Saving Money Just Got a Lot More Fun with the 52-Week Savings Challenge
Here are five different 52-week savings challenges + the tips to help you make it a home run!
I get it; I totally get it. “Saving money” sounds so boring, so basic. Of course, you know it’s a good idea, but that doesn’t make it any more exciting.
But what if I told you there was a way to make saving money exciting? Yes, it’s true; and it’s called the 52-week savings challenge! As the name implies, you’re saving for an entire year, which is challenging. Can you do it? Are you up to see if you’re strong enough, dedicated enough? I bet you’re stronger than you think, so let’s dive right into how you can save $1,378 with the 52-week savings challenge!
This post may contain affiliate links. If you make a purchase, I may make a commission at no cost to you. Please read my full disclosure for more info
What is the 52-week savings challenge?
It’s a savings plan where you save a set amount each week of the year. The genius thing about the challenge is that you decide how much to save; it can be any amount (but there is a standard $1 one which most people reference). This makes it doable, but it’s still a challenge as consistency of saving every week can be challenging.
The 52 week challenge is just one type of many money-saving challenges that you can do to help you put extra money into your savings account.
Why do people do a 52 week savings challenge?
It sounds hard, why would anyone do this? The main reason that people do a money challenge is to obviously save money. Usually a lot of money. Yet, sometimes we need an extra push to do it; we need a binding commitment.
No, it’s not a true binding commitment, but sometimes competing with ourselves can be the strongest motivator. Or, it should be, as the promises we make to ourselves are the most important.
Benefits of doing a 52-week savings challenge
There are three major benefits to doing a money challenge like this. Firstly, you’ll save up a good amount of money, which is always nice to have. Secondly, and most importantly, to prove to yourself that YOU CAN DO THIS! Yes, YOU can do hard things, you are good with money, you can achieve anything you set your mind to!
Thirdly, you will have developed a saving habit! This is huge, don’t underestimate this outcome. Once you develop this skill, it can serve you for the rest of your life!
- Sign up with ibotta and get $10 sign up cash as a new customer!
- Earn points on ANY receipt from ANY store and redeem for gift cards with the fetch rewards app.
- Earn cash back from over 4,000 retailers with TopCashback when you buy online. Even on gift cards, at restaurants, and hotels.
- Join Rakuten and shop at your favorite stores for up to 40% cashback; use the link and get a $10 Welcome Bonus!
- Sign up with Inbox Dollars and get paid to read emails, watch videos, and take surveys. Easy peasy!
- Save money at the grocery store with Coupons.com on things you already buy! This isn’t cash back; it’s instant savings at the register!
- Get free gift cards & cash for the everyday things you do online at Swagbucks. Use the link and get a $5 bonus
- Save money on gas by signing up with Upside; it gives you up to $.25 cents cash back per gallon! Use the link when you sign up; you’ll get a $.15 cents per gallon bonus!
- Sign up with Cash App and get a $5 bonus when you use code “NRTZMHV”. You have to complete the sign up requirements to get the bonus! Read how to do this here with point #1.
Do I have to start the 52-week money challenge at the beginning of the year?
No, you don’t have to start your challenge at New Year’s, you can start the money challenge at any time. But it’s convenient to start at the beginning of the year. Starting January 1st can be a great time to optimize on “new beginnings” enthusiasm and build a solid foundation to work towards your financial goals.
Save with Rocket Money
Rocket Money helps you lower your monthly bills as they instantly find, track, and negotiate down your subscriptions.
Your concierge is there when you need them to cancel services, so you don’t have to. They also track your spending and notify you of where you can cut down to save even more.
Different kinds of 52-week saving challenges
While you can choose any amount to save each week, it can be helpful to know what other people have had success with. As sometimes, when there are too many choices, we get overwhelmed and never begin. So let’s go through the popular options.
The Beginner 52 week money challenge – the $1 challenge
This one might be the easiest option as the total dollar amount is low. Don’t get me wrong, it’s still hard, but the dollar amount makes it a great beginner savings challenge.
Here’s how it works:
- Week 1: save $1
- Week 2: save $2; balance is $3
- Week 3: save $3; balance is $6
- Week 4: save $4; balance is $10
- Week 5: save $5; balance is $15
- Week 52: save $52; balance is $1,378
- Total saved: $1,378
Reverse $1 money challenge
If you’re worried that you’ll lose steam and potentially quit, then consider doing the reverse challenge. This way, you save the most at the beginning of the year, when your motivation is higher. And then, each week, it gets easier by going down $1.
- Week 1: save $52
- Week 2: save $51; balance is $103
- Week 3: save $50; balance is $153
- Week 4: save $49; balance is $202
- Week 5: save $48; balance is $250
- Week 52: save $1; balance is $1,378
$5,000 52 week saving challenge
If you’re looking to save a good chunk of money, say $5,000, then this is the perfect challenge. Now, you’re not saving the exact same amount each week, which is $96.15. That would be a little boring and hard to do if you were using cash.
Instead, you’ll save an even dollar amount, which is a lot easier when using cash. Each week you’ll save somewhere between $20 and $160; it changes each week, alternating between high and low amounts, making it easier to balance.
$10,000 52 week savings challenge
If you’re looking to save even more, say for a downpayment on a home or a new car, then consider the $10K money challenge.
Holiday helper savings challenge
So I’m cheating a bit, as this is essentially a 48-week savings challenge; that’s close enough, right? I start saving for Christmas on January 1st; it’s just the way that works the best for me. So I save $20 each week as a sinking fund. That’s when you save up for a specific thing/event.
I have this savings challenge ending by Black Friday, that way; you have plenty of time to shop for the holidays.
How to actually do a money challenge
There are a few different ways to do a money challenge. Here are the basic steps.
- Decide. Pick an amount that you want to save.
- Write out your why. Why is saving this amount important to you? What are you going to do with the money? You need to have a strong enough reason to keep sticking with it when it gets hard.
- Get your materials together, such as your 52 week money challenge printable and a cash envelope. Or if you’re going to do it all-digital, get a separate savings account set up just for this. Yes, it needs to be separate. Maybe even consider getting it at a different bank if you think you’ll be tempted to dip into it. (and don’t get a debit card for it.) You can make it even easier with an online account and set up an automatic transfer for weekly deposits for the exact amount.
- $5,000 money challenge = $96.15 a week
- $10,000 money challenge = $192.31 a week
- Set up calendar reminders. You need to check in every so often to make sure you’re on track to reach your goal. Or you may want to revaluate if you’re going to continue at all. Sometimes circumstances change, and we can’t continue. It’s okay to adjust or reassign money to go someplace else. What’s not okay is to quit because you’re bored. Set it up so you check in at least quarterly; add it to your calendar now so you don’t forget.
- Work the plan; don’t deviate, don’t lose steam. Just keep your eye on the prize!
- Celebrate! At the end of the 52 weeks, you will feel so proud of all you have done!
Save $900 a year with BillTrim
You don’t have to find a new (and cheaper) cable or phone company. Yes, you need to save money, but don’t worry; that’s where BillTrim comes in.
You have your same providers; BillTrim just negotiates the monthly bills all down, so you pay a lot less every month. On average, they save their customers $900 a year (that’s $75 a month)!
Tips to succeed with your 52-week money challenge
Even the best-laid plans need a bit of help from time to time. So here are some tips to help keep you on track.
- Keep it visual – put your savings tracker or chart somewhere where you can see it often. Say in a closet or on your bathroom mirror. When I was doing a no-spend month, I put my savings charts up on the fridge. I saw it every day, and each time I looked at it, it filled me with determination!
- Make sure your budget can afford it before starting. Saving money is a great goal, yet if it won’t fit in your regular monthly budget, then it’s not going to work.
- Make it a habit. One of the easiest ways to help you along the challenge is to make contributing a habit and not a haphazard afterthought. What I mean by this is that you decide, and do your saving on a set day & way. So every Tuesday, after your grocery run, you always drop by the bank and withdraw your money, and then you come home and stuff your envelope and check off your tracker sheet first thing. This Tuesday process becomes easier and easier every week because your brain knows that this is what you do on Tuesday.
- Where will you cut? If saving money is a top priority, then decide at the beginning where you will cut expenses to keep saving if things get tight. For example, if your rent goes up, then you may need to cut your other discretionary expenses, like a gym membership, fun money, cut your beauty or clothing budget.
- Start small – If this is your first money saving challenge start small with the $1 challenge and then work up to save larger amounts, like the $5K challenge later on. Yes, go big or go home is a thing, but don’t set yourself up to fail; play it smart.
If you like the idea of saving money but don’t like the pressure of having to do it every week, then consider using a savings chart. It’s similar to a money challenge, but there are no timelines. You save money when you can. This takes the pressure off but still keeps it fun with a visual tracker and a goal you’re working towards.
Savings Hacks for your 52 week savings plan
If you are struggling through some tight months while doing your 52-week money challenge, then here are some ideas to help…
- Gifts – Consider asking for money as your birthday gift. Then use this gift to keep you on track with your challenge. No, it’s not cheating; it’s being resourceful!
- Clean out the clutter – If you’re struggling to save, then consider selling some of your unwanted items to be able to make your regular weekly contribution. This is a great reason to clean out all those boxes that are in storage!
- You won’t miss what you don’t see – Any easy way to save your challenge money is to have part of your paycheck sent to this new savings account. Ask your HR department for a new direct deposit form and designate a specific amount to your savings.
52 week money challenge printable
With every endeavor, you’re going to need a bit of help to set you up for success! Don’t worry, you don’t need a lot, just a few pieces of paper to get set up and keep you on track. You can absolutely make these yourself or buy them from the shop if you’re not feeling very crafty.
The Money Savings Challenges template set comes with 14 challenges (has a time limit) and two savings charts (no time limit).
- 52 Week BLANK Challenge
- 52 Week Savings Challenge ($1)
- 52 Week Savings Challenge Reverse $1
- 52 week $5,000 Challenge
- 52 Week $10,000 Challenge
- $1 a Day to $500 Challenge
- $1 a Day to $500 Reverse Challenge
- 365 Day Penny Challenge
- Save $1,000 a Month Challenge
- Save $5,000 a Year Challenge
- $1 to $100 Savings Chart
- $5 to $500 Savings Chart
- Cancel It! Challenge
- Savings Jar Tracker
- Holiday Helper Challenge (ends Black Friday)
- Holiday Helper Half Challenge (starts July 25th)
- No Spend Month Challenge (4 pages)
But I don’t have any money to save
Doing a money challenge is exciting; the possibility of having all that cash at the end of the year can open up so many doors! But what happens if you don’t have any money to save?
You’ve cut out all unnecessary spending, but still, you’re left with nothing left over. One of the very best ways to free up your cash flow is to dump your credit card debt. Once you stop paying all that interest, you’ll be surprised at how fast you can save.
I know, paying off your debt is hard, and it’s not nearly as fun or exciting as doing a money saving challenge, but it’s a necessary step on anyone’s personal finance journey.
You can also turn your efforts to make more money with a side hustle. Having some extra income can be a massive bonus to your quality of life and your bank account!
What to do with your savings
This sounds a little odd, but sometimes you want the challenge of saving money, but you’re not quite sure what to save for. Don’t worry; I’ve got lots of good ideas!
- Fill your emergency fund of 6-9 months worth of expenses
- Plan and save for your next vacation
- Save up a downpayment for a house or a car
- This is a great way to get some seed money to start your sinking funds. My family has five sinking funds we use all the time. Vacation fund, house repair fund, car repair fund, kiddo fund, and a vacation fund. Here are some more ideas on sinking fund categories that can be useful.
- Start investing – if you haven’t started saving for your retirement, then NOW is a great opportunity. Open an IRA at an investment firm (Vanguard, Fidelity, Charles Schwab, etc.) and look into buying index funds (this is an excellent option for beginners). Some funds you need a certain amount of money to buy in at. For example, with some funds, a standard buy-in is $3,000 for admiral shares at Vanguard.
If you want a very quick way to figure out your savings rate, then check out my sinking fund calculator. You input the dates to start/stop saving, the amounts, and if there’s any interest (if the money is in an interest bearing account, like a high-yield savings). The calculator will tell you exactly how much to save each week and/or month; super quick and easy!
At the end of the day
Doing a 52-week savings challenge can big a huge boost to your savings and your self-confidence! And once you develop this habit, it will compound throughout your entire life. This year, save $1,378, and next year try for the $5,000 challenge. If that goes well, then I know you’re ready for the $10,000 savings challenge! Don’t worry; you’ll do great; I absolutely know it!
Articles related to the 52-week savings challenge:
- 20+ Money Saving Challenges to Supercharge your Bank Account
- How to do a No Spend Challenge and Save Boat Loads of Money
- A Real World No Spend Month Success Story
- Using Savings Charts to Make Saving Fun!
Great strategy! Saving is never easy, but it is so worthwhile to have the peace of mind of knowing you are secure.
Yes, the peace of mind is worth so much more than anything else!
52 weeks can sound like a long time but its worth the savings. I would probably start small with my savings goal and I like the idea of budgeting yourself each week.
Yes, working it into your budget is key for doing it consistently!
I appreciate the very practical steps you’ve outlined here for how to make a savings challenge work. And the printables are cute too!
Yes, I am always practical 🙂 Except when it comes to donuts – all thoughts fly out of my brain!
I love that you made different challenges for different amounts of saving. It is amazing how much can really add up! Thank you for the tips!
Yes, it adds up a lot faster than you would expect!
I struggle a lot when it comes to saving money, but I haven’t tried or heard about this method. I can’t wait to give this a try. Thank you so much for sharing! x
You’re so welcome Martina, maybe you can try one of the smaller challenges and work your way up to the 52-week savings challenge!
I always start off strong with saving then frizzle out pretty soon after. I might start with he $1 challenge and see how it goes.
Oh yes, a challenge might be just what you need to keep the momentum going!