Save 10000 in 52 weeks challenge!

 

save 10000 in 52 weeks

 

9 Ways to Do the 52 week money challenge reverse

We have all heard of the money challenge that is over 52 weeks. You start with week one and place $1 in a jar. As the weeks increase so does the amount of money you are putting in the jar. At the end of the year, you will have accumulated $1,378.

I really like the idea of it since it seems to be hard for us to save money. However, one thing always bothered me about this savings plan. I don’t like having the larger amount of money being put in the jar at the end of the year.

With Christmas and property taxes due at the end of year, it is harder to put that money into the savings jar. So I got to thinking and decided it would work best for us to do the 52 week challenge reverse.

What is the 52-Week Money Challenge?

Let me take a step back. If you’ve never heard of the 52-week money-saving challenge, here’s how it works:

  • In week 1, you save $1
  • The next week, you save $2
  • A week after that, you save $3
  • Eventually, you get to week 52 and you save $52

That may not seem like much, but by the end of the 52-week money saving challenge, you’ll have saved $1,378. Not too shabby, right?

That’s just the classic 52-week money challenge though. It works perfectly well, but there are other ways to do it too. And that’s what I’ll be showing you in this post.

To be more specific, I’ll be showing you 9 different twists you can put on the 52-week challenge.

52 Week Money Challenge Reverse

Starting with week one, you will place $52 in a special savings jar. Week two, you will place $51 dollars into the special saving jar. The amount keeps decreasing as the weeks go by.

If having the cash sitting in a jar is too tempting for you, another alternative is to create an account with your bank to have money transferred each week. You could set up automatic transfers or handle it manually.

I personally prefer the jar method since we never use cash. Plus, this will allow our sons to see us saving money and it will help them understand saving as well.

We have all heard of the money challenge that is over 52 weeks. You start with week one and place $1 in a jar. As the weeks increase so does the amount of money you are putting in the jar. At the end of the year, you will have accumulated $1,378.

I really like the idea of it since it seems to be hard for us to save money. However, one thing always bothered me about this savings plan. I don’t like having the larger amount of money being put in the jar at the end of the year.

With Christmas and property taxes due at the end of year, it is harder to put that money into the savings jar. So I got to thinking and decided it would work best for us to do the 52 week challenge reverse.

52 Week Money Challenge Reversed

52 Week Money Challenge Reverse

Starting with week one, you will place $52 in a special savings jar. Week two, you will place $51 dollars into the special saving jar. The amount keeps decreasing as the weeks go by.

If having the cash sitting in a jar is too tempting for you, another alternative is to create an account with your bank to have money transferred each week. You could set up automatic transfers or handle it manually.

I personally prefer the jar method since we never use cash. Plus, this will allow our sons to see us saving money and it will help them understand saving as well.

52 Week Money Challenge Printable

Need help keeping track of what week you are on and how much you have saved? Get a printable 52 weeks money challenge chart. Enter your email in the newsletter box below. An email will be sent to your inbox with a link to the printable and you will be add to our newsletter.

Have you done the 52 week money challenge before? Were you able to complete the task?

What to Do Before Starting Your 52-Week Saving Challenge

The most important thing to do before starting a 52-week money-saving challenge is to figure out where you’re going to put your money.

If you want to use cash, do it! You won’t earn any interest on your money but that’s really the only downside.

If you’re going digital, you should try to find an account that offers the highest interest rate possible. Brick and mortar banks typically offer less than 1% interest on savings, but you can find better rates online.

For example, the Wealthsimple Savings Account that I like to use is currently offering a 2% interest rate. That’s one of the highest I’ve seen.

By storing your savings in an account that offers a higher interest rate, your money will be earning money while it sits in the account.

Another benefit of using an online account is that your savings will be separate from your regular bank accounts, making it harder to “accidentally” spend.

Different Ways to Do the 52-Week Challenge

1. Classic

Just like I explained briefly above, the classic way to do the 52-week challenge is to start by saving $1 in week one, and end by saving $52 in week 52.

This method can work out great, but there are a couple of problems with it:

  1. If you start at the beginning of the year, you’ll have to save the most money right around the holidays, which is usually the hardest time to save.
  2. If you’re on week 36 and you can’t afford to save $36, you’re kind of screwed.

Not to worry though, these problems can be easily solved with some twists on the challenge.

2. Reverse

This method is simple, just do the 52-week challenge in reverse. So, instead of saving $1 in week one, save $52. In week 52, save $1.

By doing this, you’ll have to save the least amount of money around the holidays (assuming you start the challenge in January).

This still doesn’t solve problem #2 that we listed above though, which is why this next twist exists…

3. Selective

This is my favorite way to do the 52-week money saving challenge because it gives you complete control. Instead of having to knock off the savings milestones in a certain order, pick any order you want!

Here’s an example of how this could go:

  • Week 1: You get a bit of extra cash this week and decide to knock off the $52 right away.
  • Week 2: Pretty average week, you decide to save $20.
  • Week 3: Bad week. Car repair. You save just $1.

And on and on. You can basically choose how much to save based on how your week goes. This definitely makes the challenge more interactive.

4. Random

If you’re looking to have a bit more fun with your 52-week challenge, knock off the milestones randomly!

To do this, you could print out sheets of paper with $1 all the way up to $52 written on them. Then just put them in a hat and draw one every week.

OR, you could just go to random.org, set the generator to generate numbers from 1-52, and then generate numbers until you get one you haven’t gotten before. That’s the easier way to do it.

I like this method because it makes the challenge more like a game, but it probably won’t work for everyone.

If you want to try one of the challenges above, you can download this simple (and ink friendly) 52-week money challenge printable:

52-week money saving challenge printable preview

52-Week Money Challenge Printable

If you prefer to track your progress from your computer, you can create a copy of the 52-week challenge Google Doc here. Just go to File > Make a copy…

5. Automated

Just like I talked about in my list of money-saving hacksautomation is key if you want to improve your finances effortlessly.

See, all the methods above work great, but they only work if you actually stick to the program. That means you have to remember to transfer money from one account to another every single week.

If you want to make failure impossible, automate your 52-week challenge with Qapital.

If you’ve never heard of Qapital before, it’s a fintech app that helps you meet your savings goals and stay on track with your spending.

Because Qapital is hip with the times, they created their own twist on the 52-week challenge. How it works is simple:

  1. Set up a goal in your Qapital account
  2. Add the 52-week saving challenge rule to that goal
  3. Select whether you want to do the classic version or the reverse version (as mentioned above)

After that, you’re all set. Qapital will automatically transfer money from your checking account every week and at the end of the year, you’ll have a cool $1,378 in your account.

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