Let kids try the 52-week savings challenge (2024)

FAQs

What is the 52 week rule for savings? ›

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!

If you want to save up $5,000 in a year, start by saving $4 in the first week, $8 in the second week, $12 in the third week, and so on. After 52 weeks, you'll have saved $5,512.

There are no hard-to-understand formulas, just simple savings with this money challenge. Starting with day one, your children save 25 cents. Day two they save 50 cents. Their deposits level up throughout the month, by adding one more quarter to each day's beginning balance.

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.

Monthly savings: Saving $5,000 in three months equals a monthly savings of approximately $1,667. Weekly savings: Dividing $5,000 by 13 weeks gives a weekly savings goal of around $385. Daily savings: To reach this goal, you would need to save about $55 per day for the next three months.

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.

This 12-month savings challenge encourages you to save money every month. Savers begin with £10 and gradually increase each month. Multiply the month by 10 to calculate the savings you need to set aside. For example, you'll save £10 in the first month (January) and £20 in the second month (February).

3 Months Money Saving Challenge Book

Every week for 12 weeks, choose the amount you want to save then, save the amount of money indicated in each shape, every time you do you color in the square so you know you did that one already, and place the funds on your envelope!

If you save $11-12 every weekday, for 52 weeks of the year, you get about $3,000. Now, if you also eat out a lot for dinner, eating in for dinner would save you just as much.

How can I save $1 dollar a week for 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.

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.

The idea is simple – you start by saving $1 at the end of week 1, $2 at the end of week 2, and so on until the end of the year, and by then you will have amassed $1,378!

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.

The 52-week saving challenge is an exciting way to start saving some money. Basically, the challenge dictates that you set aside a fixed amount of money each week, starting with $1. Thereafter, you increase the amount you save every subsequent week by an additional dollar.

Little changes can make a BIG difference.

Saving just 10 dollars a day would mean $3,650 more each year to invest in your future. Saving 20 dollars a day adds up to about $600 a month or $7,300 each year!