Are you wishing you had more money saved? Maybe you have a special event or item you need money for, or really want the safety net of an emergency fund. If you want to have more money at this time next year (or even next month), try doing a money savings challenge. Here are fifteen 52 week money saving challenge ideas to kickstart your goals!
When it comes to bothersome tasks like saving money, it helps to make it a game. These money saving challenges are simple and straightforward. You can choose one or more, and adjust them however works best for you.
Is the 52 week money challenge a good way to save?
It’s a great way to save!
You might think that only saving a little per week wouldn’t add up to much. But any goal is reached by doing simple tasks over and over. Then it’s a habit.
And before you know it, you’ve reached your goal!
Time passes anyway, so you may as well do your future self the favor of having money saved.
By breaking up your savings plan into small weekly increments, you won’t feel the strain as much.
I even created a blank 52 week money challenge printable, so you can keep track of how much you’re saving.
If you’re more of an excel spreadsheet person, that works too!
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How much do you save doing the 52 week money challenge?
It really depends on your goals and budget.
You may have to make some adjustments to your current spending in order to accommodate your new savings plan.
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Here are 15 money saving challenge ideas to consider. No matter what your budget, you’ll find one that works for you.
You can even save money on a low income, using these ideas.
Be sure to check out the bottom of the post for some easy money saving hacks!
Let’s dive in!
Fifteen 52 Week Money Savings Challenge Ideas
1. Mini Challenge for Tight Budgets: Save $689 This Year
Save 50 cents Week 1, then $1 in Week 2, $1.50 Week 3, and so on, adding 50 cents each week.
You’ll end up with almost $700 at the end of a year!
That could make the perfect Christmas fund, or the start of your emergency savings account.
2. 5-10-20 Weekly Savings Challenge: Save $600
To change it up a bit, yet still keep saving simple, alternate saving $5 one, week, $10 the next, and $20 the third. Then go back to $5, rinse and repeat.
The most you’ll ever have to save is $20 in a week, making it realistic for many budgets.
You’ll end up with an extra $600 at this time next year.
3. Traditional Weekly Savings Challenge: Save $1378
With this savings challenge, you simply save $1 the first week, $2 the second, $3 the third, etc.
Believe it or not, that one easy strategy adds up to over $1375 at the end of a year!
4. Reverse Traditional Savings Plan: Save $1378
If you’re starting this challenge at the beginning of the calendar year, you may be thinking that you’re not going to have an extra $52 around Christmas time.
If you want to start out strong, or notice your savings accumulate faster, try the reverse money saving challenge.
Week 1, save $52, Week 2, save $51, Week 3, save $50, and so on.
Just like the traditional plan, you’ll have an extra $1378 at this time next year.
5. Biweekly Money Saving Challenge: Save $1378
If you get paid every other week, you can still save $1378 in just 26 paychecks.
On the first payday, you’ll save $3, then $7 the next, then $11, and so on.
You’ll never have to save more than $103 in a biweekly paycheck, and still end up with $1378.
6. Money Saving Challenge Bingo: Save $1378
You know how some weeks you have fewer expenses, and then other weeks you have to fix your broken furnace?
This ‘bingo’ method of savings let you choose how much you save that week based on your budget.
Sticking with the same amounts as the traditional plan, cross of $1-52 each week, depending on how much you’re able to save.
The printable pdf of this money saving challenge template (plus a blank one so you can create your own challenge) is available in the Vault of Awesome Freebies, along with tons of other free printables.
7. Double Weekly Savings Challenge: Save $2756
If you prefer to save closer to $3000, try doubling the traditional weekly savings plan
Start with $2, then save $4 the second week, then $6 the third.
That way you’ll have saved over $2750 at the end of a year.
8. $5 Weekly Savings Challenge: Save $6890
If you think about it, saving $5 really only means giving up 1 fancy coffee, cocktail, or convenience store stop.
With this challenge, you save $5 the first week, then add $5 each week after.
By adjusting your frivolous spending a bit, you’ll have almost $7000 by this time next year.
9. Easier $5 Weekly Savings Challenge: Save $2490
If you know there’s no way you’ll be able to save a couple hundred dollars a week near the end of the challenge, try this adjusted version.
You’ll start with $5, and add $5 a week just to Week 20 (or $100), then you’ll start over again at $5.
If this is more realistic for you, you’ll still end up saving almost $2500!
10. Save $2020 for 2020
This one is fun and festive. There are a variety of ways you could do this, but the easiest is just to divide $2020 by 52 weeks.
In this case, you’ll be saving $38.84 each week. The last week, save $39.16 to make it exactly $2020.
Use 2019 to set yourself up well for 2020!
Set up an automatic weekly transfer to your savings account in this exact amount. That way you won’t forget!
11. $5000 52 Week Money Saving Challenge
If you’re wondering, “how can I save $5000 fast?” this is the savings challenge for you!
With this challenge, you’ll save between $50-150 a week. And end up with an extra $5000 at the end of one year!
You can follow the chart below to see exactly how much to save each week.
To make it really easy, you could save $100 a week. Then you’d end up with $5200. Or take 2 weeks off around the holidays, and aim to stick with the $5000 total.
12. The Save $10k Challenge
If you’re feeling ambitious, consider trying to save $10,000 in a year.
That could go a long way toward the down payment on a house, a nice emergency fund, or the vacation of a lifetime.
No matter your reason or motivation, here’s how to save that $10k.
Week 1: Save $125, Week 2: save $150, Week 3: save $175, Week 4: save $300
Then cycle through that again. The last 4 weeks of the 52 week challenge, you’ll save a little more to reach your ultimate savings goal.
Imagine how good that will feel!
13. 10x the Traditional 52 Week Money Savings Challenge: Save $13,780
For the ultimate in money saving challenges, try the 10x version of the traditional plan.
Instead of $1 in Week 1, $2 in Week 2, etc., save $10, then $20, and so on.
Since it’s 10 times as much as the original challenge, you’ll end up with a whopping $13,780.
This one is for those with bigger budgets!
14. Monthly Money Saving Challenge: Save $1378
If moving money once a month to your saving account works best for you, here’s how to save $1378 with a monthly version of the savings challenge.
You can pick and choose which monthly amount to save, depending on your budget. No need to do them in order unless you want to.
15. $3000 Monthly Money Saving Challenge
For a bigger monthly savings challenge, try saving $3000.
With this method, you start by saving $140 the first month, then add $20 each month.
Again, feel free to go out of order, and mix up how much you save.
The larger amounts could be when you receive a tax return, bonus, or the months when you receive an extra paycheck.
Bonus Challenge: 12 Week Christmas Savings Challenge
To be prepared for the expensive holiday season, try doing a 12 week money saving challenge.
With this savings plan, you’ll start by saving $20 the first week, then add $5 each week.
After 12 weeks, you’ll have $570!
That will go a long way to buy Christmas gifts.
How can I save money every week?
Here are some other easy ways to save money, to help with your challenge, and really boost your savings account this year:
- Have a no spend day, week, or month
- Cut down your grocery bill (here’s how to make a cheap grocery list)
- Eat what you have instead of grocery shopping (here’s how to do a pantry challenge)
- Save all of your $5 bills
- Use Ibotta to get cash back when grocery shopping (check out how to use Ibotta here)
- Go through Ebates to get cash back on almost everything when you shop online
- Pack your lunch instead of eating out
- Start a side hustle (here are 21 ways to earn extra money)
- Cancel subscriptions you don’t use
- Sell your stuff on Ebay, Craigslist, or in Facebook groups
- Do a money jar challenge (save all your coins for the year)
NOTE: Want to change the course of your life today? You need the Overspending Rescue Plan. It will take you from reckless overspender to organized money manager.
Ready to start saving?
There you have it – 15 money saving challenge ideas to kickstart your goals.
You can choose one, or more than one, depending on how much you want to save.
P.S. Don’t forget to download your blank printable savings goal template!
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