52-Week Money Challenge (Save $5000 + Free Printable) (2024)

FAQs

How can I save $5000 with the 52-week money challenge? ›

Monthly savings: Saving $5,000 in three months equals a monthly savings of approximately $1,667. Weekly savings: Dividing $1,667 by 13 weeks gives a weekly savings goal of around $128. Daily savings: To reach this goal, you would need to save an average of $18 per day for the next three months.

The 52-week money challenge involves saving an increasing amount of money each week for one year. The challenge can be adjusted to fit personal financial circ*mstances and goals. Opening a high-yield savings account and utilizing automated savings features can help make the challenge more manageable and successful.

It's a simple, low-tech way to gamify your savings. You label 100 envelopes 1 to 100, and over 100 days (or more), whatever number is on the envelope you select, you stash that amount of cash in there. The math works out to $5,050 when you're done! (1 + 2 + 3 + 4 . . . you can double-check us if you want.

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.

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.

Breaking down the amount you need to save in shorter intervals can help you make concrete changes to your monthly budget and make the end goal more tangible. If you wanted to save $1,000 in three months, for example, you'd need to save roughly $84 per week.

There are no complicated rules to remember. 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!

Is the 52 week challenge worth it? ›

The 52-week savings plan

But know that this savings plan is effective, and it can help you sock away more than a thousand dollars in a year — $1,378 to be exact. You could build up even more if you put the funds in a high-yield savings account. Doing the challenge takes commitment, but it's easy to start.

Each time you save shade each circle of any 5, 10, 15 dollar, to save the full 1070 in your own time. Saving can be hard but with this you can make it a fun challenge. Safe enough a week to add to the savings pot. Get healthier with your finances and savings.

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.

The 52-week savings plan

If you're new to the 52-week money challenge, the first month or so you might wonder if it will take 52 years to see progress because you start so small. But know that this savings plan is effective, and it can help you sock away more than a thousand dollars in a year — $1,378 to be exact.

The 52 week saving challenge - save £1,378

Essentially, you save £1 for each week you are on in the year. So week one = £1 and week 52 = £52. Like the larger daily challenges, this will require other savings efforts as you'll be putting some significant sums of money into your savings pot by the end.