In order to jumpstart your financial freedom journey, and start the new year off right, we’re going to share one of our favorite money resolutions that’ll leave you, and your bank account, happier at the end of the year!
The money resolution we’re talking about is… The 52 Week Money Challenge!
The 52 Week Money Challenge is a fun and easy-to-follow savings plan that’ll leave you $1,378 richer by the end of the year. Every week you’ll put away a dollar amount equal to the week of the challenge you’re on. So, for example week 1 you save $1, week 2 = $2, week 10 = $10, and so on until you reach week 52 where you’ll save $52. Below is an example of how the money challenge works and ideas on how you can save money every week:
Week 1 = $1 ($1 saved)
- Take a dollar from your wallet/purse to save
- Search for loose change around the house
- Avoid purchasing a snack from a vending machine for a day
Week 5 = $5 ($15 saved)
- Cut out a cup of coffee at Starbucks for one day
- Refrain from impulse purchases when waiting in line at the grocery store
Week 10 = $10 ($55 saved)
- Bring your lunch to work for a day instead of eating out
- Skip one happy hour during the week after work
Week 25 = $25 ($325 saved)
- Watch a movie at home rather than going to the movie theater
Week 52 = $52 ($1,378 saved)
- Find free activities to do during the weekend
- Fix dinner at home during the week rather than going out to restaurants
At the end of the challenge, you will have saved $1,378! Not only does the 52 Week Money Challenge provide you with a nice chuck of cash once you finished, it also requires very little effort and will barely affect your lifestyle.
For additional fun and accountability, invite your friends to do the challenge with you so the whole squad can come up together!
MAKING THE 52 WEEK MONEY SAVING CHALLENGE WORK FOR YOU
Step 1: Pick a “savings day” for when you’ll set aside money every week. Make sure it’s the same day every week so it becomes habitual and part of your daily routine on that day.
Step 2: Save money each week. Preferably, you’ll want to put your money in a savings account or someplace separate from where you pay your bills and other expenses so you’re not tempted to tap into these funds.
Step 3: Stay consistent and track your progress. The toughest part of this challenge will be making sure you’re saving money every week, AND that you’re saving the appropriate amount for the week.
During the second half of the challenge, you will need to begin making tougher decision about how you’re going to save money each week. This is where your self-discipline, the saving habits you’ve developed, and some of the saving tips we’ve provided become your allies for success. Remind yourself why you decided to take on this challenge to stay motivated. So, keep it up — you’re almost there!
Step 4: Congratulate yourself! You did it! You have completed the 52 Money Saving Challenge. Now imagine all the things you can do with the $1,378 you saved — that can be your starter emergency fund, Christmas money at the end of the year, a well-deserved gift for yourself or a vacation fund to celebrate all your hard work!
Over time you’ll discover new and creative ways to save more money as each week goes on. And if you found the challenge to be too easy or you want to save more money throughout the year, you can just try doubling the amount you save each week. By simply doubling the amount you save each week you’ll end up with $2,756!
ADDITIONAL BENEFITS OF THE 52 WEEK MONEY SAVING CHALLENGE
Besides being a fun and easy way to save money, the 52 Week Money Saving Challenge will also help you form new habits such as:
- You’ll begin to pay more attention to your shopping habits, become better at distinguishing wants from needs, and spotting areas where you can cut back on spending;
- Paying yourself first by saving money each week will become the norm rather than the exception; and
- Planning for the future rather than impulse spending will be the order of the day.
If you’re just beginning your savings journey or want to teach children and young adults the benefits of saving, the residual benefits from this challenge will form positive money habits that’ll stick with its users for life.
Sooo… What do you plan to do with your savings? What money saving tips helped you along on your journey? Share your take and progress with the Black Wall Street community in the comments section.
