If you’ve never heard of the 52 week savings challenge then you are going to LOVE this post. Even if you have heard of it, you’ll still love the FREE 52 week savings challenge printable I’ve included at the end.
With a new year just beginning it is a great chance to review the finances and set a bit of a savings goal for the year. What if I said that you could save over $1000 by the end of the year and barely even notice the money going away into savings?
Well it is so simple. The 52 week savings challenge is basically just a simple technique for setting aside small amounts of savings each week, that add up to a bit amount over the year. You start by putting just one dollar into savings and you end the year with over $1300!
There are lots of different versions but the most basic is to put away the dollar amount that coresponds to the week of the year. So week one you save $1 and week two you save $2 etc. By week $52 you’ll need to scrounge together $52 but by the time you start noticing the money going out (generally around the $25-30 mark), you’ll already have saved nearly $500 and you’ll be motivated to get to the end.
You can put the money in a special account or simply add it to a jar. Whatever you choose, just make sure you don’t touch it until the end of the year!
I’ve done different versions in the past including putting away double, reversing it and even doing a 10% version for the kids (so they put away 10 cents the first week and up to $5.20 the final week).
You’ve got nothing to lose, so why not commit to a 52 week savings challenge this year.
You can download the free printable to mark off your savings here (or click on the image below).