Saving money can be challenging for the most disciplined. It’s hard to resist the urge to spend money that’s sitting in an account, especially if you have things you sort of need to purchase. Not actual needs, but things you think you need. If this sounds like something you struggle with then maybe the 52-week savings challenge (aka the 52 Week Savings Challenge) is for you.
What is the 52-Week Savings Challenge?
The 52-week money challenge is pretty simple (in theory anyway). You save a set amount each week that coincides with the week number of the year. So on week one, you save $1, on week two you save $2, on week three you save $3… all the way to week 52 when you save $52.
The total savings for the year would be $1,378 (pending you manage to stay on top of the challenge), which if you think about it is a pretty decent chunk of change. Not the highest savings you can imagine, but if you’re used to saving nothing it can be a pretty big deal.
Drawbacks of the 52-Week Money Challenge
The challenge is appealing because it’s not hard for the average person to put away $1, $10 or even $25 in a week. Though, admittedly, it depends on your budgeting skills. However, there are a few drawbacks of the challenge.
First of all, since the amounts you save weekly as part of the 52-Week Money Challenge are nominal it can be hard to remember to actually save the cash. It can also be easy to forego the challenge for the week in favor of spending the money on something else. So what if you buy an extra coffee one day and miss week four of the challenge?
Finally, though the beginning of the challenge is relatively easy with such small amounts, once it gets to the bigger amounts… say $25 or more, it might become a challenge. While you may not notice $1 or even $5 being taken from your bank account, you might notice when it gets to $25 or more.
Doing the 52-Week Money Challenge In Reverse
Considering November and December tend to be a more financially trying time of year, taking into consideration the costs associated with the holiday season and the additional spending due to presents and sales, it might be a great option to try the challenge in reverse.
Some say it’s easier to tackle the bigger dollar amounts first and leave the smaller ones for later. So if you’re a person who seems to have more money at the beginning of the year, doing the challenge in reverse could be for you. That would mean on week one you save $52, on week two you save $51, on week three you save $50 and so on… so start saving your Christmas money now!
Accomplishing the Same Savings With More Consistency
Pending you have the room in your budget, the best way for you to tackle the savings might be within your monthly budget. Maybe you work better with consistency and the variable pay doesn’t work well for you. If that’s the case, you can save the same amount of money by putting $115 away per month. Technically you’ll end up with a bit more saving a total of $1,380.
Your 52 Week Savings Challenge Checklist
If you’re convinced that the 52-Week Money Challenge is the money challenge for you in 2019, here are a few things you should do:
- Put your money in a specific savings account. Personally, my bank allows me to open online-only accounts that I use for savings. With your money in a separate account you’ll be both less-likely to accidentally spend it and more likely to feel the accomplishment of the challenge since you can check in on your savings.
- Save your money at the beginning of the week. If you have the opportunity, put your savings into your 52-Week Money Challenge account at the beginning of the week to make sure it gets in there!
- Find a savings friend! Goals are easier to accomplish if you have someone to share them with, someone who can not only celebrate your successes but keep you accountable.
- Celebrate, at the end of the challenge reward yourself for doing a good job… just don’t spend all your money in one place.
Have you tried the 52-Week Money Challenge before? Tell me what you think about it in the comments below!
Looking for More Ways to Save Money?
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The post It’s That Time of Year Again: Doing the 52-Week Savings Challenge appeared first on Everybody Loves Your Money.