The 52 Week Savings Challenge
Thanksgiving, Black Friday, Cyber Monday, Christmas. These holidays and events happen every year at the same time, and we should be prepared for them, yet most people aren’t. It seems that they just “sneak up” on us.
You’ve probably seen this challenge online, its really popular. It actually went viral when it was first created. I cannot take credit for it. It was created by Daniel & Montina Portis as a way to deal with challenges they had with money.
The Challenge basically boils down to this:
Each week you put money away
• Week 1 you deposit $1 into a jar*
• Week 2 you deposit $2 into the jar
• Week 3 you deposit $3 into the jar
• Week 4 you deposit $4 into the jar
And so on and so on…all the way until week 52 where you deposit $52 into the jar.
*jar, envelope, savings account – whatever vessel you choose
You may be thinking, saving a few dollars every week won’t help, but guess what? It adds up! At the end of the year you will have saved $1378, and also created a healthy habit of saving every week.
Having done this challenge before and not completed it, I figured I would give a few tips:
1. WHO
WHO is going to do this challenge with you? This challenge is best done with an accountability partner or even group. Many of us struggle to save throughout the year. My guess is that many people will fall off the wagon, especially in the beginning – since the amounts are small it’s easy to slack off. Get someone to hold you ACCOUNTABLE!
2. WHAT
Be realistic about WHAT this challenge is about. This is not the savings plan to end all savings plans. It is not a blueprint for financial responsibility. It should not supersede or replace your household budgeting. This challenge is for someone who is struggling to save and/or those who are learning to get in the habit of saving. To some $1378 is a lot of money. And since the challenge is broken down into weeks, gradually building it up to that makes it seem painless.
3. WHEN
WHEN will you put your money aside? Every Monday? Every Friday? Every payday? Give this some thought, especially taking your pay schedule into consideration. Some people get paid weekly, bi-weekly or even monthly! This will affect how you put your money to the side. Also if you need a reminder, program one on your phone.
4. WHERE
WHERE you keep your money is just as important as saving it. Are you going to put in an envelope? A jar? A separate bank account? Where ever you choose, make sure its somewhere that it’s not easily accessible. Remember you are SAVING!
5. WHY
Ask yourself WHY? Why do you want to do this challenge? What do you plan on using this money for? A vacation? Shopping? Home renovations? Set a goal. Make a dream board. Start the challenge with intention – this will help you stay on track, as you will be saving for a “purpose”
I am starting fresh for 2014! If you are ready to start, download the schedule here. You will also get periodic emails with saving tips, and progress updates!
Happy Savings!
