Struggling to save money? You’re not alone! Many people find it hard to build an emergency fund, especially when every paycheck barely covers expenses. But here’s the good news: saving doesn’t have to feel impossible.
Forget the myth that you need to save big chunks of cash all at once. Instead, start small and build your savings gradually. One fun way to do this? The 52-week money-saving challenge!
This challenge is perfect because it’s flexible and works for any budget. Start with just a few dollars each week and increase the amount as you go. It’s not only doable—it’s also surprisingly fun!
I personally love doing 52-week money-saving challenges. Each year, I try to complete at least two challenges to reach some financial milestones.
Ready to kickstart your savings journey? I’ve rounded up some of the best 52-week money-saving challenges for you. Pick one that fits your lifestyle, and let’s get started!
Where to Keep Your Savings
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Finding the perfect spot to stash away your savings is incredibly important. You want to make sure it’s safe, easy to manage, and has the potential to grow over time. While a good old piggy bank may seem like the perfect solution, not everyone has spare cash to drop in it every week. And let’s be honest—keeping your savings within easy reach can be tempting and might lead to spending it before you hit your goal.
If you’re looking for a convenient way to safely store your money, you might want to consider using automated savings tools that are available through various money-saving apps. By setting up automatic transfers, you won’t even have the chance to miss the money before it’s securely tucked away in your savings.
Note, however, that using automated savings tools may not work for some of the challenges on this list
Another option you might want to think about is opening up a high-yield savings account. Instead of keeping your challenge money in a place where it’s easily accessible for spur-of-the-moment purchases, you can transfer it into your savings account every week. Not only will this help you avoid any spontaneous spending, but it will also allow you to earn a bit more through interest over time.
A high-yield savings account can offer interest rates as generous as 5%. These accounts give you the safety and flexibility of a regular savings account while also giving you the chance to grow your money with compound interest at a better rate.
How to Do the 52-Week Money Saving Challenge
The 52-week money-saving challenge is all about setting aside a small amount of money each week, gradually building up to a significant total by year’s end. The goal? To help you develop a consistent savings habit and slowly increase the amount you save over time.
This savings challenge is all the rage, and for good reason. You can always tweak it to fit your budget and financial situation.
Download These Free Trackers
Download these free simple 52-Week Money-Saving Challenges Trackers I created just for you! Save $1378 or $5200 in 52 weeks!
52-Week Money Saving Challenges You Can Complete This Year
Save $1000
The premise is simple: each week, you save a specific amount of money that corresponds with the number of the week in the challenge.
It starts off easy, with just $1 to save in the first week. Then, you bump it up to $2 in the second week, $3 in the third week, and so on. Each week, your savings slowly grow as you raise the weekly amount you put aside. By the final week of the challenge, you will be putting away $52. And by the end of the year, you’ll have $1,378 saved up.
But here’s the thing – you don’t have to feel bound by those numbers. I know, mind-blown, right? Well, those are just guidelines to help you stay on track. If you want to save more over the year and reach your savings goal faster, go ahead and bump up those numbers. Or, if money’s a bit tight some weeks, feel free to adjust the amount to fit your budget. It’s all about being flexible and finding a saving strategy that works best for you.
If you’re feeling impatient and want to see those savings add up quicker, you can totally change your strategy. You can start by saving $52 on week 1, then decrease your weekly savings by $1 until you’re only putting aside $1 on the last week of the year. That way, you can get to that $1,378 even sooner!
Or, if you prefer a more steady approach, aiming for an exact $1000 savings goal, here’s a tip for you. Start off by saving $10 per week for the first four weeks, and then bump it up to $20 per week until the end of the year.
If this is the ideal savings goal for you, then download my free printable above!
Save $500
Starting a rainy day fund but feeling unsure about where to begin? Whether you’re new to saving or just want to make your money stretch further, this challenge is the perfect starting point.
The idea is simple: save a little each week to build the habit without making drastic changes to your spending. For this challenge, aim to set aside $9.64 weekly. You can adjust the amount to suit your budget—save more or less, depending on what feels comfortable.
By the time you reach $500, you’ll have a mini emergency fund ready for life’s unexpected moments. Or, use it to treat yourself to a short trip or as the foundation for your next savings goal. The choice is yours!
Save $5200
If you’re aiming to stash away $5,000 for a big purchase or to beef up your emergency fund, then this challenge could be just the ticket for you.
For starters, you could take the straightforward route and save $100 every week for a year. By the end of 52 weeks, you’ll have reached your $5,200 target.
Download these free printables to track your progress!
But perhaps you’re up for a more exciting challenge that will accelerate your savings even more. In that case, why not try snowballing your savings?
Snowballing is a fun way to save where you start with a small amount and gradually increase your savings each week. It’s a bit like a snowball running down a hill – starting small but growing bigger and bigger as it goes.
Here’s how it works: Start by saving $20 in week one, then increase to $35 in week two, $45 in week three, and $125 in week four. For the next four-week cycle, bump up your weekly savings by $5 to $15. Repeat this pattern every four weeks until you reach your $5,000 goal.
This method keeps things interesting and gives you a sense of accomplishment as you watch your savings steadily grow!
Looking to stash away $5,000? You can find extra tips right here to help you reach your savings goal. They even have a handy printable to help you track your progress along the way.
Save $10,000
Saving money is something that has become a fun tradition for me each year. I love taking on different money saving challenges and seeing how much I can stash away. Out of all the challenges I’ve taken on, the $10,000 savings challenge is by far my favorite. No matter what my financial goals may be in the year, I always make completing this challenge a top priority.
The idea of saving $10,000 in a short amount of time might seem impossible at first glance, especially if you have other financial obligations to consider. But if you’re feeling up for a challenge and have your eyes set on a big purchase like a car or house, then this could be the perfect goal for you.
One way to approach this challenge is by breaking it down into manageable steps. To start off, deposit $125 on the first week, then increase that amount to $150 on the second week, $175 on the third week, and $300 on the fourth week. Then start the cycle all over again on the fifth week and continue until you reach your $10,000 goal.
Saving a large sum of money, such as $10,000 or more, might seem like a huge task. But guess what? You don’t have to go at it alone! You can team up with your significant other or family members to make it more achievable and have a support system to help you stay on track. When you have someone else to share your progress with, it can make the process less daunting and more enjoyable. Not to mention, it can also help you stay focused and committed.
If you think you’re prepared to embark on a $10,000 savings challenge, I have a printable that I’d love to share with you. It’s a simple tool that can help you stay organized and motivated as you work towards your goal.
Other Money-Saving Challenges to Try This Year
One Penny Challenge
The One Penny Challenge is the easiest money-saving challenge that can help you get into the habit of saving. Sometimes, setting a huge savings goal can feel daunting and overwhelming. But the One Penny Challenge will make it easier and more manageable for you – perfect for those just getting started with saving!
So, how does the One Penny Challenge work?
Easy.
On the first day of the challenge, you save one penny. You increase the amount by one penny day after day. By day 365, you would have successfully saved over $600!
This may seem like a small amount compared to other money saving challenges, but it lays down the foundation for your savings habits. Now you know that you could save this much, little by little, as long as you are consistent, you know you can set and reach a bigger target next time.
The 26-Week Money Saving Challenge
The 26-Week Money Saving Challenge is inspired by the 52-week money saving challenge. It’s perfect for people who want to have a starter emergency fund of at least $1000 and be able to save it up in six months instead of one year. It gives you structure you can stick to while being manageable and doable for new savers.
Basically, you’ll start with a specific amount in mind, and keep adding that amount week after week. So if you start at $3 on week 1, you’d save $6 on week 2, $9 on week 3 and so on. By week 26, you’ll save $78, and your total savings would be $1,053.
I find this money saving-challenge really fun and doable. If you aim to save more, you can set a larger amount per week but still be realistic. The money you saved from this challenge could be your “starter” emergency fund or could be used for a somewhat larger purchase or pay off a huge credit card debt in one go.
Invisible $5 bill challenge
This is a classic money saving challenge, but I still enjoy doing it! But since we already moved to the Philippines, I use Php 100 ( around $2 in USD) and Php 200 (around $4 in USD) instead of $5. When I get a hold of these bills, I save them.
It’s also one of the easiest money-saving challenges to start with, basically because you don’t have to think about increments or schedules.
So with the invisible $5 bill challenge, you save every $5 bill you come across throughout the day. Whether you get $5 from your latest purchase, tips at work, or find them in pockets before doing laundry – you get to save it.
Also this challenge encourages you to use cash more often and use cards less, this challenge is for you! Using cash gives you the added benefit of really rethinking your purchases, so you’re less likely to spend on unnecessary items.
And while $5 may not seem like much, you don’t have to limit yourself to a specific number of $5 bills to save. Over time, your $5 savings will grow, and it might surprise you that you have enough to buy yourself a fancy gift, or considerably grow your savings or crush large debts.
Spare change challenge
This old-school money savings challenge never gets old, at least for me! I think this is perfect for young and new savers just because it’s easier and more doable. You save your spare change in a jar, piggy-bank or another secured container, and that’s it! It’s a fantastic way to get your kids to start saving.
If you think saving coins doesn’t count for much, you’re wrong. Just keep dumping all those loose change into the jar, and your savings should grow over time. In one year, you could save enough to buy Christmas gifts for your family, or pay a portion of your rent or mortgage, or just keep them to further balloon your savings.
Tip: a modern alternative to the spare change savings challenge is using round-up apps like Acorns and Stash. These apps take loose change from your purchases, round them up, and then invest them. Since these apps work in the background, you won’t ever forget about saving your spare change!
The 100 Envelope Challenge
If you’re more keen about saving physical money, and want to take the challenge to another level, you should give the 100 envelope savings challenge a try.
This is how it works: you have a hundred empty envelopes and write numbers one to 100 in each of them. Every day for 100 days, you pick a random envelope, and place the amount corresponding to the number written on the envelope. So if you pick envelope number 10, you put $10 into said envelope. Repeat the process until all envelopes are filled up.
By the end of this challenge, you’ll save $5,050!
You can modify this challenge by picking an envelope in sequence. Start with the smallest amount and you’ll build momentum in saving. And if you start with the larger amounts, saving becomes easier down the road. If your finances allow it, you can even double the amount so you can save more at the end of the 100 days. If you think it’s too hard, you can modify your savings goal or add more days to reach your goal.
Here’s a tip that worked for me: whenever I get more extra cash (say from commissions, bonuses or cash gifts), I pick envelopes with the highest amounts and fill them up first. That way, I can ease up on saving and choose smaller amounts when I find myself in a tough spot.
This money saving challenge trains you to save more money at a shorter period. You can use this for significant financial goals, like starting your emergency fund, starting a small business, funding your kid’s college or your own retirement.
Don’t stop there, though! Restart the challenge for a new goal next time.
No Spend Challenge
If you think your savings habit has become rusty, check out the No Spend Challenge. This turns savings into a game, making it more, challenging, yet still doable.
Here’s how the No Spend Challenge works: for a specific period, you will spend on anything except for the necessities. You can still buy food, pay rent or mortgage, pay for insurance and medical expenses, put gas on your car, and spend on utilities. You are allowed to spend money on anything that sustains your day-to-day life.
However, you won’t spend anything beyond that. You won’t buy new clothes, eat at fancy restaurants, take vacations, upgrade your devices or electronics.
The best part? All the money you don’t spend on such things should go towards your savings.
During the No Spend Challenge, you’ll have the opportunity to actually rethink you spending. Even if you initially planned to upgrade your phone or buy a new fancy bag, you get the time to ponder over these things, and you might end up not spending for them after all! That’s even more money you get to save!
The challenge to this challenge, pun intended, is you might cave in when the temptation arises. If you don’t plan ahead, you might end up getting takeouts, ordering deliveries or going online shopping.
It’s essential to plan for these things. Prepare a meal plan for this period, stock up your pantry and fridge with the necessary items, uninstall food delivery and shopping apps, and check out free entertainment around your area. Borrow books from the library, go on a hike, do board games and movie night at home with your family. There are so many ways to keep yourself from spending!
Christmas Saving Challenge
It’s a common experience for many of us to spend more during the holidays. The decorations, food, parties, gift-giving and vacations can quickly eat up on your budget.
That’s why I know it’s never too early to save for Christmas.
And this Christmas savings challenge will let you do just that. Good thing, you can find several Christmas saving challenge templates online, making it easier to keep track of your holiday savings. You can set your own goal amount, or find a ready-made template that breaks down that amount within a specific number of weeks.
Whichever you choose, committing to this money saving challenge ensures that you’ll have the finances to fund the holidays. You are less likely to get into debt and be less stressed when the new year comes. Knowing that you can spend guilt-free for the holidays without busting your budget or incurring new debt gives so much relief!
How to Reach Your Goal
Two years back, I made the big decision to invest in a condo unit, a commitment that definitely put a significant strain on my finances. To stick to the $10,000 savings challenge without feeling like I was missing out on anything, I had to get creative with budgeting and find ways to cut back on other areas of my spending.
I started preparing meals at home to save money on food expenses and cancelled unnecessary subscriptions that were eating into my savings goal. It was tough at first, but it felt great to see my savings grow.
Aside from cutting back on unnecessary expenses, I’ve found other ways to stay on track with my savings challenge while still working towards my other financial goals. I thought I’d share a few of these tips to help you reach that $10,000 milestone too!
Avoid unnecessary bank fees.
Bank account fees can really add up! According to a recent study by CFPB, Americans fork over an average of $250 a year on bank fees. And get this: 75% of those fees are from NSF charges. That’s a lot of money down the drain for something that can be easily avoided.
Simply switch to a free checking account and make sure to stash away at least 2-3 months’ worth of your monthly expenses. By doing so, you can free yourself from the burden of paying unnecessary fees every month and potentially save around $250 each year. That’s money that could be better spent on growing your savings.
Shop with a cashback card.
If you’re looking to build up your savings faster, another great strategy is to save money on your everyday purchases.
By using a cash-back credit card, you can earn a percentage of your purchase back in the form of cash rewards. This can be as high as 5%, which can add up to significant savings over time.
However, it’s important to note that using a cash-back credit card is only a good idea if you’re a responsible credit card user. This means paying your bill off in full each month and not carrying a balance. If you meet these criteria, then using a cash-back credit card can be a wise financial move.
Check out American Express cash back here.
Take on a side hustle.
When it comes to reaching your savings goals, cutting down on your expenses is a good start. But let’s be real- it can be tough to make significant progress by just tightening your budget. That’s where finding ways to bring in more money through a side hustle can make a real difference.
A side hustle is essentially a way to earn extra money outside of your full-time job. It can be a creative outlet, a passion project, or simply a means to supplement your income. If you love animals, for example, you could start a dog-walking business or offer pet-sitting services. If you have a talent for writing, you could freelance as a content creator or start a blog.
There are so many different side hustles that you can try your hand at. If you’re feeling overwhelmed by the options, don’t worry – I’ve got your back. Check out my blog post where I break down some of the best side hustle ideas for you to explore.
When is the Best Time to Start the 52-Week Money Saving Challenge
So, you’re wondering when is the best time to start. Well, the good news is, you can start this challenge at any time of the year! There’s no specific month or day that is deemed as the “perfect” time to begin saving money.
The key to success in this challenge is consistency and discipline. Whether you start in January or June, the most important thing is to stick to the plan and commit to saving a certain amount each week.
However, many people prefer to start at the beginning of the year, and it does make a lot of sense. Starting the 52-week money saving challenge at the beginning of the year gives you a clear starting point and a full 52 weeks to save up your money. You have a whole year ahead of you to work towards your goal and establish a saving routine.
The 52-week money saving challenge offers a simple way to improve your money habits and make saving a part of your daily routine. What’s so wonderful about this challenge is it’s flexible. Whether you decide to tuck away a few dollars or go all-in with larger amounts, every bit saved is a step closer to financial freedom.
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