Commit to This 52-Week Savings Challenge to Save $5,000 in 2023 (2024)

FAQs

Commit to This 52-Week Savings Challenge to Save $5,000 in 2023? ›

Here are a few more ways to save $5,000 by the end of 2023: Save $96.16 every week. Save $192.31 every two weeks. Save $416.67 every month.

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!

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.

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.

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.

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.

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.

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.

The 52-week money challenge not only allows you to save a substantial amount of money by the end of the year, but also offers a number of other benefits: You start with a small, manageable amount, making it less intimidating for beginners.

Cut Unnecessary Expenses From Your Budget

“If they are to cut expenses, start with subscriptions that can be given up for six months and then move to other discretionary income categories: eating out, clothes shopping, entertainment.

How much is 50 cents a day for a year? ›

Saving just 50 cents a day will get you $18,250 in a year. Let that si...

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.

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.

An Example

For example, consider a stock that in the last year traded as high as $12.50, as low as $7.50, and is currently trading at $10. This means the stock is trading 20% below its 52-week high (1 – (10/12.50) = 0.20 or 20%) and 33% above its 52-week low ((10/7.50) - 1 = 0.33 or 33%).