Do you want to save more money now? Join the 10000 savings challenge and start building wealth today!
Are you ready to save some money?
How about $10,000?
Saving money is hard, especially if you haven’t saved money before and don’t know where to start.
Many people have joined the 52-week money challenge, where you save a little bit of money every week for a whole year.
Even if you are not ready to set a goal of $10,000, you can still learn how to start saving money (and eventually build up to $10,000!).
Saving money will help you put more money towards your financial goals (or to pay off debt)!
Even if you don’t earn enough money to have a $10,000 goal, you can still start saving something today. Check out these tips below on how to find extra money to save or how to start a savings goal (even if it’s a small one!)
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What is the 52-Week Money Challenge?
The 52-Week Money Challenge is a budget strategy that will set you on a saving path for the next 12 months.
The idea is that you save a set amount of money each week for the entire year (52 weeks). Consistently saving in this way ensures that you will have a nice sum of money at the end of the year!
How to Start the 52 Week Savings Challenge
- First, choose a savings plan.
You can aim high – $10,000 in 52 weeks! Or, you can set a smaller goal that better fits your budget.
- Start now!
Don’t wait to make it a New Year’s resolution. Jump in now and move forward.
- Stick with it!
Determination will help you reach your savings goal, especially on month 6 when it starts to get hard and feel tedious (like a diet!).
- Keep track
Use a chart like this one to keep you on track and remind you of your goal.
- Automate saving
Set up an automatic withdrawal from your checking directly into your savings account. Out of sight out of mind.
- Keep a budget
For more tips on saving money and making extra money, check out the following articles.
Benefits of a 10,000 Savings Challenge (or, Why Do a Money Challenge?)
If you set a high goal of saving 10,000 (or even if it’s a bit smaller than that), there will be so many benefits if you stick with it:
- Saving money can be hard! (…and dull and difficult to continue). Change your mindset by making it a goal or a challenge and prove to yourself that you can do it!
- You will build up a good habit of saving money each month.
- This can help you develop great financial skills.
- Saving requires commitment and perseverance (if you don’t have these skills, you will develop them with a savings challenge!)
- Having a set plan will help you, instead of randomly trying to save some money here and there throughout the year.
- If you write down your goal and keep track, you will have a visual savings plan. This helps make saving a tangible and real goal.
- You will develop long-term saving skills.
- Conquering this challenge will give you further motivation to save more for a bigger financial goal!
How Much Money to Save with The 52 Week Challenge?
Many people want to save a lot! Of course!
A $10,000 savings challenge is a great financial goal!
With some hard work and planning you can make it work!
BUT, what if your budget is very tight?
Read on for tips on what to save on a tight budget, and what to do to increase your income as well!
The Original 52 Week Money Challenge
First, let’s review the original 52-week money challenge.
This is a popular money saving challenge where you start by saving $1 on the first week and increase by $1 each following week.
So, you would save $1 on week 1, $2 on week 2, $3 on week 3….and $52 on week 52.
ProTip: This method helps people who have never saved before (or who struggle to save). You build up a saving habit slowly over the coming year. Saving a little bit at a time will help you slowly adjust as it gradually gets more difficult week by week.
Reverse 52 Week Money Challenge
An alternative method to the original 52-week money challenge, is to start saving $52 the first week, then subtract a dollar each week until the end of the year.
So, you would save $52 the first week, $51 the next week, etc, until you save $1 the final week of the challenge.
ProTip: This method is great for people who tend to start out strong and lose steam, when people tend to have more motivation at the beginning of something than at the end (like dieting!). If you start by saving the most money, you will have the bulk saved in the first half of the year.
If you are starting in January (but you can start anytime!), you can do this challenge backward, starting with $52 on week one, down to $1 on week 52. Then, you are only saving $1-4 dollars per week during the holidays in December, a time when you may not feel like saving any money at all!
Tight Budget 52 Week Money Challenge
What if your budget is really tight?
Is it possible to still save some money on a 52-week money challenge?
Why not try and save half of the original challenge per week?
So, you would save $0.50 on week 1, $1 on week 2,… $26 on week 52.
ProTip: This method is helpful for people who live on a very low income or have a very high cost of living.
If you have a very tight budget, check out these articles for tips on how to stretch your dollars:
52-week 10,000 Savings Challenge
Ready to dive in and start some serious saving?
Then, the 10000 savings challenge is for you!
This will take some discipline and hard work but imagine how proud and successful you will feel at the end of 52 weeks!
For this challenge, you need to save $193 per week:
$193 x 52 weeks = $10,036
or $834 per month:
$834 x 12 months = $10,008
ProTip: This method is helpful for anyone who wants to save for a big purchase (like a downpayment for a house or a special vacation).
Get a chart like this one and post it on your fridge or somewhere prominent to keep you on track and motivated toward your goal
Where to Keep the Money from 10,000 Savings Challenge?
You absolutely need a separate bank account to put your savings!
If you keep it in your normal checking account, it will be too tempting to just spend it all.
Open a new account and set up an automatic withdrawal so that the money goes directly into your new savings account.
What to Do with the Money from 10000 Savings Challenge?
Start by setting a financial goal that you can work towards.
Then, you can celebrate when you reach your goal!
What are some things you can do with money from a 10000 savings challenge?
- special vacation
- new furniture
- downpayment on house
- set up an emergency fund
- pay off debt
- invest in real estate or the stock market
- have fun!
If you want to adjust the savings goal or weekly amounts, just use this blank template. Fill it out to set your own goal and contributions.
How to Find More Cash for the 52-Week Savings?
Would you like to up your game and add more cash to your weekly savings?
If you are really motivated, you can think outside the box and find creative ways to make more cash to add to your weekly amount.
- Make it part of your budget. Include your 10,000 saving challenge money in your budget planning for each month.
- Sell anything you don’t need. Use Craigslist, Facebook Marketplace, OfferUp, or other selling platforms to get rid of items and add the cash earned to your challenge money.
- Cut down on expenses. Not sure where to start, check out this article: Frugal Living Tips to Save Money
Side Gigs to Make Extra Money to Put Into the 10000 Savings Challenge
Besides cutting expenses, you can also try finding a lucrative side gig to help increase your income (and savings money!)
For money-making ideas, check out these articles:
- How to Make an Extra $1000 per Month
- Jobs for Homemakers
- Side Gigs for Single Moms
- Ideas for Kids and Teens to Make Money
Savings challenges are a little like dieting: tough, but worth it! Stretch yourself and your budget a bit and try a 10000 savings challenge now!
Even if you can’t find enough to follow the 10000 savings challenge, grab this printable and make a plan that fits your budget and start saving something today!