A 52-week savings plan to try

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Focus on Finance by Wm. Steve Wright

By Steve Wright

Question: It’s the end of the year and Jan. 1 always is the perfect time to start a savings plan.

My New Year’s resolution is to start saving. I’ve never been a dedicated saver and I do not make a lot of money, but I know I need to start somewhere. Are there any plans you can recommend?

Answer: There is a great plan circulating through social media that I think is a good way to start. It is a progressive amount of savings every week, ending the year with $1,378. This 52-Week Savings Plan is ideal for the person looking to create their own “Christmas Fund” for next year or even the rehabilitating non-saver looking for a good saving routine to get started.

Consistency forms habits. Whether you put the money in a savings account every week or keep it in a jar in your sock drawer — not the recommended method — saving doesn’t have to be painful. You do not have to make a lot of money to save either, start small and build, it will grow, but you have to start.

Make 2014 the year you become proactive in your financial planning.

Wm. Steve Wright is managing member of The Wright Legacy Group.

What is Focus on Finance?

Have a question about your finances? Submit it to our panel of local experts who answer your questions on The News-Enterprise Money page every Sunday.

A panel of local experts with experience and knowledge of this community respond to questions about 401(k)s, 403(b)s, annuities, certificates of deposit, home mortgages and/or refinancing, investing in the stock market, financing retirement, reducing income taxes and related topics. Email your questions to: focusonfinance@thenewsenterprise.com or mail to: Melanie Parker, The Wright Legacy Group, LLC, 1104 Julianna Court, Elizabethtown, KY 42701.