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52-Week Money Challenge: A Year of Savings

Posted on November 21st, 2023
52-Week Money Challenge

Financial well-being depends on saving money, which offers numerous benefits that contribute to a fulfilling and secure life. A few of the reasons why saving is so important are as follows:

  • Financial security. In the event of an emergency, such as loss of employment, medical expenses, or car repairs, savings can provide a safety net. Financial cushioning can help you avoid debt or reliance on credit cards that can further strain your finances.
  • Reduced dependence on debt. You can improve your credit score by reducing your reliance on debt, such as credit cards or loans.
  • Achieving financial goals. Saving is essential for achieving your long-term financial goals, including buying a house, starting a business, and retiring comfortably. Regularly saving money will allow you to realize these dreams.
  • Reduced stress and anxiety. Money-related stress can be reduced significantly with a financial buffer. With greater confidence, you can face unexpected challenges without worry.
  • Greater flexibility and opportunities. By saving, you can make choices that align with your values and open up new opportunities. Without immediate financial consequences, you can take calculated risks, pursue personal interests, and travel.
  • Sense of accomplishment. Being able to build a savings account can bring you pride and accomplishment. As a result, it demonstrates your financial discipline and commitment.

In spite of this, personal savings in the U.S. dropped from 4.9 % in June to 3.4 % in September 2023.

If I told you that you could save an extra $1,300 by this time next year, would you believe me? Even better, the only thing you need to get started is $1.

In order to achieve this, you can participate in the 52-week money challenge. With this plan, you can turn relatively small weekly savings into a considerable sum over the course of a year.

What Is the 52-Week Money Challenge?

With the 52-week money challenge, you can start or boost your savings in a fun and effective way. To complete the challenge, the most common way is to start saving $1 at the beginning of the challenge, then increase your savings each week by $1, saving $2 in week two and $3 in week three, up to $52 at the end.

If you start small and gradually increase what you save, you will save $1,378 in a year.

It’s never too late to challenge yourself to save more money. Most people opt to begin the 52-week savings challenge at the beginning of the year or the beginning of the month, but you can begin whenever you feel comfortable.

Following the challenge, you could have the following weekly deposits and overall savings:

Week Number Weekly Deposit Total Savings
Week 1 $1 $1
Week 2 $2 $3
Week 3 $3 $6
Week 4 $4 $10
Week 5 $5 $15
Week 6 $6 $21
Week 7 $7 $28
Week 8 $8 $36
Week 9 $9 $45
Week 10 $10 $55
Week 11 $11 $66
Week 12 $12 $78
Week 13 $13 $91
Week 14 $14 $105
Week 15 $15 $120
Week 16 $16 $136
Week 17 $17 $153
Week 18 $18 $171
Week 19 $19 $190
Week 20 $20 $210
Week 21 $21 $231
Week 22 $22 $253
Week 23 $23 $276
Week 24 $24 $300
Week 25 $25 $325
Week 26 $26 $351
Week 27 $27 $378
Week 28 $28 $406
Week 29 $29 $435
Week 30 $30 $465
Week 31 $31 $496
Week 32 $32 $528
Week 33 $33 $561
Week 34 $34 $595
Week 35 $35 $630
Week 36 $36 $666
Week 37 $37 $703
Week 38 $38 $741
Week 39 $39 $780
Week 40 $40 $820
Week 41 $41 $861
Week 42 $42 $903
Week 43 $43 $946
Week 44 $44 $990
Week 45 $45 $1,035
Week 46 $46 $1,081
Week 47 $47 $1,128
Week 48 $48 $1,176
Week 49 $49 $1,225
Week 50 $50 $1,275
Week 51 $51 $1,326
Week 52 $52 $1,378

Where to Stash Your Savings

If you want to complete the 52-week money challenge effectively, you’ll need to find an account where you can park your savings. Any checking or savings account will do. Alternatively, you can choose from the following options offered by banks and other financial institutions.

  • A high-yield savings account. Basically, it’s the same savings account you already love but with more oomph. Your savings can grow faster with a high-yield savings account since the interest rates exceed the national average. Additionally, a high-yield savings account is generally insured by the Federal Deposit Insurance Corporation.
  • A cash management account. Basically, a cash management account works like a hybrid checking and savings account. You can also purchase securities through them, such as certificates of deposit (CDs) that pay a set interest rate.
  • An investment account. You can invest your money in various ways, including regular taxable brokerage accounts and tax-favored retirement accounts, such as individual retirement accounts (IRA). Stocks, bonds, mutual funds, and money market funds are some investments associated with these types of accounts.

Make sure you don’t spend your money after you deposit it in your account. Besides the small fees associated with dipping into your savings too often, building up a healthy savings account can reduce the likelihood that you will need to borrow money in an emergency.

The 52-week money challenge is a great way to begin building an emergency fund by setting aside three to six months’ worth of expenses. To build a safety net that can help you in case of an emergency, continue to buffer your savings.

Have you already built a substantial emergency fund? In this case, you can use the 52-week challenge to save up money for a future purchase, or you can use it to fund a traditional IRA or a Roth IRA.

Benefits of the 52-Week Money Challenge

Taking part in the 52-week money challenge will help you save more than $1,000, which is clearly beneficial if you’re having difficulty saving. Additionally to earning more money, completing the 52-week money challenge has the following benefits:

A rise in financial confidence.

As you complete this money challenge, you will see first-hand how saving a little each week can help you reach a savings goal and change your attitude about saving. Upon completing the challenge, you can continue saving a portion of your paycheck automatically or complete another money challenge.

Become familiar with budgeting.

To adjust your spending to meet your goals, you might need to learn how to work your expenses around savings each week. Learning to budget your money will help you reach major financial goals, such as saving for a down payment on a house and retiring debt-free.

Saving becomes a habit.

Whether you’re a longtime saver looking for a change, or you’re just beginning your savings journey, taking part in the 52-week money challenge will help you develop a savings habit. It is possible that you will feel more motivated to save money if you regularly save money for a year.

Shows how you spend your money.

You may think saving $52 in the final week of the challenge is way too much if you’re not a natural saver. However, saving $1 in the first week seems feasible. With the 52-week money challenge, you can build your saving habit over a year. Despite your tight budget, there is still time to figure out ways to save more.

It can be customized.

If you need to adjust the challenge, you can do so. As an example, you can raise your saving amount from $1 to $5 per week. You can also automate the challenge by saving $26.50 every week for a year if you’re worried about keeping track of different deposits each week. In the end, you’ll have $1,378 in the bank.

Encourages accountability.

Taking part in the 52-week challenge on your own is possible. However, the challenge becomes more enjoyable when you challenge a friend or join a group to save along with you. In addition, committing to saving in a team will make you less likely to bail out.

The Bottom Line

You can build up your savings and end the year with a big cash reserve by completing the 52-week challenge. In addition to eliminating high-interest debt, automate your retirement savings as you complete the challenge.

Plus, keeping an eye on your credit score is another crucial financial habit. When you’re ready for a big financial move, like applying for a mortgage or financing a car, keeping track of your credit score is crucial.


What are some tips for completing the challenge?

  • Make sure you have the money to save. The challenge won’t be successful if you are unable to save the increasing amount every week.
  • Set up a direct deposit from your checking account to your savings account. As a result, you will not have to worry about saving money every week.
  • Find ways to save more money. You can save more money by cutting your expenses. It might be a good idea to cancel Netflix if you don’t watch it and put the $7/month towards your savings account instead.
  • Keep a tracker of your progress. You’ll be able to see how much you’ve already saved and remain motivated.
  • Reward yourself for reaching milestones. There are so many things you can do to treat yourself, from going out for a nice dinner to taking a weekend trip.
  • Don’t give up if you miss a week or two. You can always continue where you left off.

What is the point of the 52-Week Money Challenge?

By participating in the challenge, you will develop a savings habit and be able to save a considerable amount of money over the long run. It is more likely that you will stick with the savings challenge and reach your goals if you start small and gradually increase your savings amount

Who should try the 52-Week Money Challenge?

Anyone, regardless of their income level, can benefit from the 52-Week Money Challenge. It is especially useful for those who find it difficult to save money consistently or are new to saving.

What can I do with the money I save?

Aside from meeting financial goals, you can use your savings to achieve a variety of other objectives. The money can be used for an emergency, for a down payment on a house, for a vacation, or for retirement savings.

Is there a way to make the 52-Week Money Challenge more difficult?

To make the challenge more challenging, try the reverse 52-Week Money Challenge. The challenge starts with $52 saved in week one and decreases by $1 each week. A total of $1,378 will be saved at the end of the year.

John Rampton

John Rampton

John Rampton is an entrepreneur and connector. When he was 23 years old, while attending the University of Utah, he was hurt in a construction accident. His leg was snapped in half. He was told by 13 doctors he would never walk again. Over the next 12 months, he had several surgeries, stem cell injections and learned how to walk again. During this time, he studied and mastered how to make money work for you, not against you. He has since taught thousands through books, courses and written over 5000 articles online about finance, entrepreneurship and productivity. He has been recognized as the Top Online Influencers in the World by Entrepreneur Magazine and Finance Expert by Time. He is the Founder and CEO of Due.

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