52-Week Savings Challenge: How I’m Saving $1,378 in [2024]

As the new year approaches, you may hear about different money-saving ideas. One of my favorites is the 52-week savings challenge, which encourages you to set aside a little money every week. With each new week, you save a little more than the last one. If you stick with the challenge for the whole year, you’ll save over $1,350!

While other challenges can get complicated, the 52-week challenge is straightforward, making it perfect for beginners. Completing it can help you make saving an automatic habit, work toward important financial goals, and enjoy a sense of accomplishment.

Keep reading to learn more about how the 52-week savings challenge works.

Key takeaways

• The 52-week savings challenge starts by saving $1 in the first week and continues for each week of the year until you save $52 in the last week.
• Using a savings challenge can help you set aside money for the holidays, boost your emergency savings account, or reach your goals faster.
• Savings challenges are meant to supplement, not replace, your other savings strategies.

What is the 52-week savings challenge?

The 52-week savings challenge is a clever way to encourage yourself to save more. While multiple challenge ideas are floating around the web, this option is straightforward and great for people who don’t already have ingrained savings habits.

To participate, set aside a small amount each week, starting with just $1. By the end of the challenge, your money will grow to $1,378, which you might otherwise have spent on things that don’t really matter. Instead, you can use the funds for a specific goal or purchase, pay down debt, or focus on building up your emergency fund.

By setting aside a little bit each week, you won’t feel overwhelmed, which will help you keep going. Additionally, since the amount you save corresponds to a particular week of the year, it's easy to remember where you are in the challenge and how long you have left.

How does this money challenge work?

Traditionally, the challenge works by setting aside a dollar amount corresponding to each week's number. So, you’ll save $1 on week 1, $2 on week 2, $3 on week 3, and so on throughout the year. The dollar amount increases weekly until you’ve saved $1,378.

Week	Contribution amount	Total savings
1	$1	$1
2	$2	$3
3	$3	$6
4	$4	$10
5	$5	$15
6	$6	$21
7	$7	$28
8	$8	$36
9	$9	$45
10	$10	$55
11	$11	$66
12	$12	$78
13	$13	$91
14	$14	$105
15	$15	$120
16	$16	$136
17	$17	$153
18	$18	$171
19	$19	$190
20	$20	$210
21	$21	$231
22	$22	$253
23	$23	$276
24	$24	$300
25	$25	$325
26	$26	$351
27	$27	$378
28	$28	$406
29	$29	$435
30	$30	$465
31	$31	$496
32	$32	$528
33	$33	$561
34	$34	$595
35	$35	$630
36	$36	$666
37	$37	$703
38	$38	$741
39	$39	$780
40	$40	$820
41	$41	$861
42	$42	$903
43	$43	$946
44	$44	$990
45	$45	$1,035
46	$46	$1,081
47	$47	$1,128
48	$48	$1,176
49	$49	$1,225
50	$50	$1,275
51	$51	$1,326
52	$52	$1,378

However, you don’t have to stick to the traditional method. Some popular variations include:

The reverse challenge:

If you like to get the hard stuff out of the way first, consider starting in reverse. Instead of saving $1 on week 1, you can save $52 on week 1, $51 on week 2, and so on. That way, when you get to week 52, you’ll top off your savings account with just $1 and still have a total of $1,378.

26-week challenge: If you get paid every other week, you can make a deposit each payday. For this challenge, save $3 on week 1 and then increase each deposit by $3. So, your second deposit will be $6, the third will be $9, and so on. At the end of the challenge, you’ll have saved $1,053. This variation also works if you get paid weekly but want a shorter challenge.

Double or triple the savings amount: If you feel confident that you can conquer the traditional challenge, consider doubling or tripling the amount saved each week. You can still use the chart above, but you’ll multiply each week’s contribution by 2 or 3. If you contribute all 52 weeks, you’ll save $2,756 (doubled) or $4,134 (tripled).

Even bigger challenges: If you’re really ambitious, try saving $5,000 or even $10,000 this year. These big goals require saving around $100 to $200 per week, so understand what you’re getting into. Since there are various ways to accomplish this, search online for a strategy that fits your lifestyle.

Steps for completing the challenge

If you’ve decided to undertake the 52-week savings challenge this year, developing a road map ahead of time can help you succeed. To have the best chance of seeing the challenge through the entire year, follow the steps below.

Pick the right account

You’ll need somewhere to keep your challenge funds safe until the end of the year. Use a bank account separate from your regular savings or checking account so you don’t mix up or accidentally spend your challenge money.

Consider keeping your cash in a high-yield savings account. Many of the best high-yield savings accounts offer a much higher annual percentage yield (APY) than standard accounts. The higher the APY, the more you’ll earn on your balance throughout the year.

In addition, look for an account with no (or low) fees, no minimum balance requirements, and Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA) insurance.

You can also stash your funds in an investment account. However, all investing involves some risk, and you may lose your money if the market turns downward.

Set your goal

Whether you follow the traditional challenge or a variation, set your goal amount in advance. Simply committing to save more money doesn’t help you succeed. Instead, have a firm number in mind — even if it's not the traditional challenge total of $1,378 — so you know where to aim.

You can approach the challenge however you like. However, remember to keep it manageable since you’ll be stashing away higher amounts as the year progresses.

Create a plan

After deciding on your challenge total, break it down into smaller steps. You can follow the week-by-week outline above or set aside $26.50 weekly. Either way, you’ll save $1,378 by the end of week 52. If your goal amount is more or less, break down your total in a way that works best for you.

To help you stay on track, add reminders to your calendar and do the transfer on the same day every week.

Contribute

Once you’ve done all the planning, it's time to start saving! You can manually transfer the week’s savings from your checking account. Pick a day or time that works best for you and stick with it.

If you save the same amount every week (i.e., $26.50 a week instead of increasing dollar amounts), many of the best banks allow automatic savings transfers. You can set it up once and then leave it alone for the year so you don’t have to add another task to your weekly to-do list.

Track your progress

Your balance will grow as the weeks go by. To make each transfer memorable, create a small ritual for yourself. You can cross it off your calendar while playing your favorite song or having a mini dance party. It might seem silly, but acknowledging your progress can help you stay motivated and become something you look forward to each week.

You can also consider setting up small rewards when you reach particular milestones, such as at the end of every quarter or halfway through the year.

Make changes

As part of your plan for the year, consider the problems that might set back or derail your progress. Next, brainstorm ways you can handle problems while still saving.

For example, you might contribute a little more in the early weeks when the dollar amounts are low, so if you need to reduce your contribution later, you’re still on track at the end of the year.

Of course, you can’t plan for everything, so be prepared to make adjustments during the year to prioritize saving. Contributing a little bit is still better than nothing, so don’t let setbacks discourage you.

Who is the 52-week savings challenge best for?

I’m entering the last month of a 3-month no-spend challenge, and I think I’ll tackle the 52-week challenge next. I plan to start January 1st, but you can start your challenge anytime during the year.

You might benefit from doing the 52-week savings challenge if:

You want to maximize your savings

Since you can personalize the 52-week challenge to fit your budget, it's a great way to make the most of your savings. If you follow it, you’re guaranteed a set amount saved at the end of the year and the satisfaction of completing a goal.

You need a better view of your financial picture

If you aren’t sure what you spend each week, a savings challenge can help you notice where you’re spending needlessly. From my experience, the early part of a challenge is easy, but the end can feel tight when the dollar amounts increase.

To help me cope, I’ve been creating a list of the things that catch my eye. When my challenge wraps up, I’ll review my list and see if there’s anything I just can’t live without and if I want to spend some of what I’ve saved to make it happen.

You have a set savings goal

If you have a big goal, like buying a house or paying cash for a new car, you want to save as much as possible as quickly as possible. Use a savings challenge to help you determine how much you can set aside each week and build your balance relatively quickly.

It doesn’t have to be a round number, like $5,000 or $10,000. Figure out what works best for you and commit to it.

You want to develop a savings habit

The 52-week challenge is a good option for beginners because it gradually builds a savings habit. Setting aside $52 each week can feel intimidating, but most people can handle setting aside $1 or $2. As the amounts increase, you’ll build momentum and have time to figure out how to save the more significant amounts near the end of the challenge.

What are some potential difficulties in succeeding?

Expecting obstacles along the way is part of building a solid plan. Before you start saving, consider the challenges you may face and develop a plan to counter them. Let’s look at some of the most common difficulties.

Staying motivated

This is a big one. Keeping a streak going for 52 weeks can be tricky. If you’re worried about your motivation failing, consider working with others. Ask your friends or family to do the challenge with you. Create an accountability text or email group that checks in periodically and encourages each other.

I don’t have kids, but this challenge could be a great family activity. If you have kids, explain the challenge and consider using marbles or pebbles in a jar to represent your growing balance. Let them have a say in the money’s use, like for a family trip or special treat. Not only will you teach your kids the value of saving for a goal, but they aren’t likely to let you forget a week.

Feeling tempted to spend

As your balance grows, you might feel tempted to dip into it here or there. To help you resist that urge, make it difficult to access your money.

Use an online-only bank account that takes a few business days to transfer funds to an external account. That way, you have a built-in cooling-off period to decide if you need to spend the money or if the impulse has passed. If your account came with a debit card, put it in a drawer and forget it exists.

Losing focus

It's easy to lose focus on your goal, especially over a year. If you’re saving for a specific purchase, keep a small photo of the item on your phone or desk to help you keep your goal in the front of your mind. If you don’t want to be obvious, choose a symbol that reminds you.

For example, I’m doing this challenge to add to my future down payment on a house. So, I made a little stick drawing of a home on a Post-it that I’ll keep on my work desk to remind me what I’m saving for.

Having poor spending habits

You can’t escape poor spending habits. Even if you have a comfortable income, spending more than you earn catches up with you.

Use a savings challenge to help you get used to saving instead of spending. If you need more support, consider speaking with a financial therapist or another trusted person who can help you work through any issues you have with money.

Is the 52-week savings challenge right for you?

The 52-week savings challenge can be helpful for many people. It helps establish a savings habit, makes it fun, and requires small enough amounts to prevent you from being intimidated and quitting. It is an excellent way to encourage kids to save and can be a family game that opens the door to future money conversations.

However, if it doesn’t seem right for you, there are lots of other clever ways to save money.

100-envelope challenge

If you want to save a lot of money over a relatively short time, consider the 100-envelope challenge. Like the 52-week challenge, this method starts small and has you saving the biggest amounts at the end.

To play, get 100 envelopes that you’ll number from 1 to 100. You’ll then put $1 in the first envelope on the first day, $2 in the second envelope on the second day, $3 in the third envelope on the third day, etc. Continue that pattern until day 100, when you’ll add $100 to envelope 100. If you complete the challenge, you’ll have $5,050 in savings.

This challenge requires quite a commitment, so if you’re new to saving, don’t attempt it until you’ve developed a strong savings habit.

No-spend challenge

Instead of setting aside specific dollar amounts, a no-spend challenge encourages saving by avoiding unnecessary spending. To participate, you’ll need to avoid spending money on non-essential items for a set time.

While the challenge commonly lasts for 30 days, it can vary. The one I’m completing started September 1st and lasts until December 1st as a way to save for the holidays.

This challenge forces you to examine your spending triggers by noticing where you spend money needlessly. However, you can still spend money on necessities like your mortgage or rent, food, medications, and utilities.

Keep a list of items you wanted to buy but didn’t over the month. At the end of the challenge, tally up how much you saved. Move that amount to your savings account and pat yourself on the back for beefing up your emergency fund.

Temperature match challenge

This was the first I had heard of the temperature match challenge, but I’ll start using it. To participate, you only need to check the forecast for your area’s high temperature.

Then, you’ll put money in your savings account or money jar for that number in cents. For example, if it was 83° that day, you’d save $0.83. If the temperature was 32°, you’d only set aside $0.32. This temperature challenge could be an excellent way to get the whole family into saving.

If every day is too much, “Weather Wednesdays” is a popular variation. It's the same concept, except you must set aside an amount in dollars equal to the high temperature on Wednesdays. For example, you’d save $83 if it was 83° or $32 if it was 32°.

FAQs

Bottom line

Whatever savings challenge you decide to use, have fun with it. The goal is to increase your savings, not to beat yourself up for missing a week. Set yourself up for success by developing a plan and considering potential obstacles. Use a high-yield savings account or other interest-bearing account to maximize your savings. At the end of the year, pat yourself on the back for completing your goal. Happy saving!