Save over $1,300 by taking the 52-Week Savings Challenge
If your goal is to save money and earn over $1300 within a year, then we have a simple system that offers you flexibility. It’s a hybrid version of the 52-week money challenge that gives you more control. So, here is how to do the 52 week savings challenge.
How To Do The 52 Week Savings Challenge
In a lot of ways, the 52 Week Savings Challenge is similar to a game of Yahtzee. The 52-week year has a dollar value for each week. Each week your goal is to try to save the highest amount that is still available from the bottom numbers.
While the highest dollar amount is the goal, there will certainly be weeks when you aren’t able to save the full amount. You write down the amount that you can save each week and then cross it off. It is very similar to Yahtzee. You are trying to achieve a Yahtzee by rolling the dice. However, depending on the outcome of the roll, you will try to obtain the highest number possible from the open hands left on your card. You’re still doing the same thing in this challenge, but you’re only saving dollar amounts each week. You would then X out $42 from the bottom of the chart, and deposit it into the week one deposit line. Since it’s the first week, this would be your balance. You can save $18 in week two. You can X out $18 from the bottom of the graph and put $18 on the deposit line. The balance for week two would be $60 ($42 + $18). You are able to save $50 in week three. Cross it off, add it and you end up with $112. You have a bad week in week four and only manage to save $1. You mark it off, deposit $1 and increase your balance to $113.
Because each week you select the amount you want to save based on your financial situation (with the goal of saving the highest dollar amount available at the bottom), you won’t fail this challenge because you had a few bad weeks. Everybody has good and bad weeks, and they are not all the same. By trying to save the most you can each week which takes into account the financial realities of that week, it gives you much needed flexibility and a better chance of success compared to having a set dollar amount you must save each week that corresponds to that specific week.
Advantages Of The 52 Week Savings Challenge
Another advantage is that there is no need to begin this challenge at the beginning of the year, but you can start at any time. The first week is when you start (as opposed the the first calendar week). This means you don’t need to wait a half-year to start if this challenge is presented to you in the summer. Simply choose a day of the week to make your deposit and you are ready to go for an entire year. You can start today. You are still saving even if your first saving is small. Once you get into the habit of saving, you can find new ways to do so. You may find that once you get into the habit of saving, it is easy to increase your savings. There are many ways to increase your income. Here are some ideas that will work if you put the time into making them work.
Maximize Your Professional Options
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Invest For Extra Money
. Investing in income-producing investments is a great way to increase your income. To get started, stocks, bonds, and exchange traded fund are good options. You can start by downloading an app to invest, opening an account, and buying. Robinhood has a great tech stack, and they have millions of users. Here’s what you do:
Sign up with this link
Get approved
Link a bank, skip the deposit
- Claim free stockAfter that you just have to decide which securities you want to invest in. You can do this:Signup with this link
- Get approvalLink your bank and skip the deposit
- Claim the free stockAfter you decide what securities to invest in, you only have to choose the amount you wish to save.Once the money is earned, you will have to put it into your savings.
Do it yourself, but get some help
You may print the challenge sheet (pdf) by clicking here. You can print the challenge sheet by clicking here (pdf). Join the forum to share your experience with others. Kids versions are available that replace the dollar amount by quarters, dime, nickel or penny depending on the age of your child and how much he wants save.
Do it yourself, but get some help