How to Do the 52-Week Money Challenge Successfully | Inquirer

How to Do the 52-Week Money Challenge Successfully

/ 09:42 AM December 06, 2022

We will celebrate the New Year in a couple of weeks, with many people kick-starting their New Year resolutions. Stating out your plans and goals at the start of the year has always been a great way to achieve considerable leaps. You could also channel this energy to your finances and watch them grow.

The 52-week savings challenge is a great and fun way to build your savings habits and jump-start your finances to over 100%. 

This article will thoroughly explain this challenge and give tips on how to complete the challenge.

What Is the 52-Week Money Challenge?

What Is the 52-Week Money Challenge?

The 52 weeks money-saving challenge is a straightforward challenge that anyone can do. It involves spending a certain amount each week for 52 weeks. 

Setting aside a certain amount every week doesn’t seem like much, but it would accumulate over time into a massive sum at the end of the year.

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The amount you save weekly depends on what you can afford to set aside weekly. Many people select a more sacrificial amount than others, but it’s advisable to keep an amount that won’t have you running to take it back. At the barest minimum, the average American should have made at least $1,378 at the end of the year.


This challenge is fun since it involves pushing yourself beyond your fundamental limits, Plus a great way to build financial discipline.

When Is the Best Time to Start a Money Challenge?

You can begin the challenge as soon as you complete it. However, most people begin the 52-week challenge at the start of the year, so they will reap the fruits by year’s end.

It would be nice to start at the beginning of a month or a year, this would give you the sense of a fresh start, plus it’ll be easier to count your weeks that way.

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Whatever time you choose, you need to be ready as this requires total dedication. You can also get a trusted friend to keep you up in any week’s savings.

How Does the 52-Week Money Challenge Work?

How Does the 52-Week Money Challenge Work?

There are two approaches to this challenge, both of which are very effective and last for the same range of time. The approach you choose depends on which one best suits you and which you’re sure you can be consistent with.

First approach: The 52-week forward money challenge

(Saving from the lowest to the highest amount)

This approach uses a standard mathematical expression—Arithmetic Progression. This works because the deposit amount each week should be higher than the previous week. The increment rate can differ for different weeks, but we advise you to double for every week to hit your savings goal. 

So what this means is; if you saved $1 for the first week, you should save $2 for the second and then $3 for the third. This is the “barest minimum” we referred to earlier, and you should get $1,378 at the end of the 52 weeks money challenge. 

Who Should Choose This Approach?  

This approach is best for people new to the saving game and those with businesses hoping to increase their income over time. Starting this method is relatively easy and would help you adapt as it becomes more intense.

Second approach: The 52-week reverse money challenge

(Saving from the highest to the lowest amount)

Second approach: The 52-week reverse money challenge

This approach is just the previous one, but your weekly deposit keeps reducing. You start at the highest amount and keep reducing until the last week. 

So, for example, instead of starting with $1, you start with $52 and move down from there. If you start with $52, the total after the 52-week money challenge would still be $1378.

Who Should Choose This Approach? 

This would be great for you if you wish to get over the hard part quickly so you can have enough spare money to do what you want later in the 52 weeks.

You can use a saving chart to keep accurate records of your saving and how much is required per week.

Tips to Free Up More Cash for the 52 Week Savings Challenge 

Tips to Free Up More Cash for the 52 Week Savings Challenge 

For unforeseen reasons, you might not be able to meet up with your weekly savings, but we’ll share some tips to help your consistency.

1. Building It Into Your Budget

Your weekly savings shouldn’t just be an afterthought; it needs to be pre-planned. When you prepare your budget, include your weekly saving in it. Many make monthly budgets to offset four weeks of savings at once, or you can keep the money untouched and pay every week.

Making a budget is a significant financial habit. If the word “budget” is too serious for you, you could change it and call it something more relatable.

2. Sell Things You Don’t Need

You don’t need most of the things sitting around your cabinets, backyard, or closet, but for some sentimental reason, you can’t let them go, and we understand. You would be shocked at how much money you could make from selling these items you no longer need.

There are several physical and online stores where you can sell used items like eBay, Etsy, Facebook marketplace, and Poshmark. You can use this extra cash to meet your weekly savings.

3. Find Expenses You Can Cut Back On

Please pay attention to expenses you can easily do without and cut them. For example, unsubscribe from that magazine you know you never get to read or the streaming service you never get the chance to watch.

You should be able to distinguish between your necessities and your desires. Cut down on those pleasures you can do without.

If you are still trying to decide what to cut back on, then look at your bank statements from previous months, and classify every recurring debit by the level of need. Some expenses require you to reduce the amount spent on them, and others require you to cancel entirely.

What to Do With Your Savings From This 52-Week Money Challenge

What to Do With Your Savings From This 52-Week Money Challenge

Here are a few ideas of what to use your money for at the end of 52 weeks:

For a Short-Term, Mid-Term, or Long-Term Financial Goal

There are several things you wish to do, but you need a considerable sum of money for, now should be an excellent time to indulge. You could have been trying to go on a trip, learn a skill, move homes, or buy new furniture. You could use your money for these, giving you a sense of fulfillment.

You could also contribute to a more extended financial plan, like retirement funds, college funds, or a home downpayment.

Boosting Your Emergency Fund

Everyone needs to have an emergency fund in their account, you can never predict what might happen, and you end up in urgent need of cash. You can divert the money earned into an emergency fund account.

Saving in Your Sinking Fund

Sinking funds are foreseen expenses you know are coming but might have partial details of how much they’ll cost. For example, Home repairs, which you know you might need to fix a thing or two after a year, or car repairs that you know might need servicing.

Paying Off Debt

Paying Off Debt

If you’ve got outstanding debts, this would be a great time to pay them off. Lingering debt can end up lethal to your finances in the long run, so you don’t want to live with them.

Offsetting debt could positively impact your credit score, which could help you in times of urgent need.

Investing in the Stock Market

Consider making intelligent investments if you do not have an immediate need for your newfound wealth. There’s no better way to use your money than to make more money from it. 

However, you must understand that the stock market is volatile, and you risk losing your money, so ensure you have full knowledge of what you’re investing in.

Something Fun

You could also choose to have fun, it’s been 52 weeks, and you deserve to enjoy yourself. Think of that thing you’ve always wanted or craved, and it could be a particular cuisine in a unique restaurant, a girl’s trip, or a family vacation. 

Benefits of the 52-Week Savings Challenge

Benefits of the 52-Week Savings Challenge

Here are some benefits of carrying out this challenge:

1. You’ll Become a Consistent Saver

One of the most significant benefits of this challenge is its effect on your financial habits. It makes saving easier for you and fun as well. You’ll be encouraged to save more when you experience the challenge’s economic benefits.

2. You’ll Be Challenged to Save Even More Money

This challenge would break your mental limits on the amount you save. Your capacity to set aside money becomes more prominent, and you can save even three times more than you originally could.

3. You’ll Get Motivated to Achieve Even Bigger Financial Goals

Nobody said you could only do the 52-week money-saving challenge once; after the first, you’ll want to go again, and this time with a higher goal in mind. You’ll start making more significant savings plan and taking on bigger projects because you know you can achieve them if you put in just as much effort.


If you are new to saving money, you should employ this strategy. It would not only build personal finances but also positively impact your financial habits and help you build good money managerial skills.

You cannot go wrong with saving money, so start as soon as possible. Do have fun and enjoy your saving journey.

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