Are you looking for an easy way to save money this year? If so, you should check out the 52 Week Money Challenge. It’s a pretty cool idea for saving money throughout the year and it seems easy enough to do. Simply follow the plan and you’ll have a nice chunk of change by the end of the year.
Here’s how the 52 Week Money Challenge works:
Each week of the year (52) you save a designated amount to add to your savings that is based on the week # we are on. So on week 1, you deposit $1. On week 2, $2, week 19 $19, week 35 $35, week 42 $42 and so on and so forth. At the end of the year, you will have saved $1378.00 which doesn’t include any interest it may accrue if you deposit it into a savings account.
You could also work backwards and start with an initial savings of $52 so that it only gets smaller as the year goes on Reverse 52 Week Money Challenge. Plus, with that initial amount you can deposit it immediately into a savings account since you need a certain amount to get it opened. You can even use the week as a guide for a minimum amount and actually put in more money that week.
To get started, decide where you will be keeping your savings (I suggest in a place you can’t easily access so that you don’t take any money out of it) and print out the 52 Week Money Challenge I have recreated and cross off each week as you go along to keep track of what week you are on. Then, start off with either a $1 deposit or a $52 deposit (if you are working backwards).
I will be giving the 52 Week Money Challenge a shot again this year and will hopefully stick with it. Whose with me?