52 week save money challenge is the easiest way of saving money to achieve your end year goals. In my opinion, you can save as much money as you want with this challenge.
People usually are unable to save money because they don’t have a proper financial plan, we start at the beginning of every year and after a few months, we start tapping into our savings.
In this article I will explain how the 52 week save money challenge works, you will also get a free template for the challenge that is editable so that you can keep track of your progress.
What is the 52 Week Save Money Challenge?
If you are not able to save money or maybe you are not earning a lot of money, you can use a 52-week money-saving challenge. People often think that their earnings are so low that they can not save.
Sometimes our expenses are higher than our income, and it is hard to save money. 52 week challenge makes things easier in both of these cases. Why? because you will have to begin with a dollar.
Every week you will be adding another dollar to the amount that you have saved the last week. So it is basically a dollar increment every week.
Let’s say you have put aside one dollar for the first week of your 52 week save money challenge. The following week you will have to save 2 dollars to complete the challenge.
How 52 Week Save Money Challenge Works?
To begin with, you need to track your savings, You will have to keep a record, you can either start writing your weeks and the amount that you have saved in a notebook, or you can download a 52 week save money challenge sheet to enter the details.
If you want to create your own sheet, all you have to do is create a column for the number of weeks, and then the second column for the amount saved. Write down the week number on each line and the money in front of it.
How Much Can You Save With 52 Week Save Money Challenge?
Well, it depends.
It depends on how much money can you put aside, if you are starting with 1 dollar a week, you will be able to save 1,378 at the end of 52 weeks. However, if you decide to go with 2 dollars a week, you will have $2,756 at the end of your 52 week save money challenge.
So it depends on how much money can you put aside.
How to Start 52 Week Challenge?
The first thing that you need to sort out is where to keep your money. This is the most important thing. Why? Because 52 weeks is a long time and there is a chance that you might want to take some money out if you have the access.
Let’s say you are keeping the money in a piggy bank, you might be tempted to take the money out, same is the case with the envelopes like people do in 50 20 30 money-saving technique.
So you will have to select a place where you can save money without having access to it for 52 weeks.
As most of us don’t use cash anymore, The best option is to put your money in a high-yield saving account. You can transfer the amount to that account every week, or you can set auto-transfer from your account to the savings account every month, so the money is moved without you knowing.
52 Week Saving Challenge Problems
The biggest problem with this challenge is the time duration. 52 weeks is a long time period and people usually give up in the middle. So if you are consistent, trust me you will be able to save a lot of money at the end of the 52 weeks.
Another problem with 52 week save money challenge is the increment, as time passes by you will have to save higher amounts and you might not be able to do that in a long run.
There is a solution to this problem though, if you think you will not be able to save higher amounts at the end of the challenge, you can reverse the process, instead of starting with $1, you can start with $52 in the first week and move your way down till the 52nd week.
So if you have saved $52 the first week, you will have to save $51 the second and things will become easier as you move to the end of your 52 week save money challenge.
Alternatives to 52 Week Save Money Challenge
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50 20 30 Money Saving Technique
There are other methods of budgeting and saving money too. 52 week money saving challenge is not the only one, if you are an employee and you receive a paycheck, you can also look into the most famous 50 20 30 money saving technique.
This method has helped millions of people to save a lot of money, you can not only save money but you will be able to pay off your debt and invest with the 50 20 30 rule.
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Money Saving Apps
If you think that saving money through 52 week challenge is difficult because you will have to do it manually or it doesn’t suit you for any reason, you can go for a much easier way of saving money.
There are many phone applications that actually help you save a lot of money, these money saving apps will automatically save the pennies that are left from your purchases, they will then round off those pennies to a dollar, this dollar will either be invested in your behalf or will be saved, and before you know you will have a strong portfolio or money to pay your unexpected bills.
Is it Possible to Save Money with 52 Week Challenge?
Yes, you can save any amount with the 52 week save money challenge. You can set up your yearly goals, and start saving money through this challenge. You will have to do some math to know how much money you need to save to achieve your yearly financial goal.
If that is defined, you will definitely achieve your financial goals.
Verdict
52 week save money challenge is for people who want to improve their savings and achieve their personal finance goals. This is an easy way to save a lot of money.
I hope this article was helpful and you got the information that you were looking for. Download your 52 week save money challenge sheet and start your challenge today.
Cheers…