52-Week Savings Challenge: Save $1,378 One Week at a Time
Written by
Kathy Evans
Edited by
Melanie Grafil
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Want to save more money every week? The 52-Week Savings Challenge is one of the easiest ways to save money. You don’t have to be super strict on yourself to save — you can start small! By following the steps, you can easily build up to over $1,300 saved in just a year. Here’s how to get started and some tips to stay motivated.
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, you set aside $1 in Week 1, $2 in Week 2 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. You can even skip a week and save more in subsequent weeks if you need to. As long as you end up with $1,378 at the end of the challenge, you’ve succeeded.
How To Start the 52-Week Savings Challenge: Step-by-Step
The 52-week savings challenge is simple to set up, but you do have to do some prep work. Here’s where to start.
1. Have a Tracking Method
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.
2. Personalize Your Savings Plan
You can customize the online form to reach your goals. Here are the parameters that you can adjust.
- Start date: Choose the date you’ll begin saving.
- Savings mode: Decide if you want to increase your savings, maintain the same amount each week or start off with a high savings amount and gradually decrease.
- Challenge length: You can choose 52 weeks to cover the whole year or opt for a shorter length, such as 12 weeks if you have a goal you’d like to accomplish quickly.
- Multiplier: Set a multiplier between 1 and 10. This will help you adjust the savings amount and the difficulty.
| Method | Week 1 Amount | Week 52 Amount | Total Saved |
|---|---|---|---|
| Standard (increasing) | $1 | $52 | $1,378 |
| Reverse (decreasing) | $52 | $1 | $1,378 |
| Fixed $25/week | $25 | $25 | $1,300 |
| Multiplier x2 | $2 | $104 | $2,756 |
3. Keep Your Chart Handy
You can opt to print out the chart or have it saved somewhere. Either way, your customized 52-Week Savings Challenge chart is ready to start. Whatever your preference is, have it somewhere accessible and immediately visible as a way to keep you focused and motivated.
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.
The real strength of the 52-Week Savings Challenge is its adaptability. Some savings challenges coincide with New Year’s resolutions, for example, and this challenge doesn’t confine you to starting only at the beginning of the year. You can start your savings journey any time, offering a flexible path to cultivating better financial habits without waiting for a specific date.
How To Stay Motivated
How can you stay motivated to complete the 52-Week Savings Challenge?
Some Tips
- Ask yourself, “Is this 52-Week Savings Challenge right for me?” Saving $1 the first week may be easy, but consider what your financial situation might be on week 52. Be realistic, but also don’t be afraid of the challenge either.
- Know where your savings are going. 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.
- Have a specific goal in mind. Create a purpose for your saving — a savings goal — perhaps a vacation, a birthday party or a college tuition payment.
- Tell your friends and family. 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.
For many, spending spikes at various times throughout the year, such as during holiday seasons or around special occasions like birthdays. To accommodate for this, consider the reverse savings method, where you save larger amounts at the start of your challenge and gradually decrease the amount week by week. This strategy ensures you save the bulk of your funds when your budget is less strained, allowing for a smoother saving journey regardless of what pops up.
52-Week Savings Challenge vs. Other Popular Savings Challenges
While the 52-week Savings Challenge is one way you can save and train yourself to do it consistently, it’s not the only one. You can try other savings challenges. Here’s how it compares.
52-Week Savings Challenge vs. 100 Envelope Challenge
The 52-week Savings Challenge is a “slow and steady wins the race” type of challenge. You’ll build up your savings gradually over time and potentially save at least $1,300 in a year.
That’s quite different from the 100 Envelope Challenge. You take envelopes labeled from 1 to 100, and each day of the challenge, you randomly select one of the envelopes and fill that with the ash required. If completed successfully, you can save $5,050 in only 100 days.
If you want quick results, the 100 Envelope Challenge might be a better choice. If you want a gradual buildup, then the 52-Week Savings Challenge might be more reasonable.
52-Week Savings Challenge vs No-Spend Month
A No-Spend Month amps up the challenge and the timing because it’s so restrictive. For 30 days, you will not make any nonessential purchases. If you like this level of intensity, this might be a great choice, as you’ll certainly have money saved up. But if you need a bit more flexibility or simply prefer the gradual savings plan, stick with the 52-Week Savings Challenge.
52-Week Challenge vs. Monthly Transfer Challenge
The Monthly Transfer Challenge has you moving an increasing amount of money over into a savings account each month. With this challenge, there are fewer exchanges and transactions to deal with — just one transfer each month. This might be best for you if you’re a “set it and forget it” type and like automating your savings.
On the other hand, the 52-Week Savings Challenge means you’re keeping a close eye on your cash week by week. Ultimately, the best savings plan depends on your personal preferences and what works best for your lifestyle.
| Challenge | Approximate Total Savings | Length | Difficulty Level |
|---|---|---|---|
| 52-Week Savings Challenge | $1,378 | 1 year (52 weeks) | Moderate |
| 100 Envelope Challenge | $5,050 | Flexible (a few months to a year) | High |
| No-Spend Month | Varies (depends on spending habits) | 1 month | High |
| Monthly Transfer Challenge | $780 and up to $1,500 | 1 year | Easy to moderate |
Why the 52-Week Savings Challenge Works
Initiating a habit of saving can sometimes feel like an uphill battle. The beauty of the 52-Week Savings challenge lies in its uncomplicated approach, making it an attractive strategy for anyone looking to boost their savings at any point throughout the year. 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.
52-Week Savings Challenge FAQ
Here are the answers to some of the most frequently asked questions about saving money.- 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.
- What is the 52-week money challenge?
- The 52-week money challenge is a simple and effective way to save money over a year. Each week, you save an amount corresponding to the week number, starting with $1 in week one and ending with $52 in week 52, totaling $1,378 saved by year-end.
- What is the 100-envelope in 52 weeks challenge?
- The 100-envelope challenge is a variation of the 52-week money challenge. Instead of weeks, you use 100 envelopes, each labeled with a number from $1 to $100. Each week, randomly pick two envelopes and save the amount written on them. This accelerates the saving process, allowing for more significant savings in less time.
- Can I start the 52-week challenge mid-year?
- Yes, you can start the 52-Week Savings Challenge mid-year. You can pick any start date and begin the process on that day. It's about building up your savings gradually.
- What if I miss a week on the 52-Week Savings Challenge?
- Don't worry if you miss a week on the 52-Week Savings Challenge. You may need to adjust your plan so that you do reach your eventual savings goal. For example, you could make a double payment the following week.
- Can I automate the 52-Week Savings Challenge?
- Yes, you can automate the 52-Week Savings Challenge. This might be the easiest way to keep yourself on track. You can simply set up an automatic transfer schedule in your bank account and have it deposit a set amount into savings for you. That way, it's one less thing to worry about.
- Is $1,378 enough for an emergency fund?
- Having $1,378 in your emergency fund is a great start to cover anything unexpected, although the amount is a bit small. It's recommended to try and save at least three to six months' of your living expenses to give yourself a large enough cushion.
The article above was refined via automated technology and then fine-tuned and verified for accuracy by a member of our editorial team.
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- NBC12. 2022. "Savings Booster: The 52-Week Money Challenge."
- Mint. 2024. "52-Week Money Challenge: How to Save $1378 in a Year."
- FORUM Credit Union. "52-Week Money Challenge."
- Fidelity. "The 52-week money challenge."
