52 Week Money Challenge | BankruptcyHQ
The 52 week money challenge is an easy and effective way to save money in 2021. You’ll also have $1,378 more dollars at the end to increase your emergency savings, or use towards a savings goal.
You will be more motivated to stick to the plan throughout the year if you take the time to identify what you want to save. After you have set your savings goals, it’s time to start saving with the 52 week money challenge.
What is the 52-week challenge for money?
You should use the 52-week money challenge to deposit more money each week for a year.
Match the weekly savings amount to the challenge number. This means that you will save $1 the first week and $2 the second week. $3 the third week. And so on, until you have $52 saved in 52 weeks. If you want to save more money over the year, or don’t have enough cash for the regular challenge, you can be creative about how much you save each week.
You can save $1,378 if you keep up with this challenge for the whole year.
How do you get started?
First, you will need somewhere to save your savings.
While a simple piggy bank might work for you, not everyone has enough cash to deposit every week. You might be tempted to access your savings from such a convenient location before you finish the challenge.
You might consider opening a high yield savings account, and instead of transferring your challenge money each week into it, open one. A savings account will help you curb impulse spending and allow you to accumulate interest over the year.
You can make it easy by setting up your bank to automatically transfer money to your new savings account, or using an automated saving app such as Qapital. You won’t be able to see the cash if you don’t see it.
You can adjust the challenge to meet your needs
Personalizing the challenge to your specific needs can increase your chances of sticking with the 52-week challenge. It doesn’t really matter how many details you have, as important is actually accumulating savings by the end of the year.
It can be hard to save money in increments over the course a year, mainly because you spend more in December. You don’t want your savings to fall during the holidays so you can flip your money challenge. Instead of putting away $52 the first week and $51 the next, you will put aside $1 each week until your December debt is just $1.
Maybe you’re looking forward to a bonus in the year, or a cash present for your birthday. These extra funds can be used to help you get ahead of the curve or catch up if your fall behind.
You may prefer to save the same amount each week until you reach your year-end goal. This is a good option if you choose to automate your savings. You can transfer the same amount every week or pay cycle. You’ll be able to accumulate $1,378 if you transfer $26.50 each week into your savings.
Perhaps you have bigger goals. You can double your challenge and save $2, $4, and $6 in week one, week two, week two, week three, and $104 for week three, to reach a total savings of $2,756 in week 52.
You can find many versions of this challenge online. But don’t be afraid to put your spin on it. You should use whatever method helps you achieve your goal by the end.
How to keep on track
To ensure that you don’t give up halfway through your challenge, set reminders, and benchmarks.
Before you start saving, set a goal. This could be a downpayment, an emergency fund, or a vacation budget. You will stay motivated all year long if you have something to work towards.
Keep a reminder on your calendar to help you stay on track. Weekly reminders can help you keep the challenge top of mind.
You can set smaller goals for yourself to stay motivated throughout the year if you need it. You can reward yourself by setting small goals, such as saving four times every 13 weeks. As with any New Year’s resolution, it can be very motivating to have someone holding you accountable. Invite your family and friends to join you in the challenge. Keep track of your deposits each month by checking in with one another.
Don’t let your momentum stall after you have reached your savings goal for the 52 weeks.
The hardest part is over — starting. Restart the 52-week challenge to make money, or set a new goal next year.