Members of the $103 million Shreveport Federal Credit Union are being challenged to save money every week for the entire year.
This will be the third year that the Shreveport, La.-based cooperative has rolled out its 52-Week Savings Challenge.
Members are asked to commit to adding a gradually increasing amount to a savings account over the course of 52 weeks. On the first week, they deposit one dollar, on the second week two, and so forth.
By the end of the 52 weeks, if they have met each week’s goal, they will have saved $1,378, according to Shreveport FCU.
Helen Godfrey-Smith, president/CEO of the cooperative, said the credit union did not create the challenge and could not recall its origin. Still the program has grown more popular each year, she noted.
“We hear from members whose families are doing it,” she said. “We have members who challenge themselves to do more each year. They start with one dollar the first yet, but then start with two dollars per week or three dollars the next. Even if they wind up not being able to keep that pace over the whole year, they still wind up with more money than they would have had.”
Godfrey-Smith said the credit union found the program appealing because it effectively empowered many of its members who believed they could never save money.
Shreveport FCU serves more than 21,000 members.