52 Week Money Saving Challenge: How to Get Started
Reach your financial goals this year by doing this 52 Week Money Saving Challenge. Depending on how much save every week, you might end up saving a significant amount by the end of the year.
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Are you trying to save money to buy your dream house or your dream car?
We all know that saving money is a good idea, but it can be hard to get started. You don’t want to spend more than you earn, but sometimes life happens and it’s easy to fall behind on your savings goals.
If you want to make a significant dent in your debt or start building money for retirement, one of the best things you can do is set up a 52-week money saving challenge.
Setting up a system lets you know how much you are going to deposit each week or each month. This way you can visually record how much money goes into expenses and what is your net saving.
What is 52 Week Money Saving Challenge?
52 Week Money Saving Challenge is pretty straightforward. You will put away some amount of money every week for a total of 52 weeks.
Let’s say you want to go with increments of $1 each week. You will end up saving $1378 by the end of the year. You save $1 the first week, $2 the next, $3 the next, and so on. Basically adding $1 to the amount from last week.
You will be able to save almost $1400 by following this system.
If you do $2 increments, you will be saving $2756 by the end of the year and so on.
The amount of money you wish to save is entirely up to you. It can be $1, $2, $5, $10 or variable amount. This challenge isn’t simple, but it sure is fun and exciting.
It takes a little bit of work each week to save hundreds or thousands during the course of the year with this challenge.
Is this 52 Week Money Saving Challenge for you?
Since this challenge lets you save a small amount of money at one time, you won’t feel overwhelmed putting away some money every week.
Saving in small bits is easier than saving a larger sum at one time. This challenge gives you that opportunity while also teaching you how to better manage your money.
So why not give it a try and see if you are up for the challenge. If you find it hard to follow, you can always start again. No pressure!
How much Money can you Save with this Challenge?
This depends on how much money you are able to put away each week. Depending on their financial condition, many end up saving in hundreds and thousands by completing this challenge.
It may sound tough to think of the whole 52 weeks where you have to keep yourself from spending. Make sure you are comfortable with not spending on things you used to earlier.
When you do this challenge you may find that the things you thought were important are actually not that important, when your budget is tight.
How to stay motivated to keep doing this challenge?
To set up this system, you can open a savings account in the bank. Alternatively, you can use a mason jar to put away the money. Make sure you hold yourself accountable to save money every week.
Making yourself accountable is one of the ways to stay motivated. Write things down. Set up a system so that you have the record of your saving for each week.
You can download this free printable money saving challenge template and mark the boxes off when you have put away money for the week.
Free Printable 52 Week Money Saving Challenge
Download this free printable 52 Week Money Challenge template with increments of $1. There is a variety of templates that you can download and print.
With this template, as you can see, you will save $1 in the first week of the year. $2 in the second week, $3 in the third week, and so on.
As you put away money each week, you can check off the box for that week under the column done. This way you will be able to see where you stand each week in terms of saving.
Blank version above is fully customizable. You don’t need to stick with one set amount. Put away any amount that you wish, as long as you reach your set goal. Simply set the goal for the year in the top section. Save the amount of your choice each week and try to reach your set goal.
Holidays and 52 Week Money Saving Challenge
Holidays can be tough financially on many families. You have to spend extra compared to the rest of the year.
As holidays approach, you may find it challenging to put away the amount you are supposed to. To stick to your savings plan, you can start the challenge in reverse order.
That means, start at the bottom of this $1 increments challenge. If you were to do this in reverse order, put away $52 in the first week, $52 in the second week, $50 in the third week, and so on. So by the time, it’s the holiday season, you have already saved a hefty amount of your challenge.
You will be left to put away $1, $2, $3 by the end of the year.
The 52-Week Money Saving Challenge is a great way to get your finances in order. It can be tough to save money, but this challenge can make it a little easier.