Many have seen their savings dwindle with rising prices and inflation. Things just cost more and we weren’t all ready for it. And while having an additional $1000 in savings would be nice, putting that sort of money away all at once isn’t always the easiest. With the 52 Week Money Challenge it’s as simple as following a chart, and completing it means $1378 in savings at the end. So who’s ready?
What is the 52 Week Money Challenge?
Ultimately, the 52 Week Money Challenge is pretty straightfoward. Each week a certain incremental amount is deposited into savings. So simply put, the first week $1 is saved, the 2nd week $2, the third week saves $3, and so on. When starting with $1 in the first week and ending with depositing $52 in the 52nd week, the total ends up being $1378.
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Of course, the amount saved in this free 52 week money challenge each week can vary, and therefore more than $1378 is possible. Want to start with $30 in the first week and go by incrementally by $5? That’s fine too. The point is to regularly save, and to stick with it. After all, what is the 52-week money challenge if not a dare to get some money saved?
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Why Should You Do It?
There are so many reasons why someone may want to do the 52 week money challenge. For instance, for those without emergency fund, it’s a great way to quickly save up a good buffer. Or maybe there’s a new baby in the picture for next year, or the car is on the fritz, and within 365 there’s a good chance a bill for over $1000 is going to crop up.
There are many reasons why it’s good to save up with the 52 week money challenge, especially since many of us don’t have much savings at all. In fact, 36% of Americans don’t have enough money on hand to cover a $400 emergency and 35% of us have under $1000. Those are unsettling statistics.
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Best Way to Succeed
The 52 week money challenge seems simple and easy, but it can be a bit mentally challenging. After all, moving money you have into a savings account that isn’t for spending can be tough, especially for big spenders. 90% of finances are behavior so getting over the mental hurdle is the biggest challenge.
A few tips to stay motivated?
- Tell others about your plans. They can help hold you accountable.
- Put reminders in your calendar to move the money into the savings account so you don’t forget.
- While it’s typically safer to keep money in a bank, having a cute piggy bank, jar, or envelope where the growing money can be seen can increase excitement.
- Get a visual tracking chart.
Visual Tracking Chart
To really make it easy to be successful, many people prefer to use a chart as a visual. Whether it’s making a simple check mark on a box like with this one, or coloring in gumballs like this sheet on Etsy, having a chart can really motivate you to keep going. If the traditional 52 week money challenge isn’t exactly fitting your needs, check out this customizable chart where the savings mode, challenge length, as well as the multiplier can be edited.
Everyone could use some more money in their savings. So this year, why not try to get that extra $1378 in the bank by the new year? It’s definitely not something you’ll regret!
WANT TO READ MORE?
Check out Daily Mom’s article on 7 Simple Accounting Basics Everyone Should Knowl
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