The habit of setting aside money for savings is a way and pillar to financial success. However, why don’t many people do it? This is because spending money on wants and entertainment is more fun than saving. However, having savings is always a good thing for the future. Start by choosing a saving method that suits your such as a 52-week savings challenge, 30 days of savings, and many more.
Many people do not have an emergency fund or retirement savings. So, if something unexpected emergency happens, they cannot cover the expenses. In addition, when they enter retirement age, they must continue to work to meet their daily needs. By creating a habit of saving money from now, we can avoid these cases.
For some people, saving money may be a difficult thing to do. One strategy that you can do is to choose the saving method that suits your financial conditions and personality. There are many ways to save that you can choose from, namely automated transfer to your saving account each month or a saving challenge like 52-week savings challenge. There are various kinds of saving challenges that you can do, namely:
- 52-Week Savings Challenge
- 26-Week Savings Challenge
- 26-Week Biweekly Savings Challenge
- 3-Month Savings Challenge
- 356-Day Nickel-Saving Challenge
- $5 Bill Savings Challenge
- $1 Bill Save Challenge
- Pay Yourself When You Make a Money Mistake Challenge
- No Spend Challenge
- Trim 1 Percent of Your Salary Challenge and many more.
This article will explain about 52-Week Savings Challenge. In addition, you can also download a printable tracker from this post to keep track on the challenge.
52-Week Savings Challenge
What is the 52-week savings challenge?
The 52-week savings challenge is where you start saving $1 in the first week. In the following next week, you must add an extra $1 until 52 weeks. So, at week 52, your total savings will be $1,378, if you follow the challenge properly.
This challenge is quite flexible, you can modify it, such as starting to save $52 in the first week, decreasing $1 for the next week, and so on. When completing the challenge, you’ll get a total savings of $1,378. This method is also known as the reverse 52-week savings challenge.
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When is the right time to start doing this 52-week savings challenge?
One of the advantages of the 52-week savings challenge is that you are free to choose the week you’d like to start. You can consider your readiness based on your financial condition or willingness. But, if you want, you can make this challenge become part of your annual resolution by starting it in the first week of January. So that, at the end of the year you already have savings of at least $1,378, if you run the challenge properly.
How to do the 52-week savings challenge?
This challenge is carried out for 52 weeks, where in the first week you should deposit $1. You should save $2 in the second week, $3 in the third week, and so on for up to 52 weeks. So, the amount of money you save every week is as much as the amount of money saved in the previous week plus $1. The following picture is a guide to help you understand the amount of money you need to save (deposit) each week along with the amount of savings you have at that time (balance):
Free download: 52-week savings challenge printable tracker
Modified 52-week savings challenge
If you find it hard to save more and more money in the final week of the challenge, you can modify it. You can start saving $52 in the first week, $51 in the second week, $50 in the third week, and so on. So that, in the final week of the challenge you only need to set aside a small amount of your money.
Besides that, if you want to save more than $1,378, you can modify it by saving $2 in the first week, $4 in the second week, $6 in the third week, and so on. So, your total savings for 52 weeks is $2,756, if you follow the challenge properly.
You can download all of those modified saving challenge printable trackers at the end of this article.
Tips for success in a 52-week savings challenge
For some people, starting the habit of saving is difficult. But, in 52 weeks saving challenge should be easy because you just need to deposit $1 in the first week. However, the struggle of this challenge is keeping up to the end. These following tips will help you stay on track during your 52-week savings challenge:
1. Make a goal in your mind, so you have a strong intention
Create a goal before starting the challenge, whether the money will be used for down payments, emergency funds, vacations, buying needed items, and so on. So, these goals keep you motivated to carry out the challenge to completion.
2. Build the 52-week savings challenge into your monthly budget
By including these challenges in your monthly budget, you will know where your money is being spent. Apart from that, you have no difficulties setting aside the money to save, because it has planned on your monthly budget.
Read also:Â How to Make a Budget for Beginners Step by Step
3. Create notes or motivational quotes
Create reminders in small notes pasted in every place you see such as a mirror, cellphone wallpaper, or calendar.
4. Give yourself a small award
Give yourself a reward, if you have successfully completed the challenge within a certain time span. For example, reward yourself every 13 weeks (four times throughout the year).
5. Have friends or family who can motivate and remind you to keep up the saving challenge
Let them remind you if you break the challenge. Ask them to encourage and motivate you to keep up the enthusiasm in carrying out the challenge until the end, or you can invite them to take the challenge with you.
Why you should take part in the 52-week savings challenge?
1. Creating a saving habit
The 52-week saving challenge is one way to get used to being consistent in saving, especially for anyone who has difficulty saving money. Saving has many benefits such as emergency funds, retirement, avoiding debt, creating a sense of security, and financial freedom. So, you will achieve those benefits by starting a saving habit.
2. You will be motivated to save even more
When you successfully complete the challenge, you will be motivated to save more. Doing a money challenge might give you a boost that ignites you to improve your finances in the future.
Free Download Printable Trackers: