If $1,378 by the end of the year into your bank account sounds excellent, you must try the 52-week money challenge. You don’t have to come up with more than 52 dollars in a week. Sounds too good to be true? It’s not! Let’s see how to complete the challenge!
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52 Week Money Challenge
The 52-week money challenge is an effective method of building a cash reserve. You need money for everything; down payment of the house and car, student loan, credit card debt, or a vacation. The 52-week challenge will not fund it all, but it helps jump-start you towards saving money.
The 52-week challenge is the easiest way to get started saving money. With no complicated rules to memorize, you can complete it in two simple steps:
- Save money to match the week number
- Continue till the end of the year (52 weeks)
Yes, it is that easy.
In case you’re confused, let me elaborate further.
Save Money Weekly
Consistency is the key to success for everything, and it also applies to boosting your savings. The main reason most people fail at this is that they can’t continue long term. Money challenges can act as a catalyst to make saving a sustainable goal.
In the 52-week money challenge, you’ll save money each week. Even though it’s only once a week, you’ll raise your savings by a dollar more than the previous week. Thus, it is an incremental saving.
Let’s say you start the challenge today. By the end of the week, you’ll save 1 dollar. Next week you’ll save 2 dollars and the following week 3 dollars.
You’ll continue every week for 52 weeks (one year). If you complete the 52-week challenge, you’ll have $1,378 in your account. You can see how much you’ll have saved each week in the table below.
| Week | Weekly Saving | Cumulative Savings |
| Week 1 | $1 | $1 |
| Week 2 | $2 | $3 |
| Week 3 | $3 | $6 |
| Week 4 | $4 | $10 |
| Week 5 | $5 | $15 |
| Week 6 | $6 | $21 |
| Week 7 | $7 | $28 |
| Week 8 | $8 | $36 |
| Week 9 | $9 | $45 |
| Week 10 | $10 | $55 |
| Week 11 | $11 | $66 |
| Week 12 | $12 | $78 |
| Week 13 | $13 | $91 |
| Week 14 | $14 | $105 |
| Week 15 | $15 | $120 |
| Week 16 | $16 | $136 |
| Week 17 | $17 | $153 |
| Week 18 | $18 | $171 |
| Week 19 | $19 | $190 |
| Week 20 | $20 | $210 |
| Week 21 | $21 | $231 |
| Week 22 | $22 | $253 |
| Week 23 | $23 | $276 |
| Week 24 | $24 | $300 |
| Week 25 | $25 | $325 |
| Week 26 | $26 | $351 |
| Week 27 | $27 | $378 |
| Week 28 | $28 | $406 |
| Week 29 | $29 | $435 |
| Week 30 | $30 | $465 |
| Week 31 | $31 | $496 |
| Week 32 | $32 | $528 |
| Week 33 | $33 | $561 |
| Week 34 | $34 | $595 |
| Week 35 | $35 | $630 |
| Week 36 | $36 | $666 |
| Week 37 | $37 | $703 |
| Week 38 | $38 | $741 |
| Week 39 | $39 | $780 |
| Week 40 | $40 | $820 |
| Week 41 | $41 | $861 |
| Week 42 | $42 | $903 |
| Week 43 | $43 | $946 |
| Week 44 | $44 | $990 |
| Week 45 | $45 | $1,035 |
| Week 46 | $46 | $1,081 |
| Week 47 | $47 | $1,128 |
| Week 48 | $48 | $1,176 |
| Week 49 | $49 | $1,225 |
| Week 50 | $50 | $1,275 |
| Week 51 | $51 | $1,326 |
| Week 52 | $52 | $1,378 |
Benefits of the 52-week money challenge
The 52-week money challenge will help grow your cash balance that did not exist before. Having an extra cash cushion is always better than being on a tight budget. It gives you a wiggle room and boosts your money confidence. The following are some of the fundamental benefits of challenge:
It sets your right foot forward on your financial goal.
The most challenging part about saving is getting started. It all sounds good about making a plan and setting a goal, but it will never become a reality if there are no actions. The first step towards a goal is always tricky. The challenge will force you to take the leap of faith.
Boosts confidence over money
The money boosts confidence. You don’t have to think twice about the necessary purchase because you have money. It is probably okay if things go over budget, but you should not do impulsive spending. A more significant emergency fund gives you freedom of choice.
Cash cushion for any unexpected event
If you have been living paycheck to paycheck or on a tight budget, you know what I’m talking about. You’re only a step away from a missed paycheck to turn your world upside down. The 52-week challenge will have your support should unexpected events occur.
Changes money mentality
The challenge will give you a different perspective on money. If you don’t have any savings, earning and spending are all you know about money. If you don’t learn how to keep the money, you’ll never have it, and you’ll always struggle to make enough. Everyone knows it’s never enough. The money challenge will teach you how to keep the balance.
How much do you save doing the 52-week savings challenge?
You’ll save exactly $1,378 by the end of the year if you complete the 52-week money challenge.
It is the power of long-term money management. You do not have to save more than $52 in a week. It makes it easy for everyone. The key is perseverance. You have to keep moving forward with the challenge for a year, no matter what.
Being intentional with the money is the only way to accumulate an abundance.
Does the 52-week money challenge work?
The 52-week money challenge works. Even though it takes an entire year to finish, it works. It works so beautifully that you almost won’t realize you set money aside. If you are diligent about saving goals per challenge, the math works itself.
The 52-week money challenge works because it sets a deadline. We tend to perform well when we have a deadline. That’s why businesses have deadlines. Reminders, benchmarks, and deadlines work in unison to fire you up towards building a nest egg.
If the 52-week challenge does not work, you can always tweak it. You should save more (maybe twice the weekly number). You can also adjust the savings amount based on the amount you have each week. You should also consider a 100-day envelope challenge if it best suits your requirements.
Where to save money?
Some people prefer to save it in their piggy bank or storage, while others prefer to keep it in a safe. If you’re holding paper money, you can choose to deposit them into a secure box and let it grow. Once you’ve completed the challenge, you can deposit it into a bank.
You can also do the complete challenge using an online bank. You can choose high-yield savings account with an online bank. You can transfer funds every week manually as required by the challenge.
It usually does not matter where you save the money. The main focus is to stay focused on the challenge and produce results.
When to start a money challenge
The right time to start the money challenge was yesterday. But you can start right now. Most people like to start it during the first month of New Year as a New years resolution to make it easier to track the whole year. But you can begin at any time of the year.
The whole concept of the money challenge is to get started and build Wealth.
Closing remarks
It’s not easy to get into the habit of saving money. There are so many things you want to own. But there is no doubt that it’s essential. You might have tried and failed to save enough.
The 52-week money challenge will revitalize your money resolution. It will spark your financial goal, and with time it will electrify the money mindset. Now don’t wait for the New Year. Let’s start the 52-week money challenge now.