How much money do you think you could save in a full year, week by week? Without a strategy, plans to boost savings are at risk of falling through. The 52-week savings challenge is easy, motivating and you can start the plan at any week of the year.
What Is the 52 Week Money Challenge?
The purpose of the 52-week money challenge is to save $1,378 in 52 weeks by matching the amount of money you set aside with the number of each week. For example, in week one you set aside $1, in week two you set aside $2, in week three you set aside $3 and so on. You continue saving according to the corresponding week number until you reach $1,378.
You can reach your $1,378 annual savings goal in different ways. The challenge’s flexibility allows you to increase or decrease your savings amount each week. You can even skip weeks and save more in subsequent weeks if you need to. As long as you end up with $1,378 at the end of 52 weeks, you’ve succeeded.
How To Get Started
You can participate in the 52-week savings challenge by downloading a printable chart to keep track of your savings or registering to use an online 52-week money challenge form. The printable chart is a PDF that you use as a trackable reference.
You can customize the online form according to your preferences. Here are the parameters that you can adjust.
- Start Date
- Savings Mode (increasing, reverse or constant)
- Challenge Length (52 weeks or 12 weeks)
- Multiplier (between 1 and 10)
After putting in your parameters on the form, you can generate your customized 52-week money challenge chart and even print it if you’d like.
How Much Money Do You Save with the 52-Week Money Challenge?
If you are diligent every week, you could have $1,378 by the end of the challenge.
Why the 52-Week Savings Challenge Works
New resolutions often accompany a new year. The 52-week savings challenge helps people embrace change and develop new financial habits. This challenge works mostly because it is simple to follow. The concept is easy — save the amount of money equivalent to the number of the week that is on the calendar. No advanced math skills are required.
One of the best features of the 52-week money challenge is that you don’t have to wait until January 1st to begin — you can start saving any week you’d like.
How To Stay Motivated
How can you stay motivated to successfully complete the 52-week savings challenge?
Here’s some tips:
- Decide if this financial challenge is for you. Saving $1 the first week may be easy, but consider what your financial situation might be on week 52.
- Decide where you will save your money. You could use an envelope system, but a more practical method is to open a separate savings account to manually or directly deposit your weekly savings into the account. Your money might even earn a little interest.
- Create a purpose for your saving — a savings goal — perhaps a vacation, a birthday party or a college tuition payment.
- Let your friends and family members know about your challenge. They can help hold you accountable and keep you motivated to reach your financial goal of saving $1,378 in 52 weeks.
How To Adjust Along the Way
You’ve set your start date, have your bank account or your envelopes set up and printed your savings chart. Now, it’s time to decide how you want to start your 52-week money challenge.
Typically, most people spend more money toward the end of the year in November and December. If you start the 52-week savings challenge at week one saving $1, your highest amount will be $52 in week 52. Try using the reverse savings method, where the bulk of your savings amounts will be at the beginning of the year and decrease as you get closer to the holidays.
Good To Know
If you’re concerned about whether you’ll be able to save enough on the 52-week savings challenge, think about reducing some of your weekly expenses. This will help you develop healthier spending habits and live within your budget.
52-Week Money Challenge FAQHere are the answers to some of the most frequently asked questions about the 52-week money saving challenge.
- How does adjusting the multiplier on the online 52-week money challenge form affect my savings?
- Sliding the multiplier bar on the electronic 52-week money challenge form increases or decreases the amount of your total savings based on your chosen challenge length in weeks.
- Can I automate my weekly deposits or transfers for the full year?
- Yes. Have your bank set up a weekly transfer of $26.50 per week, which will total $1,378 after 52 weeks. This is more practical than transferring smaller amounts like $1, $2 or $3.
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- NBC12. 2022. "Savings Booster: The 52-Week Money Challenge."
- Mint. 2021. "52-Week Money Challenge: How to Save $1378 in a Year."
- FORUM Credit Union. "52-Week Money Challenge."