With the 52 week money challenge being one of the more popular challenges for New Year’s savings, who would I be to not address all of the many many ways to hack the challenge to make it work for you!
Let’s be honest, all of our personal finances are not created equal. Our budgets vary slightly, drastically, and everything in between. Some of us are paid monthly, weekly, biweekly, often, and hardly ever. Yes, even inconsistent paychecks don’t disqualify you from a savings challenge.
Before we get to how to hack the 52 week challenge, let’s first discuss how the original 52 week challenge even works. It’s an incremental savings challenge so your weekly savings will vary. You’ll start week one by saving $1, continue on to week 2 by saving $2, week 3 you will save another $3, all the way through week 52 when you’ll be saving $52 and finishing out with a grand total of $1378 in savings. It’s just that easy.
If you happened to read How To Save a $1000 Emergency Fund, then you’ll know that I love the Qapital app for easy, pain free saving. They even offer the option to set a 52 week challenge rule that will easily transfer your funds for you. I swear by the app, especially if you’re serious about your savings goals. If you try it out today with my referral code you’ll be able to receive $5 FREE towards your first savings goal. Check it out here.
Be sure to check out my post “5 Money Challenges to Try in 2019” for more savings ideas!
Maybe around the new year is when you have a little bit more cash to put aside for savings. The Reverse 52 Week Challenge would probably be right for you. You can still tuck away your weekly commitment, only you will start off by saving your $52 payment first, and end the challenge with your last payment of $1 towards your savings.
2. Modified 52 Week Challenge
The easiest way to modify the challenge to make it work for you is by saving your weekly payments the way you want to! Every week you will make a payment of $1, $10, $42, or $52, whichever one of your 52 payments you can afford that week. Maybe this week you have some extra money so you decide to save $52, but maybe next week you only have $10 to put aside.The easiest way to get this done is by keeping a detailed record and crossing off which one of your payments you’ve already made.
3. 52 Week Biweekly Money Challenge
For the people who get paid biweekly, maybe it will just be easier for you to make one large payment when you get paid rather than making an extra payment between paydays. You can essentially turn the 52 week challenge into a 26 payment, biweekly challenge by making 2 weeks worth of payments at one time. Week one you would be saving $3, and then $7, and then move on to $11, all the way up until week 26 when you put $103 into savings.
4. 52 Week Mini Money Challenge
Maybe you have a tighter budget but you’re still looking to get in on this 52 weeks of savings. No problem at all, you can easily modify the challenge to fit your financial situation. With the 52 Week Mini Money Challenge you can easily save smaller increments of money, and still be working towards a savings goal. You would start week one by saving 50 cents, and gradually increasing that amount by 50 cents every week. Your final 52 week payment should be $26, and you will still end up with $689 in savings by the end of the year.
5. 52 Week Double Money Challenge
Say your financial situation is great right now and you can afford to put a little bit more into savings every week. You can easily double your weekly savings by starting week 1 off at $2, week 2 would be $4, week 3 would be $6, and at week 52 you would be putting aside $104, and ending up with a grand total of $2756 at the end of the year. Look at those savingsss!