There are many people who desire to start embracing change and forming new habits at the beginning of a new year. More than two-thirds of U.S. adults have set at least one resolution for the year 2022, with 44% of them stating that they want to “save more money.”
Setting realistic goals and keeping tabs on your progress will help you stick to your New Year’s resolutions. If you want to save money in the new year, there are a variety of challenges to choose from.
For those looking for a challenge that doesn’t demand a lot of money and work each month but still saves you $1,378 at the end of the year, the 52-week money challenge might be exactly the ticket.
What Is the 52-Week Money Challenge All About?
In order to complete the 52-week challenge, you must deposit an increasing sum of money each week for the entire challenge period (52 weeks). You should have at least $1,378 in your bank account at the end of the 52-week period.
If you opt to deposit a bigger amount each week, you may save even more money with this challenge because it is so flexible.
It is most typical that the amount of money you save each week correlates to the week of the challenge. It’s not unusual to have a weekly budget of $39, with $1 being set aside for the first week, $5 for the fifth week, and so on.
The 52-Week Money Challenge: When Should You Begin?
It’s excellent that you can begin the 52-week savings challenge at any point during the year. In order to achieve your New Year’s resolve of saving $1,378 by the end of the year, you must begin your savings plan in the first week of the year.
What Is the 52-Week Money Challenge?
To participate in this challenge, you must make a deposit equal to one week’s worth of the challenge. The following is a breakdown of the savings challenge’s steps:
- Deposit $1 into a savings account each week beginning on week one.
- In the second week, make a deposit of $2.
- Deposit $3 for week three.
- When you get to week 52, you’ll have deposited $52 in your account.
Isn’t it simple? The target of $1,378 at the conclusion of the previous week was within reach by making weekly deposits of an increasing amount. Write down your current total savings each time you make a deposit to help you stay on target and motivated.
52-Week Money Challenge: How to Make It Work for You
The 52-week challenge can be tailored to fit your specific objectives and spending patterns. You may, for example, begin with the largest deposit and work your way down each week. If you like, you can set up a weekly deposit amount and stick with it.
From Smallest to Largest Amount:
In the classic 52-week money challenge, you work your way up from the lowest to the maximum dollar number. After the first week, you’ll deposit $1, and you’ll keep depositing until you reach $1,378.
From the Most Expensive to the Most Budget-Friendly
To make the 52-week challenge more manageable if you anticipate spending more money at the end of the year, consider depositing your largest sums first.
Starting with $52 in week one, you’ll gradually reduce your deposit until it reaches zero over the course of the next four weeks. Consequently, you will make a one-dollar deposit in week 52, bringing your total to $1,378.
Save $26.50 a Week!
It’s a no-brainer strategy that will cost you $1,378 at the end of the year. Each week, you will deposit $26.50 into your account using this way. For those who don’t want to deal with the hassle of making multiple contributions each week, you can set up weekly automated transfers.
To win the 52-week money challenge, here’s what you need to know
There’s nothing difficult about getting started with this challenge. Besides, you’re only making a $1 deposit at this point.
When it comes to dealing with money issues, many people find it difficult to keep up. To ensure that the 52-week money challenge is a success, follow these tips:
Plan Your Course of Action
When it comes to making resolutions, we all need a little nudge in the right direction. Keep track of your progress throughout the challenge by setting reminders for yourself. Your motivation will increase if you have an end goal in mind, like saving for a vacation or expanding your emergency fund.
Add It to Your Financial Plan
Adding your challenge to your weekly budget will help you stay on top of it each month and guarantee you have enough funds to complete it. If you’re tracking your spending with an app, make sure to include the weekly amount you’ll be setting aside.
You may also use our 52-week Money Challenge printable to keep you on track. Set a weekly reminder or set up an automatic transfer to your savings account so that you don’t forget to make a contribution to the challenge.
Cutting costs is the best way to save money.
Consider cutting back on some of your weekly spendings to ensure your success in this challenge. As you begin to establish sound financial practices, this is also a useful tool for improving your financial literacy.
Check your budget to see if there are any expenses that have gone unnoticed in the past. Subscription services you no longer utilize or meal delivery services you’re splurging on should be scrutinized more closely. To make some extra money, you can also put your unwanted stuff up for sale at this time.
Keep Your Savings Challenge Money in Another Account
Because of the year-long nature of this challenge, it may be alluring to spend the challenge cash to make household purchases or go out to dinner with friends. Keep your money in a high-yielding savings account to avoid this from happening.
It’s up to you whether or not you want to use a savings account specifically for this challenge. Keeping track of the challenge money in a different account can be beneficial as well.
If you’d like to take part in the 52-week money challenge, you may print it off from Mint’s website.
The 52-Week Savings Challenge has many advantages.
There are still certain advantages and lessons to be learned from the 52-week money challenge, regardless of whether or not you elect to participate in it or skip a few weeks.
- Consistently conserving money should become a habit.
- Motivate yourself to take on new endeavors and overcome new obstacles.
- Find out more about your financial goals by reading this article.
- Boost your own personal financial situation.
- Set aside money each week and keep tabs on it
- More than $1,378 in savings!
If you don’t finish the challenge, you can utilize the experience to learn how to better manage your money and move on to another task. Those who complete the challenge will be able to invest or build an emergency fund, as well as save even more money by continuing the challenge for another year.