Save more in 2019! Realize your New Year resolution to save money by using this simple 52 Week Savings Challenge. If you follow this plan, by saving small amounts each week, you’ll have an extra $1300 in savings at the end of 2019!
Many folks set financial resolutions for the new year. The 52 Week Savings Challenge is a way to save more than $1300 over the course of a year. Each week you set aside a small amount and over time the balance grows. The trick is, of course, not to spend it! However, I have a printable chart to help you stay accountable and on track.
One way to do the 52 Week Savings Challenge is to start on week one in January and put away one dollar. Then you put away 2 dollars on week 2 – and $3 on week three – and so on. Each week you raise your savings amount by one dollar. At the end of the year, you’ve gradually increased your savings to $52 a week and you’ve accumulated over $1300! You’ve managed to find $50 a week to put into savings. The idea is that you maintain the savings habit by putting away $52 a week going forward.
One difficulty with this is that the time of year when you reach your peak savings number is in December. This is when you may find yourself spending more than you normally would – you know, Christmas and all. It might be easier to save $50 a week in March than is in December. For that reason, one way to do the 52 Week Savings Challenge is to put away a random dollar amount on the sheet and check it off. It doesn’t matter if it’s $2 or $20 as long as you haven’t checked that one off yet. Over the course of the year, you’ll save and check off each box and end up saving the same amount. The drawback from this method is that you’ll not have made space in your budget for a regular higher dollar savings amount. So, you sacrifice discipline for convenience – isn’t that how it always works out?!
A third way is a hybrid method. This way you start and work the 52 weeks in order but if you have an unexpected windfall (money for your birthday or a refund of some sort) you might put some of it toward weeks with a higher savings goal.
The idea here is that the 52 Week Savings Challenge Worksheet helps you stay on track and accountable to your New Year Resolution to save, save, save!
Let us know how it goes and leave a comment below! We look forward to hearing from you.