Taking control of your finances doesn't have to be something you only do when a new year rolls around, but it definitely makes it easier because we tend to be more motivated and ready for a change.

My husband and I agreed before we got married that we would live as debt free as possible. We only have one credit card and use that card to buy gas once a month, and then pay it off immediately. Other than the once a month credit card payment, the only debt we have is Jay's car payment (which will be paid off next month) and the medical bill from the birth of our son. We've worked massively hard to get to this point and in doing so, we've basically depleted our bank account.

We're hoping to be able to expand our family in 2016, but with another baby comes more financial responsibility. This is why our family is taking the 52 week money challenge. Because Jay and I will both be contributing money separately, we hope to close out 2016 with an extra $13,780. How is this possible? We're following this formula:

Traci Taylor
Traci Taylor
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As you can see, the amount deposited starts out low at the start of the year and then grows toward the end of the year. When I first looked this over, I felt a little overwhelmed at the thought of having to deposit $255 and $260 the last two weeks of the year, which is when the bills really start to pile up. But my husband and I have come up with a strategy to stick to the plan and hopefully master it.

For Christmas, my husband's grandfather gave each of us $100. We're going to apply that money to our 52 week money challenge, but instead of putting it all in on week 20, we're going to put it in, but cross off weeks that total $100. I put the $100 in the savings account we created just for this challenge and crossed off weeks 1, 3, 6 and 10. Week one, the deposit amount is $5, week three is $15, week six is $30 and week ten is $50 for a total of $100.

Traci
Traci Taylor
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By doing it this way, we figure we'll save a few lower dollar amounts for weeks that we're strapped for cash because of unexpected life events. And then, when we get a little extra money for our birthdays or through work bonuses, we'll use that to chip away at the larger amounts and won't feel so completely overwhelmed and fall off the wagon during times when money is tighter than usual.

I'm really pumped about doing this challenge and the idea that if we're blessed with another little one, we'll have enough money saved up by the end of this year to completely pay off hospital bills and have a clean financial slate for 2017, when we'll begin saving again.

If you take the 52 week money challenge, or have taken it in the past and have any other tips or tricks to following it through, I'd love to hear from you!

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