52 Week Personal Savings Challenge

The 52 Week Personal Savings Challenge

I’ve heard many hype and criticism about a 52 week money challenge.  I’ve also read many comments in blogs that have given the 52 week challenge.  I myself know I could not have done a 10 week, let-alone a 52 week challenge, without “dipping in the till” as I would have said it at one time in my life.

Truth be told, with as much as I have gotten a handle on my finances and disciplined myself mentally, I’m still not sure that I could do it. So I’m just going to have to take the challenge. My wife and I started three weeks ago.  I’m taking the route of dipping my toe in slowly. Doing the, sometimes referred to as, the Standard 52 week Challenge: Week one $1.00, Week Two $2.00, and so forth until I hit week Fifty Two when I’ll put in $52.00.  That will amount to a nice tidy total of $1,378.00 for me and $2,756.00 for both of us.

Counting the cash at the end
Counting the cash at the end

Begin today think of it as another way to Pay Yourself First.  Come join us in this challenge, if you want to catch up with us were only at $10.00. The other option is to begin today with the $1.00 invite a friend or family member to join you.

Subscribe below and receive updates on how there’s ways to make it easier and other fun ways to save money.  Use the comment section to communicate with others doing the challenge, create a discussion group for the next 52 weeks.  Meet people from around the world.

We will “chat” along the way as we remind one another to make the deposit in our jars, boxes, banks, or whatever or wherever option you choose to save.  We’ll also share tips with one another to help make it easier for whoever may have difficulty with the challenge.

Your goal in this challenge is not to save a specific amount.  The true goal of this challenge is a lifetime change to help you to form the habit of saving money each and every week.

Choose your method how you want to save. But don't hesitate Start today!
Choose your method how you want to save. But don’t hesitate Start today!

If the Standard 52 Week Challenge is not “your cup of tea” here are a few more options. Click on them to view the challenge worksheet.

Simple $26.50 Challenge – Here you just go to the bank or credit union and open a direct deposit for $26.50 for 52 weeks and you’ll get the total of $1,378.00.  Heck! If you can do it for 52 weeks, then ride it and grow to an emergency fund.

Reverse Challenge – Some people prefer to Eat the Big Frog First and want to start with $52.00 the first week and work their way down to $1.00 the final week of the challenge.  This might not be a bad idea it might lesson the pain around the holidays.  It simply means they’ll pay more in the beginning and less pain with more motivation in the end.  It might even encourage them to put more money in towards the end.  What a way to build a savings habit.

Bi-Weekly Challenge – Make it more convenient for those who get paid bi-weekly (every two weeks). if you change the amount and frequency of deposits you’ll still end up with the same amount each year.

Bi-Monthly Challenge – If I were still in the military, this would probably be my choice for the challenge. Instead of getting paid every two weeks, we got paid on the 15th and the 30th of the month. Here once again, by adjusting the amount and frequency of deposits you’ll still end up with the same amount each year.

Monthly Challenge – for those who get paid once per month this reduces the 52 week challenge to a 12 month challenge.  Somehow that sounds easier until you have to put that one lump money aside.

Double Challenge – if your more motivated that most double the monies you put away each week instead of $1.00 your put away $2.00 and at the 52nd week you Put in $104.00  for a whooping total of $2,756.00.

Couple Doubles – My wife and I are doing the couples double she’s doing the $1.00 to $52.00 a week, and so am I.  She thinks I don’t know it, but the only reason she’s doing it is to keep me on track.  Smart Woman! In the end we’ll have $2,756.00.  “It’s the start of the summer 2016 now.  Where we going sweetheart in the summer of 2017?

Build Your Own Challenge – Take the challenge by building a challenge that meets your needs. You may be someone who could save $100.00 per week and that’s great! The challenge is to save and encourage others along the way.

As we progress through the 52 weeks, we can check in with one another and discuss what we intend to do with the money we will have saved in the 52 weeks.

We can discuss the experience and set up for another 52 week challenge (my wife’s has to be smiling to hear me say this) possibly taking the challenge in a different way.

Begin teaching children the discipline of saving.
Begin teaching children the discipline of saving.

Don’t leave the children out – if they get an allowance or earn money invite you children to get involved make it fun. Have them check up on you weekly as you will also check up on them helping them to build a good habit of saving.  If they don’t get an allowance I can’t see a better reason to start them on one.  The 52 week money challenge is an excellent way to ease in to conversations about personal money management with your children.  It can be done with the pennies or quarters challenge.

If you feel comfortable enough, allow your children to make a comment or two on the Blog FreeFinLit101.com to encourage other children to take a 52 week challenge.

When your children have saved a certain amount of money, take them to the bank and open a savings account.  Oh, and before you leave the bank stop and tell the bank manger you got the idea from FreeFlinLit101.com.

Let your children make regular deposits as the 52 weeks challenge goes on and encourage them to make deposits after it’s over.

What would you do with the money you save?
What would you do with the money you save?

Taking the challenge is win, win.  When you complete the challenge and you end up with $1,378.00 or more in savings to use as part of your emergency funds, to make a special purchase, or go on a trip for the summer which is when this 52 Week Challenge ends.

The other win is, if you subscribe below, you receive emails with other great fun ways to save.  You will meet others in the comments and hopefully become friends.  Other challenge takers will need your encouragement and motivation throughout the 52 weeks.  Become a part of a Worldwide 52 Week Challenge, subscribe, introduce yourself and leave your comments today.

 Don't Delay
Don’t Delay

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