The 52-week money challenge is a savings plan that gained popularity through social media around 2013. The concept is simple: You start by saving $1 in the first week, then increase your savings by $1 each subsequent week. AOL.com shows how your savings will grow by the end of the year:
|
Amount you contribute |
Total saved |
Amount you contribute |
Total saved |
||
|
Week 1 |
$1 |
$1 |
Week 27 |
$27 |
$378 |
|
Week 2 |
$2 |
$3 |
Week 28 |
$28 |
$406 |
|
Week 3 |
$3 |
$6 |
Week 29 |
$29 |
$435 |
|
Week 4 |
$4 |
$10 |
Week 30 |
$30 |
$465 |
|
Week 5 |
$5 |
$15 |
Week 31 |
$31 |
$496 |
|
Week 6 |
$6 |
$21 |
Week 32 |
$32 |
$528 |
|
Week 7 |
$7 |
$28 |
Week 33 |
$33 |
$561 |
|
Week 8 |
$8 |
$36 |
Week 34 |
$34 |
$595 |
|
Week 9 |
$9 |
$45 |
Week 35 |
$35 |
$630 |
|
Week 10 |
$10 |
$55 |
Week 36 |
$36 |
$666 |
|
Week 11 |
$11 |
$66 |
Week 37 |
$37 |
$703 |
|
Week 12 |
$12 |
$78 |
Week 38 |
$38 |
$741 |
|
Week 13 |
$13 |
$91 |
Week 39 |
$39 |
$780 |
|
Week 14 |
$14 |
$105 |
Week 40 |
$40 |
$820 |
|
Week 15 |
$15 |
$120 |
Week 41 |
$41 |
$861 |
|
Week 16 |
$16 |
$136 |
Week 42 |
$42 |
$903 |
|
Week 17 |
$17 |
$153 |
Week 43 |
$43 |
$946 |
|
Week 18 |
$18 |
$171 |
Week 44 |
$44 |
$990 |
|
Week 19 |
$19 |
$190 |
Week 45 |
$45 |
$1,035 |
|
Week 20 |
$20 |
$210 |
Week 46 |
$46 |
$1,081 |
|
Week 21 |
$21 |
$231 |
Week 47 |
$47 |
$1,128 |
|
Week 22 |
$22 |
$253 |
Week 48 |
$48 |
$1,176 |
|
Week 23 |
$23 |
$276 |
Week 49 |
$49 |
$1,225 |
|
Week 24 |
$24 |
$300 |
Week 50 |
$50 |
$1,275 |
|
Week 25 |
$25 |
$325 |
Week 51 |
$51 |
$1,326 |
|
Week 26 |
$26 |
$351 |
Week 52 |
$52 |
$1,378 |
As you can see, the amount you’re saving each week increases gradually and never exceeds $52. These small increases make the challenge accessible, allowing you to ease into the habit of regular saving.
You can embark on your 52-week savings journey in four steps:
- Pick a good place for your savings. While a jar on your dresser might work, consider opening a high-yield savings account for your savings. These accounts offer higher interest rates than traditional savings accounts, helping your money grow at much higher rates than your traditional savings.
- Set up automatic transfers.Many banks allow you to schedule weekly transfers between accounts automatically, such as from checking to a savings account. This automated “set it and forget it” approach will help you stick to the plan without having to remember to save each week.
- Choose weekly amounts.Since the amount changes weekly, you’ll need to set up a schedule for each week. For example, save $1 in week 1, $2 in week 2 and so forth until you reach $52 in week 52. Some banking apps let you set recurring transfers with varying amounts, or set a reminder.
- Consider using an app.Some financial apps are specifically built for the 52-week challenge, sending reminders and tracking your progress. Popular options include Astra and Qapital.
You can read the full article here.
One thing this savings method demonstrates is how putting just a little money aside can go a long way. You don't have to put a large sum in the bank to see a return. So why not start now, and enjoy watching your savings grow throughout the year? Happy savings!