for next year? Maybe my £689 plan isn’t all that useful to you…
Since the math is really simple, I thought I’d review my post from last week and go one better, letting you set your own target and print out your own savings sheet, based on the target and the method you choose.