One of the hardest parts of saving money is getting started. Many of us get overwhelmed with the thought of saving money and never start. Whether you are saving for your emergency fund, Christmas gifts, a vacation, or a car this challenge can help!
I heard about this challenge several years ago and knew I had to try it out. The first week of the year (or now if you want), you save $1 and each week you add an additional dollar. So, week 1 you save $1, week 2-$2, week 3-$3 and so on. By the time you have reached week 52, you will have saved $1378.
Download a free copy of the 52 Week Savings Challenge here!
What are the benefits of this type of savings challenge?
- It is a gradual savings plan. By starting small, it eases you in to saving a larger amount.
- To me, it is truly a challenge. I am a pretty competitive person, so it is almost like I am in a contest with myself.
- Results. You literally see your savings account increase each week.
There are so many variations of this challenge and it is not a one size fits all challenge. Here are some other options:
- Start in reverse. Start week 1 with $52 and work backwards. This helps you get the large amounts out of the way first.
- Take the total amount and divide it into each week. That is $26.50 each week that you would need to save.
- Decide on an amount within your budget and set a periodic time to save. Now that I have completed the first challenge, I have chosen an even amount to save each pay period.
- Double it. Want to save more? Double the amount each week and save $2756.
Lastly, save what you can and remember that this is a fun challenge to help you save. You can save on your time and in your budget, just start somewhere.