52-Week Saving Challenge 2020

March 6, 2020

You may have heard of the 52-week saving challenge. We all know it is essential to save money, yet so many of us find it difficult. But, what if there was a way to save $1378 in a year easily? Agreeably, most of us would like to save this amount, while not feeling overburdened, so how do we go about it?

Read on to find out more!

What do I need to do?

It’s very simple, really! In the first week that you choose to start the savings challenge, you put away $1. On the second week, you put away $2, on the third week, $3 and so forth. By week 10, you will be putting away $10. By the final week of the year, you’ll be putting away $52. If you do this from January 1st, through to the last day of 2020, you can save $1378.

For example:

Just imagine- it could mean Christmas 2020 is almost paid for. The money could be used to treat yourself to something you wouldn’t usually be able to afford upfront. You may have been looking at a new television or a laptop. Not to mention, it could go a long way in helping towards your next holiday or a dream wedding.

How do I save the dollars?

There is more than one way of doing this:

  • If you can be strict with yourself- trusting you won’t dip in at a later date- you could just add the cash to a jar. To help you keep track, you can keep a tally. There are many downloadable charts available online for you to print and then strike off each completed week (see above)
  • If the urge to regularly raid a money jar is too real, use a savings account. You could log in to your online banking and transfer the money every week to a savings account that you set up for this reason. This way, your money is also working for you by gathering interest.
  • Save any loose change and see what it adds up to at the end of the week. You may find you have enough to put in your jar without even realising.

What if I find the challenge hard at times?

If this appears to be too challenging to maintain when coming up to Thanksgiving and Christmas, for example, have a think about the reverse 52-week challenge. Start off with higher payments that reduce as the weeks go by. It works the same as above but in reverse!

Similarly, you may find it easier to mix the weeks up. If you have a financially quiet April, put the extra away then rather than Christmas. Cross it off on your tally and have a more relaxed week at Christmas.

There are also some decent apps out there to help you save, 3 of which are listed here.

  • Qapital- this app has lots of tips and tools to help you save. The app is rooted in behavioural psychology and aims to put your personal goals at the core. Qapital says they save users an average of $5000 per year.
  • Chime- this app gives you a spending account, visa debit card and optional savings account. They offer a fee-free overdraft and no monthly fees. The money you save from that can be a bonus in your savings!
  • Digit- this app has “sophisticated algorithms” that learn how you spend. “Digit knows when to take a break and when it’s cool to save”. The app analyses spending and help you to save a perfect amount every day. Also, you get paid 1% every 3 months for saving.

What if I missed the start?

Don’t feel that you have missed out by not starting on January 1st. Why not start right now and see what you could save?

All things considered, if you miss a few days or it gets tricky around birthdays and Christmas, just remember- saving a few cents is still better than nothing at all. Don’t beat yourself up- any money saved is terrific! Together with a challenge like this to get you started, you’re halfway there.

After you’ve completed your challenge towards the end of the year but feel you need a top-up The Payday King could be able to help.

Click here to see if you are eligible!


 

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