I've been participating in the 52 Week Saving Challenge since December 2013, I think. I started with an initial sum, and then set up the contributions to be funded automatically each pay period. For us, that is twice per month.

With $57 added twice per month, and three referrals bonuses from Capital One, our 52 Week Savings balance is at $1,213.53. There's some interest in there, too. Last month the interest was $0.69.

When I originally started I didn't know what the money would fund. It just seemed like a good idea to set some money aside and see how the challenge would work for us. In the spring, I decided the money needed to go to my daughter's band trip for THIS spring. I plan to continue the automatic savings through Novemeber 15, so at least three more $57 contributions. This will be a full year of contributions with an approximate ending balance of $1385+.

Currently, I only need to pay another $1100 for the trip, as we have already paid $500. She will have some trip money in her school fundraiser account, that will pay for part of the remaining balance, or be spending money (although sending her with her own spending money is probably the best idea!).

I will end up with more money in our Capital One 360 Savings account then I need for the trip. Obviously a good thing. I think I will start saving for the flute we are going to buy my daughter. I may end up buying one off eBay pretty soon. I will need this type of savings set up to pay myself back!

If you are participating in the 52 Week Savings Challenge, how are you doing? Do you saving for anything automatically? Is it something other than retirement or college?