ROCKY HILL, CT (WFSB) -- Whether you’re saving for a vacation, or getting a head start on that Christmas fund, there are a lot of savings challenges out there that can keep you focused on building up that cash.
Whether you decide to do a daily, weekly, or monthly savings plan, there’s a challenge out there that fits the bill.
If you save $0.01 on Jan. 1, and then add $0.01 each day, bringing you to $3.65 by Dec. 31, it adds up to $667.96.
While it’s already a couple weeks into January, it’s not too late to catch up.
At Nutmeg State Financial Credit Union, they encourage folks to try a weekly challenge, and track the progress.
“Week one is $1, week two is $2, week 3 is $3, week 52 is $52. If you follow that path, its almost $1,400 for the year,” said John Holt, of Nutmeg State Financial Credit Union.
The bottom line is, having a plan in place keeps you focused on your savings goals, and that means you’re more likely to achieve them.
Nutmeg State Financial Credit Union also has designated savings accounts where you can put aside money for a specific reason, like vacation or a Christmas fund.
“We have accounts that people can set up where you put money in the account and it’s almost like a certificate of deposit where you can’t actually touch it, it’s so to speak locked,” Holt said. “So when you need it for the holidays or summer vacation, we can send it to them, but other than that it’s sort of a restricted account and we do that for them to save for a purpose.”
Most money experts agree that having multiple savings accounts, to fund different things, is a smart step toward your financial goals.