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savings challenge
52 Week Money Challenge
How the 52 Week Money Challenge Works
In a lot of ways, the 52 Week Money Challenge is similar to a game of Yahtzee. There are 52 weeks in the year with a dollar amount corresponding to all 52 weeks. Each week your goal is to try to save the highest amount that is still available from the bottom numbers. While the highest dollar amount is the goal, there will certainly be weeks when you aren’t able to save the full amount. Whatever amount you are able to save each week, that is the number that you write and then cross that number off the bottom.
For example, say that you are able to save $42 the first week you begin the challenge. You would X out the $42 at the bottom of the chart and place it in the deposit line for week one and that would also be your balance since it is the first week. In week two you are able to save $18. You X out the $18 at the bottom of the chart and place $18 in the deposit line. You then would place $60 as the balance ($42 + $18) for week two. In week three you’re able to save $52 which you cross off, add and come away with a balance of $112. In week four, you have a tough week and are only able to save a single dollar. You cross it off, deposit the $1 and up your balance to $113.
Because you choose the amount to save each week in relation to your finances (always with the goal to try to save the top dollar amount still available at the bottom of the chart), you don’t fail the challenge just because you have a few rough weeks where you aren’t able to save a lot of money. We all have good weeks and we all have bad weeks and they don’t come about uniformly. By trying to save the most you can each week which takes into account the financial realities of that week, it gives you much-needed flexibility and a better chance of success compared to having a set dollar amount you must save each week that corresponds to that specific week.
Another advantage is that there is no need to begin this challenge at the beginning of the year, but you can start at any time. Week one is the first week you begin (as opposed to the first week of the calendar year). That means that if you come across this challenge in the summer, there is no need to wait half a year to begin. You can start today. Simply designate one day of the week when you will make the deposit and you are ready to go for an entire year from that point.
Get Started, Get in the Habit of Saving
The most important aspect of this challenge is that you simply begin doing it. Even if the first few weeks your saving amount is low, you are getting yourself into the habit of saving. As you become comfortable with that habit, you should find more ways to save that will help you knock off those bigger numbers always knowing that you have some small numbers there as well if finances get tight some weeks. Once in the habit, you may find it easy to save even more. There are also now kids versions of this challenge which replace the dollar amount with quarters, dimes, nickels or pennies depending on how old your child is and the amount that he wants to save.
Print the 52 Week Money Challenge by clicking here. Before you get started, also check out the 52 Week Money Challenge forum group where you can share how your challenge is going with others and both receive and provide support for others participating in the challenge.
26 Week Money Challenge
What is a Money Challenge?
Before learning about the 26 week money challenge, you should know what a money challenge is. Money challenges are a wide range of internet challenges available to help people save more money. Many people started with the 365 Day Money Challenge or the 52 Week Money Challenge. These money challenges usually have you save a certain amount of money each day or week and slowly increase it over time. Others began to design their own personally tailored money challenges, like I did.
The 26 Week Money Challenge
When you hear the words “26 Week Money Challenge” you may think of the bi-weekly money challenge outlined here. However, this version of the 26 Week Money Challenge simply takes place over half a year (or 26 weeks). Like other money challenges, you can start it during any time of the year and simply follow the week-by-week organizational chart below. (I’ve filled it out with my first 26 Week Money Challenge, based on a $1,000 per week salary).
Click here for a blank, downloadable version of the 26 Week Money Challenge.
Other Money Challenges to Try
If the 26 Week Money Challenge above doesn’t seem like it’s for you, don’t worry. No one’s financial needs are the same. There are plenty of other money challenges out there for you to try. Over the years, internet users have adjusted the original money challenges to better suit their saving needs. Here are just a few money challenges you can try:
- 365 Day Penny Challenge
- 365 Day Nickel Challenge
- 365 Day Dime Challenge
- 365 Day Quarter Challenge
- 52 Week Money Challenge
- Bi-Weekly Money Challenge
- $5 Bill Money Challenge
- 12 Week Money Challenge
- Reverse Money Challenge
- No Spending Challenge
- Debt Snowflake Challenge
- Money Challenge for Kids
- Money Challenge for Couples
- Money Challenge for College Students
- Create Your Own Money Challenge
It seems like there’s a money challenge out there for everybody. No matter what way you decide to do it, making the decision to save money is one of the most important decisions you’ll make… even if it’s just a couple dollars a day. Have you ever tried a money challenge? Did you have success?
Photo: Curt Laundry Ministries
Kickstart Your Savings With The Original 52 Week Money Challenge
A few years ago different challenges began to pop up on the internet. Whether it be a challenge to help you lose weight or save money people were (and still are) going crazy for them. One of the most popular of these online challenges was the 52 week money challenge.
What is the 52 Week Money Challenge?
The 52 week money challenge was designed to help people kickstart or add to their savings over the span of a year. Week-by-week you add to your savings until you reach the grand total of $1,378 at the end of the year. Finding a challenge like this helps many people stick to a savings plan (if they didn’t have one already). It is also a great way for those new to saving to get started. Challenges are also really excellent ways to develop good savings habits and they can be a fun way to get connected with other savers.
How to Do The 52 Week Money Challenge
If you’re interested in trying out the 52 week money challenge you’ll be joining a community of thousands of people that have done the same. Internet searches for the 52 week money challenge show that the challenge receives about 600,000 searches per year – its very popular.
The 52 week money challenge is fairly simple to follow. The first week (week one) you save $1; week two, $2; week three, $3. At the end of the year (on week 52) you will save $52 (illustrated in the photo below).
A lot of people start the 52 week money challenge but never end up finishing. One great way to solve this problem is to find some friends who can help you. A good place to do this is the savings advice forums. Many of the forum members are doing the challenge themselves and it is a good place to discuss any financial questions you might have. Click here to check out the forums.
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Other Fun Money Challenges
Because thousands of people have tried the 52 week money challenge there are many variations on it and the other money challenges out there to try as well. Many people have shortened it, made the savings contribution less or more. Here are just a few 52 week money challenge alternatives:
- Bi-Weekly Money Challenge
- 365 Day Money Challenge
- 12 Week Money Challenge
- $5 Bill Money Challenge
- Alternative 52 Week Money Challenge
- Reverse Money Challenge
- Money Challenge for Kids
- Money Challenge for Couples
- Money Challenge for College Students
You can also create your own money challenge by downloading and creating your own chart and system based on your own personal finances. For instance, if you can save $20 a week through the year you can use the same 52-week chart with alternative numbers.
Try This Cool Savings Hack
If you don’t want to try the 52 week money challenge (or any other money challenge) but still want to save money, there’s an app for that! There are a ton of awesome apps that help you hack savings. One of the best apps to do so is Digit.co. Digit analyzes your individual savings and automatically withdrawals small amounts of money over time to deposit into savings. All you have to do is download the app, sign up and Digit does the rest. Download Digit and start saving today!
Photo: Odyssey Online
365 Day Dime Challenge
Did you know the 365 day dime challenge can help you save more than $6,000 in a year?
Saving money daily can be difficult, but it isn’t impossible. As we plan for a new year, money goals should be at the top of our list. While we should always be striving to improve our financial situation, New Year’s resolutions are a great way to enforce this action. If you’re looking for a way to start saving, a money challenge can help.
What is the 365 Day Dime Challenge?
The 365 day dime challenge is a money challenge that prompts you to save money daily. Each day, you put aside .10 cents with the corresponding day of the challenge. For instance, on the first day, you save a dime, .20 cents on the second day, .30 cents on the third day, .40 cents on day four, and so on. Place a jar in a very visible area as a physical reminder to save every day.
In just the first 90 days, you will accumulate $409.50. Considering that 46% of Americans surveyed by the Federal Reserve cannot cover a $400 emergency without borrowing money, this is important.
Why the 365 Day Dime Challenge?
The 365 day money challenge has a few variations, from the penny challenge to adding an extra quarter a day. The penny challenge prompts you to save $668 in 365 days. The quarter challenge, on the other hand, adds up to $16,698.75 after a year. If the penny challenge does not match your goals enough, but the quarter challenge seems to be a little too hard to accomplish, the 365 day dime challenge may be just for you.
Here’s a break down of what to expect to contribute each day:
As you can see, you’ll be able to save a total of $6,679.50. If you break this down daily, you’re only setting aside $18 per day over the course of the year. This seems much less intimidating than the $44 daily average from the 365 day quarter challenge, especially if your finances are not as strong as you would like.
If you are up for the challenge, you can download the chart here.
Tips for Successful Saving
In order for such a challenge to work, you need to be diligent and consistent. The point is to save daily and create a habit that will benefit your finances for years to come. Plus, it’s a great way to build an emergency savings fund, which everyone should have.
If don’t think you will be able to dedicate an average of $18 per day in 2017, try adjusting to a level that is comfortable. For instance, you could start with 30 days at a time, starting the challenge over at the end of every 30 days. This would come out to $46.50 per month in savings, $1.55 per day, and roughly $558 total for the year. However, you might be better off doing the penny challenge where you will save a little more.
Break down the numbers and see which challenge will work best for you. If a daily money challenge still seems unattainable, try the 52-week Money Challenge or the 12-week Money Challenge.
Also, if money challenges are too much of a hassle, you can build your emergency fund with an app like Digit. This app analyzes your account, and slowly withdraws and saves small amounts at a time. It’s easy to download and install, and because it’s automated, you won’t even notice the money is gone until you check how much your savings has grown.
Will you be trying a money challenge in the new year? Share your comments with us below.
Money Challenge for Kids
Kids often have a difficult time understanding the value of a dollar. It’s important to always be encouraging children to care about finances at a young age. By having them participate in a money challenge, though, you can start teaching them the importance of financial responsibility early on in life.
Developing a savings habit can make kids excited about money too. Before starting any kind of challenge with them, take a moment to discuss the following:
- Help them understand. Make the saving process relevant to them. If they save $5, they can buy (fill in the blank). If they continue to say $5, they will have $X for future purchases. (College, for example.)
- Work with them on a goal. Working on this aspect of saving will show them how important it is to make goals with money. Making this point clear in the beginning will make it clear what their savings will be used for.
- Determine where the money will be saved. Discuss and make sure they are OK with a plan of action for saving the money. If you put it in a bank account you already have for them at the end, give them an idea of how the process works. Keep their age in mind though; a four-year old may not understand much involving banking. Since they will primarily be doing all the work for this challenge, make sure they are OK with what is decided. This process will help with providing some accountability.
- Determine how the money will be earned. This is another very important lesson to teach your little one and growing child(ren). Whether you agree upon chores or a reward system for exceptional behavior or exceeding expectations, there are a few clever ways you can do this that suits your household.
For those little ones just learning to count, the One-Year Penny Challenge may be your best bet.
The One-Year Penny Challenge
There are many ways to approach this money challenge, but a penny a day will be easy to manage for the younger aged children learning to count. You may want to use a jar for this one.
Here’s how it works:
- Day 1: Start with $.01
- Day 2: Put in $.02
- Day 3: Put in $.03
- Day 100: Put in $1.00
- Day 365: End with $3.65
You can turn this into a 52-week challenge as well. But, the overall savings will be $13.78 versus $667.95 for the 365 challenge deposits. If you would like a template of the 52-week challenge, you can download it here. What you decide to choose with the penny-a-day challenge will be dependent upon you and your child.
Another money to try with your older kids would be the Save by the Month Challenge.
Save By the Month Money Challenge
As your child starts earning money, you can show them a clever and easy way to easily save using this route. While there are multiple challenges, this is one were all they have to remember to do is deposit the amount based on the number of the month.
Here is what we mean:
- September:
- Week 1: $9
- Week 2: $9
- Week 3: $9
- Week 4: $9
- October:
- Week 1: $10
- Week 2: $10
- Week 3: $10
- Week 4: $10
- November
- Week 1: $11
- Week 2: $11
- Week 3: $11
- Week 4: $11
And so on. The total amount saved from this challenge will be $340. While that may not seem like a lot, to your child it will be. Be sure to help them keep their goals in mind for this money. Remember, the ultimate purpose is primarily to teach your child about the importance of saving and money.
Hopefully, you can encourage them to do the same challenge again or save a specific amount each week…like an adult!
Zero Effort Money Saving Hacks
Throughout the last few years there has been an explosion in applications for your smart phone designed to help you save money. One of the best savings apps on the market is digit.co. Digit analyzes you savings account balances and automatically makes withdrawals that are placed into savings for you. Once you’ve installed and activated the app you have a way to save that takes virtually no effort. Digit does all of it for you. Check it out at digit.co.