52-week money challenge guide | Fidelity (2024)

Table of Contents
Key takeaways What is the 52-week money challenge? 52-week money challenge* How to do the 52-week money challenge Advantages of the 52-week money challenge Saved some money? Now put it to work. Try the 52-week challengeLog In Required Visit the Fidelity Learning Center Looking for more ideas and insights? Thanks for subscribing! We're on our way, but not quite there yet Oh, hello again! Thanks for subscribing to Looking for more ideas and insights? You might like these too: Fidelity Viewpoints® Decode Crypto Fidelity Smart Money℠ Active Investor Insights from Fidelity Wealth Management ℠ Women Talk Money Educational Webinars and Events FAQs

A guide to saving throughout the year.

Fidelity Smart Money

52-week money challenge guide | Fidelity (1)

Key takeaways

  • The 52-week challenge starts with saving just $1. If you stick with it, you could have more than $1,300 by the end of the year.
  • Review the various account options for your savings.
  • Savings challenges are meant to complement, not replace, larger savings guidelines.

By this time next year, you could have an extra $1,300 in savings. And all you need is $1 to start. Meet the 52-week money challenge—a simple plan that could help you turn relatively small weekly savings throughout the year into a tidy sum.

What is the 52-week money challenge?

The 52-week money challenge could help you build a savings habit by putting away an amount of money that corresponds to the week you save it.

So, start with $1 in week 1. In week 2, save $2. In week 3, save $3. In the last week, save $52—you’ll have stashed away a total of $1,378.

52-week money challenge*

52-week money challenge guide | Fidelity (2)

* For educational purposes only. The illustration assumes the contributions are made weekly and added to each subsequent week for 52 weeks.

How to do the 52-week money challenge

To do the 52-week money challenge most effectively, you’ll want to pick an account to park your savings in. You could opt for a normal checking or savings account. Or you can consider the following options that may be offered at banks or other financial institutions.

  • A high-yield savings account. Think of this as the savings account you already know and love—with an extra kick. As the name implies, the interest rates you’ll find on high-yield savings accounts typically exceed the national average, which can help your savings grow. High-yield savings accounts are generally available with FDIC insurance.
  • A cash management account. Cash management accounts are a special type of brokerage account that functions kind of like a hybrid checking and savings account. They also allow you to buy securities including certificates of deposit (CDs)—investments that generally pay a set rate of interest over a fixed time period.
  • An investment account. Whether you opt for a regular taxable brokerage account or a tax-advantaged retirement account like an individual retirement account (IRA) , investing your money, while risk of loss is involved, could give it a chance to grow over time. You may associate these types of accounts with investments such as stocks, bonds, mutual funds, andmoney market funds.

Advantages of the 52-week money challenge

It establishes a savings habitWhether you’re a long-term saver looking to spice things up or you’re just getting started with your savings journey, trying (and sticking with) the 52-week money challenge can help cement a savings habit. After a year of regularly saving money, you may find yourself more motivated to continue saving going forward.

See Also
Commit to This 52-Week Savings Challenge to Save $5,000 in 2023What really happens if you save one dollar a day?Save $500 in 30 Days ChallengeHow to Save $5,000 in 3 Months

Keep in mind that ideally the 52-week challenge isn’t your entire savings strategy, but a complement to it. You’ll still want to work toward saving Fidelity’s suggestion of at least 15% of your pre-tax income for retirement including any company match and 5% of your post-tax income for short-term savings.

52-week money challenge guide | Fidelity (3)

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It may highlight your spending habits If you aren’t a natural saver, the idea of saving $52 in the final week of the challenge may seem like way too much. But saving $1 in the first week sounds doable. The 52-week money challenge allows you to work up to that milestone after a year of building your saving habit. If your budget is tight today, you have plenty of time to figure out how to free up more money to save. Check out our guide on how to budget to start getting a handle on your spending and saving.

You'll end the challenge with over $1,300 saved If you successfully complete the 52-week money challenge, you’ll have $1,378 set aside. You may have that earmarked for a specific financial goal —or you may choose to put it in a high-yield savings account as the start of emergency savings, if you don’t already have one.

You can personalize it to fit your needs and goals While the formula laid out above is the most common way to complete it, it isn’t the only way. You can customize it to help you reach your personal money goals and preferences. For example, if you want a hands-off approach to the challenge, you could automate a transfer from your checking to savings account for $26.50 each week and wind up with the same amount. You can also adjust the amount you contribute so you have more than $1,378 at the end of the year.

Also, you don’t have to align the 52-week challenge to any particular time of year. But it can also be a New Year’s resolution if you want to focus on saving.

Saved some money? Now put it to work.

Find ways to spend, save, and help grow your money for today and tomorrow.

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52-week money challenge guide | Fidelity (2024)

FAQs

How much money will you save with the 52 week challenge? ›

Week 1, you save $1.00. Week 2 you save $2.00, and it continues through the year, adding one more dollar to each week's savings goal. By Week 52, you'll set aside $52.00, which will bring the year's total savings to $1,378!

Read On ›
How to save $5000 in 3 months with 100 envelopes? ›

The 100-envelope challenge is pretty straightforward: You take 100 envelopes, number each of them and then save the corresponding dollar amount in each envelope. For instance, you put $1 in “Envelope 1,” $2 in “Envelope 2,” and so on. By the end of 100 days, you'll have saved $5,050.

Discover More Details ›
How to save $5,000 in 3 months challenge? ›

You can save over $5,000 in just over three months with the 100 envelope challenge. It works like this: Gather 100 envelopes and number them from 1 to 100. Each day, fill up one envelope with the amount of cash corresponding to the number on the envelope. You can fill up the envelopes in order or pick them at random.

Continue Reading ›
How much is $1 a day for a year? ›

If you saved $1 a day for a year, do you know how much money you'd have? Roughly $30,000. This is totally 100% true.

See Details ›
What is the envelope budget trick? ›

To begin, a good rule to follow is the 50/30/20 method: 50% of funds go to needs, 30% wants and 20% to financial goals. Make an envelope for each category that applies: rent, utilities, phone bill, gas, groceries, emergency, savings and leisure. Put aside cash in each envelope corresponding to the amount used.

Find Out More ›
What is the 5 10 15 dollar challenge? ›

The challenge is simple: Save $5 the first week, $10 the second week, $15 the third week, and so on until you reach $260 in the final week. You can start the challenge at any time, but it's easiest to start at the beginning of the year. You can save the money in a jar, envelope, or savings account.

Tell Me More ›
What is the 52 week rule? ›

Start with the base amount you want to save each week, then the rule adds $1 every week for a year. For example, if you start with $5 on week one, you'll save $6 on week two, $7 on week three, and so on for 52 weeks. In a year's time, you would save a total of $1,568.00.

Show Me More ›
How to save $1,000 in 52 weeks? ›

Match each week's savings amount with the number of the week in your challenge. In other words, you'll save $1 the first week, $2 the second week, $3 the third week, and so on until you put away $52 in week 52.

Explore More ›
What is the $100 in 30 days challenge? ›

The goal of the Challenge is simple: save $100 in a 30-day time period through a series of gradually increasing deposits. November has 30 days so every day is a savings day. As shown in the picture below, daily savings deposits start at $1 a day for five days followed by $2, $3, and $4 each for five days.

Continue Reading ›
What is the 30-day cash challenge? ›

One way to make saving money easier is to try the 30-day savings challenge. Here's how it works: When you have the urge to make an impulse purchase, wait for 30 days and give yourself time to think about it. While considering the purchase, deposit the money you need for it into a savings account.

Show Me More ›

Does the 100 envelope challenge work? ›

My Experience with the 100 Envelope Challenge

In the end, I didn't make it to the goal of $5,050. But the good news is that after 42 days of actual saving, I did squirrel away $1,627 without really feeling the burn. I started strong. I'd take $300 or so out from the real bank in varied denominations each week.

Read The Full Story ›
How much do you save with the 100 envelope challenge? ›

Take stock of your savings At the end of 100 days, you'll have 100 envelopes containing $5,050. That's right—1 + 2 + 3 + 4 and every other number through 100 equals just over $5,000.

See Details ›
How much will I make if I save $50 a week for a year? ›

If you invest $50 per week, that's the equivalent of $200 per month, or approximately $2,400 per year. Over a 30-year period, that would result in more than $72,000 in savings. It's a good chunk of savings, but it isn't a life-changing amount. This is where the power of compounding comes into play.

Get More Info Here ›
How do you do the 1 to 52 week savings challenge? ›

With this challenge, you save weekly rather than daily. And this amount goes up incrementally. Essentially, you save £1 for each week you are on in the year. So week one = £1 and week 52 = £52.

Continue Reading ›
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