The 52 Week Mini Money Challenge

For those who are on a tight budget, or who are learning to save money for the very first time, you may want to skip the standard 52 week money challenge and instead opt for the mini half version (You may also want to check out the 365 day money challenge which saves a similar amount, but is done on a daily basis beginning with a penny.). The concept is exactly the same. Each week you save a designated amount that corresponds to that week, but instead of beginning week one with $1, the mini challenge cuts that amount in half so that the first week only $0.50 should be saved. Then an additional $0.50 is added for each week of the year. In week two, $1 needs to be saved, in week three, $1.50. This continues until week fifty-two when $26 needs to be saved. At the end of the year, you will have $689 in your account following the mini half challenge:

52 Week Mini Challenge (click on image to print)

While this challenge only saves half the amount of the original challenge, the amount isn’t the main point of the challenge. For those who are living paycheck to paycheck, the most important thing is to begin saving something. Even a small amount is better than nothing at all. It’s the process of getting in the habit of saving on a regular basis that’s important. Once that habit becomes established, you’re in a position to save as much as you want. You can move onto the regular challenge or even try a double challenge. The first step is establishing the habit so that any amount desired can be saved in the future.

The one drawback following the above steps is that the largest amounts need to be saved at the end of the year when budgets are often at their tightest due to all the holiday activity. Even when doing a mini-challenge like this, the increased amounts at the end have the potential to be an obstacle that makes some people decide to quit. With that in mind, we have put together an alternate version which allows you to do the challenge with more flexibility during the year.

52 Week Mini Half Alternate (click on image to print)

With this version, you decide how much to deposit into your account each week. When things are good, you can knock off the higher amounts, and when things get tight, you can opt for a lower amount. While you should always shoot to put away the highest amount listed on the chart, if you aren’t able to reach it for some reason one week, you can still cross off the amount you did save and continue on with the challenge. In the end, you save the exact same $689, you just do it in a way that fits your lifestyle rather than trying to adjust your lifestyle to the chart.

As with all of the 52 week challenge variations and options, the most important aspect is choosing the one that best fits you and your lifestyle. By choosing the one you have the most confidence in completing, you have a much better chance of success. And as mentioned earlier, the first time doing this isn’t so much about the actual amount saved, but that you get the savings process started. Below you’ll find some more challenge options that are worth investigating and considering as well.

365 Days
52 Week Standard
52 Week Variation
52 Week Make Money
52 Week Kids
26 Bi-Weekly
24 Bi-Monthly
12 Monthly

Zero Effort Money Saving Hacks

Money challenges aren’t for everyone. You may be looking for a more hands-off approach to saving. For people that want saving to be effortless, there are smartphone apps like digit.co. Digit analyzes your account balances and automatically withdrawals small amounts of cash and places it into savings for you. Check it out at digit.co.