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Saving money is key to long term financial success!
The reality is most people don't save.
Why?
Simple, it is way more fun to spend money than save money.
Most people can't cover an emergency expense. Retire at “typical” retirement age. Or pay in cash for vacation. While these statistics are sad, it doesn't have to be your reality. You can be different! (Plus being different with saving money is awesome.)
Real world truth of adulting… Saving is a must!
Since everyone is at a different point in their money journey, Money Bliss decided to lay out a few different 52 Week Money Saving Challenges.
Then, you can decide what one fits your personal finance situation the best!
Did you know? That savings is crucial for the Money Bliss Steps to Financial Freedom. Learn how many of the steps include some type of savings component. Plus it is a great guide to follow to help you live the life you want to live and successfully cross off those money goals.
Why a Money Saving Challenge?
Simply put…a money saving challenge will help you start saving money.
Everyone is up for a challenge.
They want to prove to themselves that they can accomplish the challenge.
Plus, it is great to hold a money saving challenge within your own community. The people you are around the most often will help keep you accountable plus the success rate is higher.
Because we all have different goals and visions, we are going to lay out 5 various money saving challenges.
Depending on the money saving challenge you pick, this amount will be saved at the end of 52 weeks:
- $1,378
- $2,756
- $5,000
- $10,000
- Your Current Age * 52 = Amount Saved
Other Saving Challenges:
- Need a Spending Freeze This Month?
- Avoid the Trap of Lifestyle Creep and Reach Financial Freedom
- Powerful Truth Behind Money Goals that you Need to Know
Three Ways to Complete the Money Saving Challenge:
Most money challenges start in January because people tend to make resolutions at that time. However, you can start whenever you want to. There is no right or wrong time to start saving money. In all honesty, it is best just to start saving! And do it now! (Set up your an account here.)
If you are a resolution type of person, then check out the Ultimate List of New Year's Money Resolutions for 2019!
However to be successful at the end of 52 weeks, you need to find a method of saving that works for you.
Remember, the 52 week money saving challenge is about creating new habits of saving money.
1. In Order
Check off week by week!
This method is all about momentum! Get the ball rolling and slowing increase your saving amount.
This is the most common method because we tend to follow a pattern and don't want to deviate from our plan. This type of challenge is perfect for the logical person who wants to make it simple.
2. Reverse Order
Many 52 week money saving challenges have you saving the most amount of money around the holidays.
**Just to note…we specifically created our challenges to save the least amount around November & December (if you start in January).
For instance, the sticky spot with the regular 52 week money saving challenge is you have to save $45-52 a week around the holidays. That is tough for any household.
Many times the reverse 52 week money saving challenge is great because you get the heavy lifting done early in the challenge while your drive is still running high.
Also, in the beginning, it is a great way to get rid of old stuff and make some money.
3. Hacked Method
This type of challenge is for those who want to save, but on their terms!
The end goal at 52 weeks is to cross off all dollar amounts that need to be saved.
If you get a bonus or tax refund or more money is saved than you thought you could save, then cross off the higher amounts to be saved throughout the year
Easy to save money!
Key Tip: You don't have to start any of the money saving challenges the first week of January! Pick a date and start saving! It is never too late to start to save money!
Saving Money Resources:
- How to Save Money (Simple & Easy Tips)
- 9 Habitual Things I Do To Save Money
- How to Stop Living Paycheck to Paycheck
- 12 Painless Ways to Save Money on a Tight Budget
- How to Save Money Fast – Save $1,000 in a Month
1 – Traditional 52 Week Money Saving Challenge
The premise behind the 52 week money saving challenge is simple.
Start with a $1. Each week, add another $1.
At the end of 52 weeks, you have saved $1,378.
And let's be honest, trying to find a dollar here or there when starting out is easy. With these saving money challenge, you prove to yourself that you are capable of saving money. That is huge for your money mindset and reaching your financial goals.
To kickstart your savings (or for an emergency fund), this is a great money challenge to be done in reverse!
Prefer to save the same amount each week? $27 a week it is.
2 – Two Buck 52 Week Money Saving Challenge
Much like the $1 challenge, but this one ups the ante by $1.
Start with $2 and add another $2 each week.
By the end of 52 weeks, $2,756 has been saved!
Great way to challenge yourself one step further. It is amazing how fast a measly $2 adds up over time. You can prove to yourself that you can save money on a tight budget.
For kids, the Save Age Challenge for Kids is a fantastic way to teach good money habits under your roof!
Prefer to save the same amount each week? $53 a week it is.
3 – $5,000 Money Saving Challenge
The 5K challenge is about going the full distance.
By saving $5,000, it shows you that you are capable of saving money.
The challenge is great to save money for vacation or contributing to a Roth IRA.
Also, if you are up for a slightly greater challenge, add an additional $500 to save the total amount to max contributions for a Roth IRA in 2019!
For most people, when they prove to themselves they are capable of saving $5000, it shows them that financial independence can become a reality. Plus, this saving money challenge helps to avoid the lifestyle creep. Are you ready for the challenge?
Prefer to save the same amount each week? $97 a week it is.
4 – $10,000 Money Saving Challenge
In our house, we have been known to say “Go Big or Go Home.”
This challenge is going the extra distance to save money.
Reasons to save $10,000 could be for a new-to-you car, down payment on a house, or money to go back to college. It could be money saved for retirement. Or my hubby's favorite… F*** You money, courtesy of this book.
By saving $10,000 in 52 weeks, you have proven to yourself that you can live below your means and you are putting an emphasis on saving and your financial future. There is no better way to build a strong money foundation than by saving 5 figures of money.
Prefer to save the same amount each week? $193 a week it is.
5 – Weekly Save Age Challenge
Money Bliss created the Save Age Challenge when a good friend said she couldn't save money. I asked if she could save her age and her response was a resounding “Of course!”
All in all, the dollar amounts we were discussing weren't much different.
That was the beginning of the Save Age Challenge!
For this challenge, take your age and save that number each and every week for 52 weeks.
This is a great way to continually increase the amount you save. Typically income increases over time – just like your savings percentage should increase year over year. Also, this is a great money challenge for kids, too!
Related resource for you: Monthly Save Age Challenge – Small Steps to Save Money
52 Week Money Challenge Printables
To help your saving success, we have all of these 52 week money saving challenge printables in our resource library. You can access everything for free by check it out.
Our way to help you!
These are free worksheets and printables to help you save money and reach financial freedom.
Make sure to download your copies today! Start your money saving challenge! Change your financial future now!
Recap – Money Saving Challenges
The key to any challenge is starting! Take action to move yourself forward. At the end of 52 weeks, it doesn't matter which method you used as long as you saved the money.
Everyone is different! That is why one of these – In order, Reverse Method, or Hacked method – will work for you!
By paying yourself first, the opportunities become endless on how your life and decisions will be impacted.
A key to long term success is to know the reason you are saving money. That will help your motivation in completing the 52 week money saving challenge.
Make sure to sign up for our special tips on saving money with any of these money saving challenges!
Must Reads for Success:
- Need a Spending Freeze this Month?
- 175+ Simple and Easy Frugal Living Tips to Save Money in 2019
- How to Stop Living Paycheck to Paycheck
- Avoid the Trap of Lifestyle Creep and Reach Financial Freedom
- What Comes First? Emergency Fund or Pay Off Debt?
- Money Mistakes To Avoid That Will Leave You Broke
- Money Bliss Steps to Financial Freedom
Budgeting Resources:
- How to Budget Money and Still Enjoy Life
- 9 Surprising Advantages of Budgeting your Money
- How to Make a Budget in 7 Simple Steps
- Do You Know the Ideal Household Budget Percentages?
- The Best Methods of Budgeting You Need to Know
- How to Make Living on a Budget Painless
Save Money Resources:
- How to Save Money Fast – Save $1000 in a Month
- How to Save Money (Simple & Easy Tips)
- 9 Habitual Things I Do To Save Money
- The Ultimate Guide to a Frugal Lifestyle
- 20 Simple Ways on How to Save Money on Groceries
- 12 Painless Ways to Save Money on a Tight Budget
What 52 week challenge are you going to pick today? Comment below. Also, make sure to sign up for our money saving challenge for more money saving tips!
