Skip to main content

How to save $1,000 in one year

Two methods to save money and reach your goals

Thinking of saving a big chunk of money is like thinking about climbing to the top of a mountain – it seems impossible.

Mountain climbers say their task is one of both mental and physical perseverance; they simply focus on putting one foot in front of the other.

The act of saving money can be similar — by staying focused on putting away one small sum after another, you can reach your goal.

The best thing about setting up a process to save $1,000 in one year is that it gets you into the habit of saving. If you automate it (letting the bank debit an amount from your paycheck and deposit it into a separate account), you’ll hardly miss the money.

Flat amount saving method

Perhaps the easiest method of saving $1,000 is to deposit $19.23 into your savings account weekly, or $38.47 bi-weekly (this may be easier if you get paid every two weeks).

As we discussed, this is a function you can set up with your bank so you don't have to remember to do it.

Downhill saving method

With this method, you start by depositing the highest amounts in the beginning, when your motivation and perseverance is at its highest. After that, it’s all downhill, as the amount you need to deposit grows less and less by the week (mostly).

Use the following chart to guide your deposit amounts and see how quickly your balance grows. If you’re the type who needs to ease into a new habit, just reverse the order of the deposit amounts.

Good luck!

WeekDeposit ($)Balance ($)
1 40 40
2 39 79
3 38 117
4 37 154
5 36 190
6 35 225
7 34 259
8 33 292
9 32 324
10 31 355
11 30 385
12 29 414
13 28 442
14 27 469
15 26 495
16 25 520
17 24 544
18 23 567
19 22 589
20 21 610
21 20 630
22 19 649
23 18 667
24 17 684
25 16 700
26 15 715
27 14 729
28 13 742
29 12 754
30 11 765
31 20 785
32 19 804
33 18 822
34 17 839
35 16 855
36 15 870
37 14 884
38 13 897
39 12 909
40 11 920
41 10 930
42 10 940
43 10 950
44 10 960
45 10 970
46 10 980
47 5 985
48 5 990
49 5 995
50 5 1,000
Totals   $1,000.00
 

DOFU 2017-10-16 00:00:00.0
271646