Have you heard the frightening statistic that the average American household saves $0 every month?

This is not only foolish, it’s dangerous. The overwhelming majority of people will experience an emergency at some point. They may lose a job, get divorced, or become sick. If you have no savings and no income, there is nothing to fall back on. Welcome to Skid Row…

Solution: The easiest savings plan ever!

I originally read about this in Redbook, which is one of the many free magazines I receive each month. It’s called the 52-Week Money Challenge. The plan is remarkably simply. You put away $1 the first week, then add a dollar each week for an entire year ($2 for Week 2, $3 for Week 3, etc). At the end of the 52 weeks, you will have $1,378! (Not bad for a small investment.)

This challenge is doable for almost anyone, even if you’re on a tight budget. For the high earners, this would be a great exercise to teach kids and teens about money.

The $1,387 could be used to start an emergency fund, take a family trip, or buy a much-needed item. It can also be continued, year-to-year. If you save this money for 10 years, you’d have $13,870! (Not figuring into account any interest that may be accrued.)

Grab a dollar, stick it in an envelope, and get started now. Today is the day, not tomorrow…