An article I read recently challenged readers to start an easy investment program. The idea behind it is to get into the habit of investing a little every week, and to show that it would add up quickly by the end of the year!
Here’s how it works:
Week 1, you put $1.00 into a savings account, total is now $1.00
Week 2, you put $2.00 into that savings account, total is now $3.00
Week 3, you put $3.00 into that savings account, total is now $6.00
Week 4, you put $4.00 into that savings account, total is now $10.00
You get the picture! By the end of a year, or 52 weeks of investing, you will have amassed $1,378.00, and the most you will have invested in your savings in one week is $52.00!
Sounds like a great way to save up for those home maintenance projects that crop up every year!