Guide to the 52-Week Money Challenge

If you want to save more money, you’re in good company. But if you’re like most people, the process of saving seems overwhelming. Maybe you think you don’t have much to save. Or maybe you often start trying to save money, but you don’t follow through.

If you want to build meaningful savings while also establishing solid savings habits, the 52-week money challenge is for you. But how do you do it? Here’s our guide to the 52-week money challenge.

What is the 52-week money challenge?

The 52-week money challenge is a year-long challenge where you deposit money into your savings account each week. The first week, you deposit $1. The next week, you deposit $2. You keep adding $1 per week, and in week $52, you’ll deposit $52 in savings.

That might not sound like much, but if you stick with it, you’ll be rewarded. By the end of the 52-week money challenge, you will have saved a total of $1,378.

Guide to the 52-week money challenge

The 52-week money challenge works by keeping saving money simple and approachable. Here’s a look at how the first few weeks work:

• Week 1: $1 deposit, total savings $1
• Week 2: $2 deposit, total savings $3
• Week 3: $3 deposit, total savings $6
• Week 4: $4 deposit, total savings $10

Toward the end of the year, the amount you’ve saved starts looking more substantial:

• Week 49: $49 deposit, total savings $1,225
• Week 50: $50 deposit, total savings $1,275
• Week 51: $51 deposit, total savings $1,326
• Week 52: $52 deposit, total savings $1,378

Committing to saving can be daunting if you’ve never done it before, but saving a few dollars a week doesn’t sound too hard. The amount you save increases gradually over time, helping you ease into it.

How to complete the 52-week money challenge

As you saw in the quick guide to the 52-week money challenge above, you just need to start by saving $1 the first week and increasing that amount by $1 each week. However, depending on your needs and preferences, you might decide you want to try one of these variations:

Doubling your money

If you think you can afford to save more than $1,378 over the course of the year, start by saving $2 in the first week and increase your savings by $2 each week. If you do this over the course of 52 weeks, you will have saved $2,756 by the end of the year.

Randomizing the process

The 52-week money challenge was developed to make saving money feel like a game. But if you want to gamify it even more, you can randomize the amount you save each week. Here’s how to do it:

• Gather 52 slips of paper 
• Label each one with a whole-dollar value from $1 to $52
• Put the slips in a bowl or jar
• Draw one each week for the entire year

When you draw a slip, that’s the amount you’ll deposit for the week.

Doing the challenge in reverse

The prospect of setting aside $50 or more per week can be daunting. If you’re worried about saving the larger amounts, you might want to do the challenge in reverse. Here’s what the first few weeks would look like:

• Week 1: $52 deposit, total savings $52
• Week 2: $51 deposit, total savings $103
• Week 3: $50 deposit, total savings $153
• Week 4: $49 deposit, total savings $202

This method gets the harder weeks out of the way first. But it has another benefit, too. Because it builds up your savings faster, it might make it easier to stay motivated.

Averaging your weekly savings

Think you’ll have trouble remembering which week you’re on? If that’s the case, you might consider simplifying the process by averaging the payments. Instead of starting with $1 per week and increasing by $1 each week, you can save a steady $26.50 per week.

The end result is the same. Whether you follow the original plan or save $26.50 per week, you will still have saved $1,378 by the end of the year.

Tips for success

If you aren’t in the habit of regularly saving money, it can be an adjustment. These are a few tips to help you stick with the program:

Track your progress

The 52-week money challenge involves frequent, small deposits to your savings account. It’s important to track your progress to hold yourself accountable and make sure you don’t fall behind. Here are some options to consider:

• Use an online tracking app or tool
• Set up scheduled transfers to savings from your online banking account
• Create a printable chart

If you’re looking for a way to track your savings (and the rest of your finances) right from your phone, Grant Cash Advance might be able to help. We help users access small cash advances of $25 to $500 in between paychecks, but we also offer tools to manage upcoming bills and track your spending and savings.

Set up a separate account

If you put your savings into a savings account connected to your checking account, it becomes very easy to dip into those savings. To remove temptation (and possibly make more of your money through interest), consider finding a high-yield savings account to deposit each transfer into.

When you store your money in an account that maximizes its growth potential, you’ll be able to make the most of your hard-earned money.

Create a “why”

Many people are highly motivated when they start the 52-week money challenge. However, as the year goes on, they may become less interested. 

If you set a goal for the money you save, it’s easier to stay motivated. Maybe you want to pay off a credit card, take a road trip, or build an emergency fund.

A brighter financial future starts with saving

The 52-week money challenge can help you build up your savings account, but that’s not all it’s good for. Most importantly, the challenge helps you get into the habit of regular saving. It’s a habit that will serve you well for the rest of your life.

This challenge is just one tool that can help you move closer to your financial goals. Grant Cash Advance is another tool that might make a difference. Whether you want the security of knowing you can access a cash advance if needed or you just want to try out our money management features, we’re here for you.

Getting started is free, and it just takes a few minutes. Create your account with us today!