The concept for the 2x challenge is the same, but you save double the amount of the standard challenge. For example, during week one you’ll need to save $2 instead of $1. In week two you’ll need to save $4, in week three you’ll need to save $6, and in week fifty-two you’ll need to save $104. While this is certainly more difficult than the standard challenge, the benefit is that at the end of the year you’ll end up with twice the money in your savings account. Instead of $1,378, your bank account will hold $2,756.
52 Week 2x Challenge (click on image to print)
Following the above double challenge from week one through week fifty-two amplifies the issue of needing a lot of money in the later months. In the above version, you would need to save $404 in December alone. While this may not be a problem for everyone, the later months tend to be when money is tightest due to the holiday season. If this is the case, we would recommend doing the alternate double money version.
52 Week 2x Alternate Challenge (click on image to print)
As with all these challenge versions, this is another option to consider when choosing the one that best fits your needs. Finding the best fit can be an important part of the process, as it’ll increase the likelihood that you both enjoy the challenge, and ultimately reach the goal. While it can be tempting to try to save as much as possible, in most cases it’s far better to choose a smaller amount first. This will help you to get into the habit of saving money. This is more important than trying to save more and quitting in the middle because the challenge becomes too difficult. Once the savings habit has been formed and you feel confident with the challenge, that’s when it’s beneficial to move onto versions which require you to save more.
There are actually a wide variety of 52 week challenges and variations that you should consider when determining which is best for you and your personality. Below is a list of some of the alternatives to take the time to consider.
Zero Effort Money Saving Hacks
If you are looking to save even more money, there’s an app for that. Digit.co is an app that analyzes your savings account balances and then automatically makes small withdrawals which are swept into your savings account. Digit is super easy to install and, once you have it activated, it saves money for you. Check it out at digit.co.
Like Saving Advice? Subscribe!
Subscribe to get the latest Saving Advice content via email.