Wondering what’s the 52 weeks money challenge all about It is about believing that you have no excuse for saving money You can save for retirement or You can save for your dream vacation or Most important you can save for an emergency and Still not putting yourself into debt
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Problem with any money saving challenge is We tend to spend our money without any sacrifices Because if we sacrifice this means We fight against our good mood like Cutting our daily drive thru coffee
I believe in the 52 weeks money challenge It is a must mission for every household I will lay down below all the different amounts You can save in your money saving challenge
How much you can save in the 52 weeks money challenge
There are 5 different levels of saving money challenges The top 3 are very durable for everyone
You can choose and save one of the amounts below $1,378 $2,756 $3,000 $5,000 $10,000
(Image of the different plans)
Depending on your household income, Your determination and sacrifices You can challenge yourself to go for $5,000 or $10,000
By the way if 10,000 looks aggressive to you It is not as you think Because if are not donating to a religious place or a charity on a monthly basis Then it would be feasible to go for this amount Why? on average the sum of monthly donations for average household income It is around $7,800 per household If you save an extra $2,400 and you will reach the $10,000
How to complete the 52 weeks money challenge
When it comes to saving money We have different mentality here I personally like the decreasing method Because it makes me feel like I am getting a relief over time
Let me describe below each method To see which one suits you
Equal Method
Some people are very systematic They like to stick to a static plan that never changes Equal method is for those Who prefer to cut specific amount every week It works best with money saving challenge for Amounts like $3000 as you save $57 weekly, With $5000 you save $96 and with 10,000 you save $192 weekly
Ascending Method
This method works perfect for $1,378 , $2,756 and $3,000 You may prefer to start low and in your mind You set money aside to cover the increase of saving challenge As you approach the end of the year
Descending Method
With the decreasing method You assume a couple of things When you get bonus on the first or second paycheck This is a good change to use to pay several weeks on high amount Going to the end of year for the Christmas time You plan to go slow as it is time for exchanging gifts
Erratic Method
If you are of this mentality Who hates any kind of obligations You would like to keep it loose I still recommend you to write it down
I don’t want you to keep it loose and at the same time Writing down a plan you still be tied to a plan What I meant is that most of us in North America are getting paid biweekly This means we have 2 extra paychecks during the year
If you plan to start in January I don’t think you will be erratic on when you will start Look at the upcoming fiscal year and manage to check How many payday checks moving during the 52 weeks For most of us it is on Fridays Keep in mind to pay big amount on these extra paycheck days
Also plan to pay big amount on the week you get your bonus Don’t forget the tax season if your household get tax returns In your case, I would say move all the money to your money saving challenge
Different plans in the 52 Weeks Money challenge
Although I am a big believer in saving money I rather recommend to start with low level plan first If you go with the $10,000 and you break it You will lose confident pursuing the money saving challenge again So take it easy if you have never done it before
52 weeks saving plan for $1,378 in ascending method
Let me tell you why $1,378 This number came with saving one dollar for week 1 Increase it by extra dollar every consecutive week This means you save 2 dollars on week 2 followed by 3 dollars for week 3 and so on
If we do the math as shown below by week 52 you will accumulate $1,378
52 weeks saving plan for $1,378 in descending method
Same as above but I reversed the savings This means I save more on week 1 and I decrease the amount by 1 till the end of the year
Both ascending and descending methods in the $1,378 challenge are typical I don’t think saving $52 in week 1 is a big deal
52 weeks saving plan for $2,756 in ascending/descending methods
I double the $1 saving money challenge Which I think it is still durable Again I combined both plans as they are similar to above
With Increasing you start saving $2 dollars on week one Increase it by extra 2 dollars every consecutive week Plan ahead especially in Halloween and December time Usually spending is higher due to holiday season
With decrease plan you pay the highest payment first of $104 on week 1 and decrease it as you go along This is my favorite plan as you start high Then every week you get a relief
52 weeks saving plan for $3,000 in ascending/descending
If you make it on $2,756 then you would be able to go for $3,000 without any challenges
I added an extra $4 to all weeks under $2,756 plan This will come up to $2964 with a difference of $36 to reach the $3,000 Just pay an extra $3 dollars for week 4, 8, 12 till week 48
52 weeks saving plan for $5,000 in equal method
In the $5,000 I couldn’t add like $40 to every week of the previous $3,000 plan The amount here is significantly big It is better to approach it in a wave technique
You start with $40 for week 1 add extra $40 for the next 4 consecutive weeks Week 1 = $40, week 2 = $80, week 3 = $120 and week 4 = $160
Then you drop back again to $40 on week 5 and repeat the cycle again till you reach $160 for week 8 and so on
By the way this will accumulate $5,200 by the end of the year That’s why I modified the plan to keep it till week 12
52 weeks saving plan for $10,000 in erratic method
I couldn’t find a systematic way around the $10,000 The reason is if I double the $5,000 weekly payments It will be $80, $160, $240, $320 which is very tough for any family
I found that if you get bonus for year end Plus if you collect a decent tax return Along with the 2 extra paychecks during the fiscal year I managed to pay $400 around those weeks Dropping the amount to $50 or $75 the following week
I don’t know but it is something I wouldn’t do it But again it all depends on your household income If you get an annual bonus as some companies pay up to $8,000 Plus if you get a good tax return on tax season
52 weeks saving plan for $10,000 in erratic method
What other challenges beside the 52 weeks money challenge
Again as I said above Although I tried to show that the $1,378 plan saving $1 on week 1 To sound like it is easy and affordable for everyone
Some people cannot save weekly of around $50 especially When reaching the holiday time Even if you reverse it with saving 52$ on week 1 It will not help if you are try to recover from Extra spending during November and December
You can pursue other challenges like
104 weeks saving plan for $1,378 in ascending/descending methods
If you successfully complete the 52 weeks saving plan for $1,378 Instead of going for another 52 weeks saving plan for $2,756 You can continue on the same $1 every week for another 52 weeks This will accumulate a total of $5,460 at the end of the second year
26 weeks biweekly saving plan for $1,378 in ascending/descending methods
According to most of the us we get paid biweekly This means if you pay the contributions when you get paid You have to pay 2 weeks combined For example week 1 you pay $3 Which is 1$ for week 1 plus 2$ for week 2 Week 3 you pay 7 which is $3 for week 3 plus $4 for week 4 and so on
The no spending challenge
This is completely different challenge You are not challenged to save money But you are asked to stop spending What about if you spend on your basic needs not on your wants
Perhaps you have to consider saving on basic things and Stop spending on extra unnecessary items like
You have to go through your credit cards and analyze your spending
The spare change challenge
Get a piggy bank and save any coins With mobile apps trends You can download many apps to Round up your change into an investing account
It will get linked to your credit cards If a cappuccino is $3.25 It will withdraw $0.75 to the app and invests it
Apps that can help you do that are WealthSimple Invest and Save for Android and iPhone Also Mylo round up your purchases for Android and iPhone
Steps to follow to help you in the 52 weeks saving plans
To make sure you have all the tools you need before you start the 52 weeks money challenge
Start by opening a saving account and make sure it is the kid that gives high interest
Download your bank app on your mobile phone to make transfer between accounts very convenient
Set a weekly reminder on the paycheck day to complete the weekly contribution before other commitments
Since you have no intention of touching the money you can switch any savings to guaranteed investment certificate GIC these are locked and you have to keep them to the end of its term
Finally if you like my 52 weeks saving challenge you can click on the download it link to save a copy for yourself
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