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How much money do you have in your savings account? If putting money aside is difficult or if you want to save up for an upcoming expense, you should look into the 52-week money challenge. This challenge is designed to help you get into the habit of saving. Here is what you need to know about it.

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What Is The 52-Week Money Challenge?
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The 52-week money challenge is based on a simple principle. This challenge is about putting aside a specific amount of money each week. The amount you have to save up increases from one week to the next.

What Makes The 52-Week Money Challenge Unique?

You can easily find printables and other resources for this money challenge. There are free savings charts that will show you how much you need to put aside each week to reach your goal.

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There is no need to spend money on anything to get started. You might want to invest in a piggy bank or a small safe so you can put cash aside.

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Many websites recommend this challenge and present it as a way of saving money if you currently don’t have an emergency fund.

What Is The 52-Week Money Challenge?

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You can read about this strategy here.

And download a customizable chart here.

The 52-week money challenge is based on a simple principle. This challenge is about putting aside a specific amount of money each week. The amount you have to save up increases from one week to the next.

It is unclear where this challenge originated. Several financial websites recommend it, and some banks and credit unions even hand out charts to their clients.

This challenge is interesting because it is designed to help you gradually increase the amount you save up each week. You can save up an impressive amount, even if you think you don’t have more than a few dollars to spare for your savings account.

You can customize this challenge to reach a goal or to work with your budget. The challenge is designed to be completed over the course of an entire year, but you can easily adapt it if you have a different goal.

Here is how the challenge works:

  • Put $1 aside the first week.
  • Increase this amount by $1 each week.
  • Put $2 aside the second week.
  • You will be putting $10 aside by week 10.
  • You will end up with more than 1,300 in your savings account by the end of the year.

You can easily tweak this savings plan. If you receive a monthly paycheck, you could transfer money to your savings account once a month and progressively increase this amount.

You could also have an additional savings goal. You could follow the challenge and try making an additional $100 deposit at the end of each month.

This challenge works because you can start with small amounts. Putting a specific amount of money aside each week or month is difficult. If you tried before and failed, the 52-week money challenge was made for you.

Starting with small amounts makes savings easy. You can put a few dollars in a jar or make a small deposit in your savings account, and your budget won’t be impacted.

You will have to progressively make changes to your budget to save up larger sums of money. You will get used to saving and will never feel overwhelmed since the amounts increase at a slow pace.

You will gradually learn to make better choices and will probably end up creating a budget by the end of the challenge. You will become more responsible and will feel more in control of your money. You might even find new ways to earn money!

Completing the challenge is fun and rewarding. You will be faced with a new challenge each week and will have to find new ways to save money. You will probably find some expenses you can avoid and will learn to shop on a budget.

There are three benefits associated with this challenge. The first benefit is the $1,000 or more you can save without making any major changes to your budget. The second benefit is your new habit of putting money aside. The third benefit is that you have a solid basis on which you can build to achieve financial stability and continue saving.

What Makes The 52-Week Money Challenge Unique?

The 52-week money challenge is unique because it’s a simple method. Anyone can complete this challenge. You can use this method to save up more than $1,000 even if you live on a small budget.

You can easily find printables and other resources for this money challenge. There are free savings charts that will show you how much you need to put aside each week to reach your goal.

You can also easily find advice for completing the challenge. You might need to make a few changes to how you manage your money, including budgeting, rethinking the way you shop, and eliminating unnecessary expenses.

The challenge is also interesting because it is easy to customize. You can choose how much money you want to get started with and how quickly the weekly amounts increase. We recommend that you don’t increase the weekly amounts by more than $3 if you are new to saving or live on a small budget.

This money challenge is suitable for a wide range of goals. You can use it to start an emergency fund if you don’t have one. You can use this challenge to save up for a new car, a trip, or even a down payment on a home. You can also adapt the challenge and save up larger amounts to save up for college tuition.

This challenge works because it includes a timeframe, a final goal, and several small goals that you can achieve every week. You are going to feel good about yourself and your abilities to manage your finances as you meet your weekly goals.

Using a different method to save up money can quickly become overwhelming. Putting aside a large amount of money right away is going to be difficult because you will have to make significant changes to your budget and lifestyle. You will be more likely to fail and become disheartened.

The main downside of this money challenge is that you will probably be tempted to dip into your savings. Because you will be saving small amounts each week, putting cash in a jar is the most convenient way to complete this challenge.

We recommend that you make regular deposits into a savings account, so the money is harder to access. You could also ask a family member or a friend to keep you accountable for putting money aside each week.

The challenge is worth trying even if you have a poor track record with putting money aside or don’t think you have any extra money to spare. Starting with small amounts is the right way to get into the habit of saving and to take control of your finances. Think of the challenge as a roadmap to financial stability.

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There is no need to spend money on anything to get started. You might want to invest in a piggy bank or a small safe so you can put cash aside. You will be less likely to dip into your savings if you have to break a piggy bank or use a key to open a safe.

Ask yourself how much spare change you can afford to put aside at the moment. You can start the challenge by putting $1 aside for the first week.

If you decide to make the challenge harder, start with $5 and put aside an additional $5 each week. You will end up with more than $6,800 at the end of the year.

Public Perception

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Many websites recommend this challenge and present it as a way of saving money if you currently don’t have an emergency fund.

The Simple Dollar highly recommends this money challenge because anyone can complete it. This site explains how the 52-week money challenge will help you get into the habit of saving money.

The site also recommends that you personalize the challenge and provides some helpful tips for making the challenge more fun, such as turning it into a competition.

Nerd Wallet also did a piece on this money challenge. This popular finance website talked about a young woman who was able to save enough for a trip to Italy. However, her roommate wasn’t able to complete the challenge because she kept spending the cash.

Nerd Wallet shows that you can be successful with this challenge if you have discipline. This is why it is important to make your money difficult to access if you think you will be tempted to spend it.

Bankrate is another popular finance website that recommends this simple money challenge. This site explains that sticking to the schedule is key.

Bankrate also draws attention to the importance of having a place to store the money you save up. The site recommends that you open a savings account and make regular deposits. You will be less likely to spend the money if you have to withdraw it from a savings account.

Pocket Your Dollars is one of the few websites that doesn’t recommend the challenge. This site claims that most people will end up spending the money before the end of the year.

Pocket Your Dollars recommends that you take a different approach to saving and start the challenge by saving up a large sum of money and decrease this amount each week.

This decreasing challenge makes saving difficult at first, but you will see your savings account grow at a faster pace. This can have a positive effect on motivation, but this approach doesn’t seem viable if you currently don’t have a budget and don’t feel in control of your finances.

How Does The 52-Week Money Challenge Compare To Other Methods?

It is important to find a challenge or method that works for you and your budget. Here are a few other options to consider.

Automated Deposits

You can have your bank or credit union set up an automated deposit from your checkings to your savings account. You can also have your HR representative set up a direct deposit to a savings account for a small portion of your paycheck.

Automated deposits allow you to save up without thinking about it. You can choose an amount that works for your budget.

Having money automatically transferred or deposited into a savings account will make you less likely to spend it. The downside of this method is that changing the amount you transfer or deposit to your savings account can be easily changed.

You can save up more than $1,300 in a year with the 52-week challenge if you start with $1 and increase this amount by $1 each week. You can achieve the same goal by transferring $26 a week into a savings account, which means you will need to adjust your budget right away.

Acorns

Acorns is an app that invests your money for you. You can choose to have the app round up your purchases and invest a few cents every time you buy something.

You can also set up recurring deposits to contribute to your investments on a weekly or monthly basis. Acorns is an interesting option because it’s an app that helps put money aside without thinking about it and it will help you get started with investing.

The downside of acorns is that you have to set up a checkings account via the app and use it for purchases for money to be invested. However, we like how you can choose from different types of portfolios when investing your money.

Investment options are limited to ETFs, but this is still an interesting way to get started with investing if you don’t think you have enough money for investments.

What We Think

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We like the 52-week challenge because it makes saving fun. Starting with a small amount and increasing this amount each week is the right way to save up if you just opened your first savings account or have tried saving before and failed.

Completing the challenge will help you save up for an emergency fund or another project. You will get into the habit of saving and hopefully keep putting money aside each week once you finish the challenge.

You should weigh the pros and cons of this challenge and ask yourself if making automated deposits into a savings account would make more sense. Automated deposits might be best if you think you will want to dip into the cash you have been putting aside. Otherwise, the 52-week challenge is a fun way to start saving.

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