52 Week Money Challenge
I have done the 52 Week Money Challenge for a few years and it’s a great way to save plus it’s fun to watch your savings add up. You start by saving $1.00 the first week, $2.00 the second week and adding a dollar to each week until you get to week 52 with $52.00. At the end of the year, you will have saved $1378.00.
The first year I saved with the 52 Week Money Challenge this way of starting with $1.00 but then realized I was saving the larger amount during the Christmas shopping season. The following year I decided to work it backwards. I started with $52.00 the first week of the year, then $51.00 the second week and ending up at the end of the year with only having to put $1.00 in on the last week.
If you still want to save but don’t have enough to put money away using the dollar challenge, you can do the challenge with 50 cents and still end up with a good amount of $689.00. Another great idea is to teach your children to save. Even saving a dime or a quarter using this plan would give the children something to look forward to at the end of the year and teach them a bit about money management.
It’s the perfect time to get ready to start the 52 Week Money Challenge and watch your savings grow!
Another challenge I do is the 365 Day Penny Challenge. This one works the same way but you add the number of pennies on the day of the year. For example, on day one, you drop a penny in the jar, day two you drop 2 pennies in the jar, continuing throughout the year with $3.65 on the last day. This challenge can also be reversed and start with the higher amount at the beginning. At the end of the challenge you will end up with about $668.00.
The cool thing about these challenges, you don’t have to start at the beginning of the year, you can start whenever but by starting in January, you will have a good payday just in time for shopping! So get ready to do the 52 Week Money Challenge or the 365 Day Money Challenge and watch your money grow!
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This is a great idea to save money.
I love saving this way Brenda! I start from the 52 week and work backwards, that way I get the higher amount out of the way and it’s easier towards the end! Thanks for stopping by and sharing my link.
An interesting twist on the old Christmas Club scheme the banks used to foist upon us. And, if you do it in reverse, you could -by the fifth week- open a fund account (through a place like CapitalOneInvesting, which requires a $ 250 minimum to open and takes all deposits- without fees) that, as long as the stock market doesn’t tank, will leave with with a sum closer to $ 1700 or more.
How I remember the old Christmas Clubs Roy! This why is not only a good way to save a bit, but it’s also fun. I do like starting in reverse and that’s a great suggestion about CapitalOneInvesting. Thanks for stopping by.
Sounds fun! I was trying to motivate myself to write every day by putting in a dollar for every post I write. But then I keep forgetting to put in the dollar. But I am writing every day without it now.
Lily
That’s a great idea to put a dollar away for every blog post Lily, not just for the challenge of writing but as a different way to save! Thanks for sharing this and visiting.
great idea especially working it backwards!
This is a fun way to save savvy age. By starting in reverse, you get the hard part over first! Thanks for stopping by.