Join the Challenge
“I can’t save over $1,000” – stop right there. YES, you can, and this challenge can help you do so without feeling overwhelmed.
But first, it’s important to set a clear financial goal for yourself. What do you want to achieve? Maybe you want to set aside $1,000 to have an emergency fund, or you’ve had your eye on an exclusive signed JJ Watt Texans jersey. Perhaps you want to pay off some credit card debt you’ve been hanging onto for a little too long. Whatever it may be, think it through and write down your goal.
Now that you have your goal set let’s dive in to what this 52-week challenge is. The 52-week money challenge is a simple and effective way to start saving. The most common way to complete the challenge is to start by saving $1 in week one and increasing what you save by $1 each week – saving $2 in week two, $3 in week three, all the way up to $52 in week 52. That’s it! After 52 weeks, you will have saved over $1,000.
You’ll want to track your progress by using a simple spreadsheet or a budget app. Two free budget apps are Mint and NerdWallet. At the bottom of the page, you’ll find a link to our free budget spreadsheet. You’ll also want a safe place to keep your money. While some people may prefer to use the classic piggy bank, you may want to consider an online based High Yield Savings account. You can search options for high yield savings on NerdWallet.
If you don’t know where to start cutting expenses out, here are some simple ways:
- Meal-planning and cooking at home
- Having a movie night at home instead of going to the movie theater
- Reading books through the library instead of purchasing them
- Cutting out subscriptions (Do you really need all of those streaming services? Try getting the ad version and save a few dollars a month)
- Finding freelance gigs or seasonal work if you have some extra time
- Selling items you no longer need online – Poshmark, eBay, NextDoor, and Facebook Marketplace are all great places to try out
A great way to keep yourself motivated is by completing the challenge with a friend – you can help hold each other accountable and treat yourself to some rewards along the way. How about some ice cream at week twenty-six to celebrate the $351 you’ve saved already? By the end of the year, you will have saved $1,378, all while never putting more than $52 a week away.
This challenge is more flexible than it can seem – while many opt to start the 52-week savings challenge at the start of the new year (a great new year’s resolution) or the beginning of the month, you can begin whenever you like by following the weekly schedule which you can download below.
We can’t wait to see your progress. Tag us on Instagram or Facebook so we can be a part of your journey too!