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52-Week Money Challenge: How to Save $5,000 This Year


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how to save money this year


The 52-week money challenge could help you keep an extra $5,000 in your pocket this year.

What would an extra $5,000 mean in your life? Would you use it to pay bills, buy a used vehicle, take a vacation, invest for your retirement or maybe save for a mortgage down payment?

$5,000 is a truckload of cash. Wouldn't it be ideal to have that extra amount sitting in your bank account to ensure you against life's sudden occasions? Whatever your financial goals, this money-saving challenge can get you there quicker.

There are a lot of things you could do with $5,000. The trick is figuring out how you save that much money in the first place.

That’s where the 52-week money challenge comes in. In this article, I’m going to show you how much you need to save, week by week, to seven-day day seven-day-long cross the $5K finish line!

Introducing the 52-Week Money Challenge

Week Deposit Balance Week Deposit Balance
1 $25 $25 27 $125 $2,480
2 $45 $70 28 $130 $2,610
3 $65 $135 29 $145 $2,755
4 $75 $210 30 $155 $2,910
5 $95 $305 31 $25 $2,935
6 $110 $415 32 $45 $2,980
7 $125 $540 33 $65 $3,045
8 $130 $670 34 $75 $3,120
9 $145 $815 35 $95 $3,215
10 $155 $970 36 $110 $3,325
11 $25 $995 37 $125 $3,450
12 $45 $1,040 38 $130 $3,580
13 $65 $1,105 39 $145 $3,725
14 $75 $1,180 40 $155 $3,880
15 $95 $1,275 41 $25 $3,905
16 $110 $1,385 42 $45 $3,950
17 $125 $1,510 43 $65 $4,015
18 $130 $1,640 44 $75 $4,090
19 $145 $1,785 45 $95 $4,185
20 $155 $1,940 46 $110 $4,295
21 $25 $1,965 47 $125 $4,420
22 $45 $2,010 48 $130 $4,550
23 $65 $2,075 49 $145 $4,695
24 $75 $2,150 50 $155 $4,850
25 $95 $2,245 51 $100 $4,950
26 $110 $2,355 52 $50 $5,000

With this plan, you start by socking away $25 during the first week. Then during the second week, you save $35. During the third week, it’s $65. And each week the amount you save gets progressively bigger.

The 52-week money challenge is designed this way for a couple of reasons.

You start with relatively small amounts, making it easy for you to meet the weekly savings goal. By doing that, you build the confidence to keep going.

Second, it’s well documented that forming a new habit — whether it’s saving money, going to the gym, or anything else — takes repetition and time to develop.

The goal of the money-saving challenge is to help you develop better money behaviors and get in the habit of saving money — something that will benefit you for the rest of your life.

Indeed, after saving every week for two months, you'll have $400. That is my plan, as well. You start leisurely to fabricate the habit of saving money in the initial not many weeks. 

The goal is to set you up for the substantial lifts that will stop by mid-year. 

At last, perceiving that you have an everyday routine to experience while you're saving the $5,000 is likewise considered into the challenge. 

On the off chance that you start the challenge toward the start of the year, it accounts for individuals preparing to rampage spend a little during special times of the year. So the 52-week money challenge works to a crescendo around midyear and afterward gets continuously simpler during the second 50% of the year.

52 week money challenge
money saving challenge


Best Uses for a 52-Week Money Challenge

Everybody can benefit from saving some extra money, regardless of whether it's for a rainy day account or an extravagant excursion. In any case, there are a couple of gatherings of individuals for whom the Money Saving Challenge can be particularly beneficial.

Saving for a special occasion or a major goal

Would you like to take your family for seven day-long excursions to the Bahamas? What about investing your money to begin an online business? Goals like these frequently require an enormous lump of money that may appear to be far off, yet, with a $5,000 savings challenge, are feasible.

Here are other major savings goals that are easy to achieve with a challenge like this one:

  • Wedding
  • Buying an engagement ring
  • Saving up for a car
  • Saving for a down payment on a house
  • Going back to school

If you have big financial goals in mind, this challenge can help you save the money you need faster.

 

Accelerating your debt payoff

In case you are currently paying off debt, utilizing a savings plan like this one — however, at that point promptly applying your savings to your debt balances — is an extraordinary method to work on your debt quicker than simply paying the minimums every month.


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Check Out This Audience Feedback on the 52-Week Money Challenge

This is a formula that our audience discloses to our works! Look at this feedback from individuals from our Facebook page who have effectively finished our 52-week money challenge: 


Patricia: You set up outlines on the internet last year. I printed them out, opened a savings account 'only for me', and have reliably deposited the absolute weekly… in addition to any time we have any extra money, we toss that in, as well. We're presently up to more than $10K simply taking care of limited quantities consistently. An easy method to save. Presently we're attempting to sort out how to manage the money… I need to take a major, essential outing, however dollars to doughnuts, hubby invests a large portion of it. 


Cindy: Using your $5k yearly savings outline. I'm in my third year and have no designs to stop. Toward the beginning of the year, I set up the whole year of weekly exchanges from my checking acct to my savings acct. On the off chance that you don't have it naturally set up to move every week, you either will neglect or legitimize why you can't save the assets.


Other Variations of the 52-Week Challenge

It's one thing to attempt a savings method. It's very something else to adhere to it. While the 52-Week Challenge does some incredible things for some individuals, some conditions might make it harder for you to remain focused on the plan. 

 

On the off chance that you feel that the standard 52-Week Challenge is anything but a solid match for you, remember that there are different varieties of the challenge that may offer you a superior likelihood of coming out on top.

 

52-Week Money Challenge (Bi-weekly)

If you battle to save money consistently when the paycheck just comes at regular intervals, attempt the 52-Week Money Challenge Biweekly Schedule. By saving money at regular intervals you'll have to save a greater piece at a time, but it might wind up being simpler for you over the long haul.

 

The Mini Version (for Smaller Goals)

On the off chance that the standard challenge doesn't work for you, possibly the mini form will do. The standards are something very similar, yet rather than saving the original amount, save half of that amount each week all things being equal. Thusly, saving up will not present a very remarkable financial burden for yourself, and will not think twice about financial requirements consistently. 

         

The conspicuous downside of doing the mini-challenge is that you'll just have the option to save half of your original $5,000 target. Indeed, even as yet, saving $2,500 before the year's over is no little accomplishment! 

 

Keep in mind, by the day's end, the significant thing isn't how you are saving money, yet that you are saving money.

 

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Money-Saving Ideas to Help You “Win” the Challenge

As things become somewhat harder all through the challenge, it's basic that you follow a portion of the core values in saving money. Actually like with proficient competitors who follow explicit exercise schedules or adhere to an eating routine to arrive at their goals, you need to follow some prescribed procedures to "win." 

 

Here are some money-saving thoughts that can assist you with accomplishing your $5,000 goal by year-end.

Make it part of your budget

In opposition to mainstream thinking, adhering to a budget shouldn't be prohibitive. The trick is to make your budget work for you, not the reverse way around. 

 

Making a budget doesn't need to be troublesome. You can utilize pen and paper, an Excel sheet, or an undeniable budgeting program — whatever system works for you. Interestingly, you make a plan for your money, then, at that point check in often to ensure you're adhering to it.

Pick up a side hustle

There are endless approaches to bring in money on the off chance that you realize where to look. 


They will not make you a tycoon short-term; however,day-long even-day if you can discover the gigs that work for yourself and stick to them, you can acquire additional money to put toward your savings goals. To sort out which side hustle you should seek after, take inventory of your skills. What would you be able to offer that somebody will pay you for? 


From that point, everything's tied in with making your proposition and tracking down the ideal individuals who need what you're selling.


Cut out wasteful spending

We as a whole have spaces of spending where we could likely improve, regardless of whether it's eating out or purchasing a couple of an excessive number of sets of shoes. Scaling back doesn't mean you can't spend money there, it simply implies being purposeful with regards to putting your money toward the things that make a difference to you. 


Luckily, this is a region where you can utilize technology for your potential benefit. The Trim app, for example, analyzes your spending and points out regions where you can save money. It can drop unused memberships, offer commonsense advice on how you can save more money, and even arrange your Comcast bills for you, among other cool provisions.


Where to store your savings

While you are working on your savings challenge, you'll need a protected spot to store your money consistently. Assuming you need easy access to your money, opening a high return online savings account is a savvy decision. Before opening an account anyplace, ensure you are getting a cutthroat interest rate. Most online banks offer interest rates of 1.50% or more — that is more than 15 times higher than whatever is generally offered by traditional banks. 


On the off chance that you don't plan to contact your savings for quite a while (or more), think about investing it in the market. Investments can go here and there in esteem, so possibly pick this alternative in case you are OK with taking on some additional danger. The benefit of investing your money in the market is that, over the long haul, stocks have returned a normal of about 10% every year. These applications are best for amateur investors.


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52-week money saving challenge



Consistency Is Key with the 52-Week Money Saving Challenge

Just like the case with most endeavors, consistency is key to saving. 


You may be the most excited individual with regards to saving money toward the beginning of the year, yet that energy will amount to nothing on the off chance that you don't keep up with that consistency all through the whole of the 52-Week Money Saving Challenge. 


Eventually, everything's tied in with fostering the right habits and encouraging a growth mentality. 


To be predictable with your 52-week savings plan, you need to zero in on the easily overlooked details, knowing in your psyche and gut that these will lead to something greater. From doing various side positions to taking care of a bit of money for a blustery day, to prevent yourself from buying that glossy trinket you don't require — everything adds up. 


By watching out for the prize and forestalling whatever number of mistakes could be allowed, there will come when you don't need to go through 52-week challenges any longer since saving will come so normally to you, you will not need to mull over everything.


Ways to Make Extra Money

There are numerous approaches to cut your budget and I've introduced quite recently a little example here. In any case, sooner or later, you might run out of regions to cut. That is the point at which you ought to think about bringing in extra money. We have an extraordinary guide with 20+ approaches to bring in extra money here. 

Also, in case you're truly centered around earning some extra money in a brief timeframe, look at these guides we've assembled:



Final Thought

Since you've seen the 52-week money challenge and expertise to begin saving, I need to leave you with one final idea: Open a devoted account with an online bank and set aside your weekly installments into that account. That will truly assist you with expanding the effect of your savings efforts.

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