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Pain-free method to save $1500

The easiest way to save $1500 this year
The easiest way to save $1500 this year

CHRISTMAS and New Year can be a drain on the finances, but thankfully there could be a simple way to save a nice sum in 2018.

If you follow the steps, you could walk away with $1500 by the end of this year, without having to cut back too much on your spending.

Apartment Therapy came up with the pain-free saving plan, which sees participants put aside a small sum each day.

The concept is that every Sunday you put aside $1, followed by $2 on Monday, $3 on Wednesday and so on.

On Saturday you'll put $7, and then the process repeats and you'll put aside $1 on Sunday as the new week begins.

The largest daily amount, $7, is around the cost of two coffees, so isn't too overwhelming to factor into the budget.

If you stick to the daily savings, you'll put aside $28 a week, which works out as $1456 by the end of the year.

It's up to you whether you throw coins in a jar every day to use up small change or transfer the cash into a savings account each week.

The Apartment Therapy concept has been seen as a more realistic saving plan than popular alternatives, like the 52 Week Challenge.

The 52 Week Challenge works by getting participants to put aside $1 for the first week, $2 for the second, and so forth, until the end of the year.

While this may seem easier at first, it relies on people putting their largest sums away around Christmas, which is an expensive time of year for many households.

The 52 Week Challenge also nets you $78 less than the Apartment Therapy one does.

Either way, putting money away little and often will see you with a tidy sum by the end of the year.

 

This story originally appeared on The Sun and was reproduced with permission.

Topics:  finances goals new years resolutions saving


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