This is why you should do the 52-week money saving challenge in 2024 (2024)

The new year is right around the corner, and it’s the perfect time to set some financial goals. One fun and effective way to save money in 2024 is through the 52-week money saving challenge.

The 52-week money saving challenge is a simple way to save over $1,300 in a year without much effort. The goal is to put aside money each week, starting small and increasing the amount gradually throughout the year.

Here’s how it works:

Week 1: Save $1

Week 2: Save $2

Week 3: Save $3

And so on until…

Week 51: Save $51

Week 52: Save $52

By the end of the 52 weeks, you will have saved a total of $1,378.

The great thing about this challenge is that it starts off very manageable. Setting aside just $1 or $2 a week is easy for most people. But as the weeks go on, your savings build exponentially; before you know it, you have over $1,000 in the bank… or rather, in the coin box.

I think the 52-week money saving challenge is a fantastic idea for a few reasons:

It’s achievable

The small weekly amounts at the start make it very achievable. Finding an extra dollar or two to set aside each week is doable, even for those living paycheck to paycheck. As the weekly savings amount grows over time, you’ll have built a habit of setting money aside.

It adds up quickly

The exponential growth of the savings is motivating. Seeing the total climb each week helps keep you committed. Before you know it, you have hundreds of dollars saved up.

It builds savings habits

Getting into the habit of saving money every week is great. The 52-week challenge makes saving feel effortless. Once you complete the entire year, you’ll have developed a strong savings habit.

It reaches a clear goal

Having a savings goal to work towards helps keep you motivated. Seeing your progress and watching the total savings grow can be really rewarding.

Let’s look at how you can implement the 52-week saving challenge:

Start small

Begin by saving just $1 or $2 in week 1. This small amount gets you into the habit of setting money aside.

Increase gradually

Increase the amount by $2 or $5 each week. Stick to an amount you can afford as the weeks go on.

Use cash

Use physical cash to save instead of digital/online transfers. Saving actual money makes it more concrete. The cash also adds up visibly so you can see your progress.

Save in envelopes, or use a coin box

Use envelopes to store each week’s cash. Label them with the week number or date. Watching the envelopes pile up is great motivation.

Use an app to track your progress

Use an app to track your weekly savings. Watching the total increase can keep you excited.

Celebrate milestones like $100 saved, $500 saved, etc.

Invest the total

At the end of the full 52 weeks, invest the $1,300+ total into stocks, unit trust, etc. This investing gives your savings a boost.

Here is my personal plan to save $2,600 in 2024 using this method:

· Start by saving just $2 in week 1. Easy.

· I’ll increase the weekly amount by $2 each week.

· So in week 2, I’ll save $4; in week 3, I’ll save $6, all the way until I’m saving $104 in week 52.

· I’ll store the cash in a coin box and use a mobile app to watch my progress.

· My total at the end of 2024 will be $2,600 saved.

· I plan to use this money to buy myself a new MacBook. Exciting.

Here are some top tips to help make your 52-week challenge a success:

Automate it

Set up automatic transfers from your checking account to your savings account each week. This ensures you actually save the amount without having to think about it.

Cut expenses

Cut down on discretionary spending like coffee, lunches out, etc. Redirect this spending to your savings challenge. Small cuts add up over time.

Pay yourself first

Make the weekly savings automatic right after payday before you spend anything else. This “paying yourself first” ensures the savings happen consistently.

Keep the cash visible

Put your cash envelopes somewhere visible, like on your desk or fridge. This keeps the challenge top of mind.

Tell family/friends

Share your savings challenge with others. This makes you accountable, and they can cheer you on.

Give yourself a break

Don’t beat yourself up if you slip up and miss a week. Just get back on track the next week. Consistency is key.

Reward milestones

Celebrate savings milestones like $100 saved, $500 saved, etc., with a small treat. This keeps you motivated to reach the next milestone.

The 52-week money saving challenge is a fun, realistic way to save over $1,000 in 2024 without much effort.

Anyone can do it.

Start small, increase gradually, stay consistent, and watch your savings grow.

The automated, hands-off approach makes it so easy to build lasting savings habits.

What are you saving up for in 2024?

Give the 52-week challenge a try. I hope my tips help you reach your savings goals.

Let me know how it goes in the comments.