First Federal Bank Blog

Take the 52 Week Savings Challenge

Written by First Federal Bank | Jan 8, 2025 3:00:00 PM

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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!
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