52 Week Money Saving Challenge to Combat Inflation! The Ultimate Guide for 2023

With this Money Saving Challenge, you can save up to $1000, $5000, and even $10,000 in a year! Don’t believe us? Check out our free printable plans below!

Amid the record-high inflation of 2022 and fears of a possible recession, people are worried about money, to say the least. According to the IMF, currently, the global baseline inflation is at 8.7% – a far cry from 2.5% to 3.0% of the pre-pandemic era. Moreover, experts predict that the inflation rate, even if it falls, is unlikely to return to pre-COVID times. This means people will continue to struggle financially. If there was ever a time to take action and increase your savings, it is now! Try this 52 week money saving challenge to defeat inflation and stay on top of your financial goals this year!

Why Use Savings Challenges to Save Money?

According to a survey by Numerator, 53% of Americans set financial goals as their top New Year’s Resolution in 2023. But we all know how difficult it actually is to save money. Not to mention the rising cost of goods and services leaves us with even less money to put into our savings. Plus, there’s only so much you can save on grocery shopping, food, entertainment, etc. Indeed, unless you follow a proper saving plan and stay disciplined throughout, you cannot save a substantial amount.

That’s where money saving challenges come in. With only $1, this challenge is super easy to start. Not only does it make the process fun, but also gives you a sense of accomplishment upon success. This, in turn, raises your morale and motivates you to take on even bigger money savings challenge! Your savings increase and you have fun, it’s a win-win!

Moreover, a study by the University of Arizona reported the positive effects of saving more money among millennials.

People who save money report better overall well-being, including less psychological distress – Sabrina Helm, study author and associate professor at the University of Arizona

So, here is all you need to know about this fun 52 week money saving challenge that makes savings thousands of dollars super easy and fun!

What is the 52 Week Money Saving Challenge?

The 52 week money saving challenge is a quick and easy way to improve your financial wellness. It allows you to save over $1000 in a year. In this challenge, you add an increasing amount of money to your savings each week. Start with $1. In the next week, save $2, then $3 in the third week, and so on. By the end of week 52, you’ll deposit $52 and your total savings will be $1,378. You could also set aside a fixed amount of $26.5 per week to get the same result. Easy right?

Here’s a quick downloadable chart for you to get started right away! Cross off each week’s savings as you go. It allows you to keep track of your savings easily.

The Complete Guide to Successful Execution of 52 Week Money Saving Challenge

It seems super easy, but it definitely requires a lot of discipline to put aside money for a year consistently. You might get distracted, simply forget and fall back on your savings goal, or might have other expenses to take care of immediately. Therefore, it is important to keep the following steps in mind before committing to this challenge.

1. Get Started

First of all, you need to understand your budget. How much is your income? How much do you spend on rent, mortgage, loan payments, credit card bills, groceries, other necessities, etc.? After excluding all of this, how much do you have left? Can you save a couple of dollars here and there for this challenge? It is important to use a budget app or budget planner to understand your finances better. Only then can you set a realistic goal for your savings.

2. Set Particular Financial Goals You Wanna Achieve

I cannot stress this enough. The success of your money saving challenge depends on what financial goal you’re trying to achieve. Maybe you want to save up for a house, education, marriage, vacations, or simply a big purchase like a car, etc. Keeping this goal in sight will help you stay motivated and stick to the savings challenge even if it gets difficult.

3. Adjust the Plan According to your Income Level

Different people have different levels of income. You can adjust this challenge to increase or decrease your savings according to your income level. For example, the penny challenge is the same process but instead of dollars, you save pennies. At the end of week 52, you’ll have approximately $668 in your savings.

Similarly, you can increase the amount to save more, if you have a high income. Here are some ways you can save $3000, $5000, $10,000, and even $20,000 in 52 weeks.

52 Week Money Challenge to:

– Save $3,000

In this challenge, you save up to $20 in the first week. Increase the savings of each subsequent week by $20 to save $3,060 at the end of the year. That’s $58.8 or $59 per week.

Here’s a Free Printable Chart for this challenge.

– Save $5,000

Likewise, in order to save $5,000 in a year, you can follow the given chart with variable increases each week. However, if you can afford to, you can simply save $100 every week to cross the $5,000 milestone.

– Save $10,000

10 grand is a huge sum of money that people dream of saving. The 52 week challenge makes it realistically possible by breaking it down into smaller chunks. Start with $125 and add $25 to the previous sum until you reach $300. Check the given printable chart for a better understanding. Contrastingly, you can also save a fixed $192/week for a year to reach the 10,000 goal.

Key Mistakes to Avoid

Here are some common mistakes people make while taking this challenge that you should avoid.

• Forgetting to Save each week – A dollar or two doesn’t sound like that much money. That’s why some people take it for granted and think they can simply make up for a missing week next time. However, this breaks the momentum and these missed deposits can add up to a lot later.
• Setting unrealistic savings goals – Set realistic savings goals after analyzing your finances. Choose an amount that you can comfortably save. For example, if you want to save money as a college student, it might be better for you to choose the penny challenge instead of the No spend challenge or $3000 challenge, since you have a low-income and high-spending lifestyle.
• Keeping your Savings in cash at hand – Do not put your savings in a piggy bank or keep it as cash. You’re much more likely to dip into your savings if it’s conveniently at hand.
• Splurging on Holidays and destroying your momentum! – Expenses increase around the holiday season. Plus, the festivities make you spend guilt-free and in good spirits. However, this is the crunch time and the last few weeks till you reach your savings goal, so spend wisely.

Crucial Tips to Stay on Track and Successfully Complete the 52 Week Money Saving Challenge

Furthermore, here are some helpful tips you can use to avoid all the above mentioned mistakes and complete this challenge.

• Use Printable and Set Reminders – using printable charts and putting them in a visible space allows you to always remember which week it is and how much money you need to save. Additionally, crossing off each week will give you a serotonin boost and a sense of accomplishment. You can also set reminders on your phones in case you forget.
• Put your money in a High-yield Savings Account – Saving money in a savings account prevents you from impulsive spending. Moreover, with a high-yield savings account, you can earn interest on your savings, increasing your total amount even more!
• Automate your deposits – If you want to save effortlessly, try automating your deposits from your checking account to your savings account. Use the fixed amount guidelines given under each chart to know how much you need to save.
• Find an Accountability Partner – Get a friend, partner, or spouse to do this challenge with you in order to motivate and keep each other accountable.
• Stay motivated and inspired! – Read some books on making and saving money to keep yourself inspired on this journey. Don’t have time? Check out these quick, encouraging quotes about saving money.
• Try the Alternative Version to Avoid Holidays Splurging! – If saving $52 in the holiday season sounds unreasonable, you can try the alternative version of the 52 week money challenge. In this version, you have to go backward and flip the amount of money you’re supposed to save each week. For example, instead of saving $1 in the first week, save $52. Go through the entire chart by decreasing one dollar instead of increasing it. This way, at the end of the year, you’ll have to save only $1.

The Bottom Line

Saving money was never this easy or exciting! Who knew you could save thousands of dollars by simply saving a couple of bucks every week? If you want to quickly and effortlessly increase your savings, then trying the 52 week money saving challenge is a must!

Tried it? Do share your success story or challenging experience with us in the comments below!