Do you want to increase your savings but lack a simple plan? Here is an easy 52 week savings challenge to help you save $10,000 in a year.
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There are a lot of money hacks that can improve your life. One of them is 52 week savings challenge, which is a fun and creative way to boost your savings and learn how to save money effectively.
52 week savings challenge
The idea behind 52 week savings challenge is to set aside some amount of money every week for 52 weeks in a row to save money. I suggest setting a big goal of achieving $10,000 by the end of the challenge. It sounds challenging but very promising, right?
Just imagine having a spare 10k in your bank account. What would you do with that amount of money? Make your imagination work. Would it be paying off a college loan or a dream vacation? Or maybe it would be the first step towards early retirement? Keep thinking about all those things. Motivation will help to start and finish the challenge, no matter how hard it may seem.
How to start 52 week savings challenge
I love planning. Therefore I set goals and work towards them.
The best time to revise old goals and set new ones is the time around the New Year. A lot of people give New Year resolutions, and I’m one of them.
But you don’t have to wait for January 1st to start building savings. Instead, set the challenge starting today. No matter when you read this post, start taking baby steps toward building wealth.
Here is what you do to complete the 52 week savings plan
1. Determine the start of the challenge.
It can be the beginning of a year, but it can also be any other time. What matters is your desire to start the challenge and save money.
2. Create a separate account to see how the saving will grow.
When money saved during the challenge falls into a general savings account, money gets lost, and you don’t see the progress. Therefore you may get discouraged. Don’t fall into that trap. Create a separate savings account specifically for the challenge and see it grow.
3. Follow the plan.
Here is a great printable that will help you stick to the plan. You can print it out, save it to Pinterest, put it on the fridge or mood board, and cross the weeks as you work through it.
How to stay on track
Remember, we’ve imagined what would we do with 10k? Maybe it is a dream trip, or a new house, a better car?
When you visualize your dream, remember, that 52 week savings challenge can help you get there. So focus your attention not on the savings but on the things you can have or afford whenever you finish it.
Another trick to hack 52 week saving challenge is to increase your income. There are multiple ways to do so: from finding a side hustle and creating a passive income source to learning how to budget and investing in yourself.
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Benefits of 52 week saving challenge
Except for the obvious benefit of $10,000 in savings account by the end of the challenge, there are other good things to come along with it:
1. You will learn to budget.
No matter how much money you make, if you can’t budget and save money, then you’ll end up spending everything you make.
2. You will learn discipline.
No doubt that revising your budget and savings every week creates a routine and discipline.
3. You will learn how to work toward your goal.
To finish the challenge, you will find new ways to accomplish it and track your success.
4. You will create a habit of saving money.
According to Banckrate.com, 30% of Americans have no emergency savings. Moreover, only 18% can afford to live off their saving for around six months. This is an alarming situation.
Therefore it is very important to take baby steps towards financial security today.
Final thoughts
The great thing about challenges is that we push ourselves to achieve big goals and see what we are capable of. No doubt, that 52 week savings challenge may seem harsh for some. But for those who seek the opportunities and not excuses, there is always a way to achieve desired goals.