Take the 52-week money challenge and save approximately $1,400
Want to save approximately $1,400 by the end of this year? The 52-week Money Challenge might help you reach your financial goals. Read on to see how it works!
Have you made that same new year resolution to save money, but always find yourself in the opposite direction at the end of the year?
Well, let’s try again this year and focus on getting your savings goal on track with the 52-week Money Challenge.
What is the 52-week Money Challenge?
The 52-week Money Challenge is a really simple savings plan that help you save a minimum of $1,378 by the end of the year. The table created for this challenge has gone viral on various websites and social media sites since 2013 – and many all over the world have taken the challenge and reportedly achieved their savings goal.
How does the 52-week Money Challenge work?
With the 52-week Money Challenge, you start by saving $1 the first week. Then you gradually increase it to $2 the next week, $3 the week after – and work your way through up until the last week of the year at $52.
The amount you start off with may be small, but this will slowly add up and make a difference come the end of the year. Trust us, it’d be great to see your savings grow upwards as time goes by!
Find out how you can customise the 52 Week Money Challenge to suit your savings goal.
Are there any variations to this?
Feeling ambitious and would like to grow your savings even faster? Feel free to start off with a bigger amount and see your digits rise each week.
Take a look at the table below to see how you’ll end up with $27,560 if you start off with $20 in the first week.
BUT, if you would like to stick to the original savings plan but worry that you’ll overspend during the year and won’t be able to keep up, you might want to opt to do the reverse version instead!
Start with $52 in the first week and work your way backwards. This way, you can take advantage of a bigger initial amount in your savings.
Some tips on reaching your savings goals on the next page.
Tips to reach your goals using the 52-week Money Challenge
Rhea Mocorro of the Kuripot Pinay from the Philippines have personally taken the challenge in 2014 and managed to save 60,000 Philippine Pesos (S$1,783) by the end of the year!
She offers the following tips to anyone who is looking to conquer the challenge:
Start with a goal
Imagine getting your most coveted gadget by the end of the year – or perhaps buying amazing gifts for your loved ones. Starting with a goal will keep you motivated to save, and save, and save!
So, pick an item that you don’t usually splurge on. From there, break it down in terms of your weekly amount to save.
Get a designated piggy bank
Most of the people who took the challenge used a clear bottle to put their money. Rhea prefers a solid coloured one so that she won’t see the money stack and constantly count how much she has saved.
For this, you can use just about anything: a plastic container, a bottle or jar.
Have a template ready
Decide the amount that you want to start off with and get that savings template ready. Print it out and tape it on your piggy bank. This will help to serve as a reminder and keep you focused on your savings goal at the end of the year.
Feel free to refer to our templates in this article – or customise one of your own.
To everyone who will be taking the 52-week Money Challenge – good luck and happy saving!
Have you taken the 52 Week Money Challenge before? Did it helped you reach your savings goal? Share with us by leaving a comment below!