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There’s a 52-week Money Challenge that’s been floating around the web for some time now and guess what? It really works! The savings plan was created by Kassondra Perry-Moreland after she grew tired of working over 50 hours a week as a 911 dispatcher without any savings. If you find yourself in a similar situation or you simply want to put money aside for a rainy day fund, special purchase or trip then this challenge can help you reach your goal without any complications and intimidating financial jargons. Heck, you don’t even need a savings account for this, a jar will do just fine.
How does the challenge work?
The concept of the challenge is super easy! You start by saving $1 the first week then you’ll increase the amount by a dollar for each week thereafter ($2 in Week 2, $3 in Week 3, etc) until you reach Week 52. Your final deposit of $52 will bring your total savings up to *drumroll* $1,378! What’s great about this plan is that it is very adaptable, unlike other rigid savings plans which generally require you to make fixed lump sum deposits in a bank account. You can tailor the challenge to fit your budget and goals, for instance, you can do it in reverse, where you start by making bigger savings then gradually decreasing amount ($52 the first week, $51 the second and so on) or you can try doubling the weekly amount ($2 the first week, $4 the second, $6 the third, etc) which will add up to a $2,756 total at the end of the year. Pretty sweet, right?
I’ve noticed some positive changes in my spending habits since taking on this challenge. I’m a notorious impulse buyer but after starting this challenge, I now think twice about what I spend my money on mostly because I want to be able to save without feeling like it’s a hassle and also because this challenge draws your attention to how quickly small amounts of money can add up. If you’re ready to take on this challenge, here’s a PDF copy of the savings calendar which you can print to keep track of your progress. Give it a try and let us know how it goes.
Cover Image Credit: Freepik
You work too hard for your money to throw it all away on full price when you don't have to!