Saving money: The 52-week money challenge is a trend that has gained popularity on social media. The idea of the challenge is a simple one, begin by saving $1 the first week then add an additional $1 each week, leading up to $52 the final week of the year and a total balance of $1,378 in your savings account — or the shoebox under your bed, wherever you stash money to save it.
The downside of this idea is that you are attempting to save $52 the week of Christmas, and amounts close to that the weeks prior. However, there are some suggested ways to complete the challenge and avoid this struggle.
The first option is to do the challenge out of order. Some people opt to save amounts between $1 and $52 and cross them off the list along the way. This is still a method of following the 52-week challenge, but it is simply completed out of order. This benefits those who get bonuses or unexpected money at different times of the year.
You can also adjust the challenge to make a monthly deposit that adds up to the same amount, i.e. $1,400. Start with a deposit of $100, say, and then add a small amount with each monthly deposit.
In today’s world with technology and less need for cash in hand, the best way to make sure you follow through is by automating your savings. Try using automatic deposits set to a schedule that works for you, or it may even be possible to authorize deposits through a text message when you have the money. Check to see what options your bank offers for transfers to a savings account.
If your bank doesn’t offer options that work for you, there are apps that can streamline the process, including Digit and Qapital. Qapital even has an option for the 52-week Money Challenge already set up.
Qapital can also make it fun, since there are numerous other options for transferring money based on behavior, anything from transferring cash to savings every time you drive past a certain landmark to pledging $1 every time you run a mile.