If you are looking for easy ways to save money then you need to try the 52 Week Money Challenge. You can easily save over $1,300 by following this money saving challenge.
What would you do if you had an extra $1,300? There are a lot of things you could do with an extra $1,300. Would you pay your bills, invest the money, or put it towards a vacation?
The 52-week money challenge is a great way to save money effortlessly and get you in the habit of saving money.
52 WEEK MONEY CHALLENGE
The 52 Week Money Challenge works like this:
- Week 1 you save $1
- Week 2 you save $2
- Week $3 you save $3
- Week $4 you save $4
You will continue to increase the amount every week by one dollar so you can continue to save money every week.
You start out by saving small amounts to help you meet your weekly savings goals. It will also get you in the habit of saving money. By the time you hit 52 weeks, you will save $52 that week.
Sounds simple right?
This is what it will look like
How Much Money CAN You Save in the 52-Week Money Challenge?
You save small amounts every week and after 1 year you would have saved $1,378!
Imagine you do this for 5 years straight, starting over every year. You could save almost $7,000!
You can start the 52 week money challenge at any point of the year. 1 year from the date you start, you’ll have more than $1,300 saved.
$1,300 may not seem like a lot to some, but it will seem like a lot for others.
If you struggling and live pay check to pay check, an extra $1300 could be life changing.
If you are not able to follow the 52-week money challenge, then modify and start with something more manageable.
Maybe the first week save $0.50, the second week $1.00, the third week $1.50 and so on. By week 52 you would have saved a total of $689. If you repeat this process for 5 years you’ll saved $3,445.
Or you could try saving $10 the first, $20 the second week, $30 the third week, and so on.
You can easily customize the 52 week money challenge to suite your needs.
Save Money With the 52-Week Money Challenge
There is so much more to the 52 week money challenge. It will get you in the habit saving money consistently.
It teaches you to save small amounts every week to help you build a savings account..
If you struggle with saving money, then you need to try the 52 week money challenge. It is the perfect way to give your savings a boost.
Step 1 – When to start
The first step is committing to the process and admitting you want to start saving money.
There is no better time that the present so stop giving your self excuses and start today!
STEP 2 – OPEN A NEW SAVINGS ACCOUNT
I found the best way to save money is by opening a new savings account.
I like to open the savings account with a new bank that I don’t typically use but you can open one with your existing bank if that will make it easier for you to transfer the funds every week.
Many savings account only allow so many withdrawals a month before hitting a fee so this should stop you from trying to use the money.
If you don’t think you can leave the money alone during the 52 weeks, definitely look into opening a bank account with a new bank. Many banks offer promotions throughout the year so you could receive a bonus just for opening a new account.
Then you can set up the new bank with your Venmo or Paypal account so you can easily transfer the money to your new account so you won’t spend it.
STEP 3: AUTOMATE YOUR SAVINGS
Automating is the most effective and easiest way to simplify savings.
Many banks make it extremely easy to schedule automatic deposits on whatever schedule you want. So set up those automatic payments based on what works for your pay cycle.
If you’re account is completely separate and you can’t set automate weekly transfers, you can set up weekly reminders on your phone calendar to remind you every week to make a transfer.
Then you can make the transfer with a 3rd party app such as Paypal and Venmo.
STEP 4: LOOK FOR OTHER WAYS TO SAVE MONEY
If you want to find other ways to save money and increase savings, take a look at your budget.
See if there is anything you can cut back on and save money. Then you can put that money into your savings account.
If you are able to find ways to cut back on your monthly spending, you could save even more money.
Saving as much money as you can will help you to save enough for a down payment for a house.
MAKE EXTRA MONEY
If you are serious about saving money and growing your savings, you can also look into other ways to make money. Here are 12 Ways to Make an extra $1,000 a Month. They are many ways you can make extra money during your free time without getting a second job.
And if you are really serious about saving money, you should also take a look at your credit and learn the 5 Factors That Affect Your Credit Score.
Building a savings account and working on your credit can open up so many opportunities such as buying a house and a new car.
52 Week Money Challenge
The 52 week money challenge is a great way to get you in the habit of saving money every week.
You can build a savings by putting small amounts of money away every week.
You can completely customize the 52 week money challenge to make it something you can easily manage and achieve every week.
Once you hit 52 weeks, you should keep going! Start the challenge over so you can continue to increase your savings account.
In the comments, tell me what you would do with an extra $1300 in savings.