A few years ago different challenges began to pop up on the internet. Whether it be a challenge to help you lose weight or save money people were (and still are) going crazy for them. One of the most popular of these online challenges was the 52-week money challenge.
What is the 52 Week Money Challenge?
The 52-week money challenge was designed to help people kickstart or add to their savings over the span of a year. Week-by-week you add to your savings until you reach the grand total of $1,378 at the end of the year. Finding a challenge like this helps many people stick to a savings plan (if they didn’t have one already). It is also a great way for those new to saving to get started. Challenges are also really excellent ways to develop good savings habits and they can be a fun way to get connected with other savers.
How to Do The 52 Week Money Challenge
If you’re interested in trying out the 52-week money challenge you’ll be joining a community of thousands of people that have done the same. Internet searches for the 52-week money challenge show that the challenge receives about 600,000 searches per year – it’s very popular.
The 52-week money challenge is fairly simple to follow. The first week (week one) you save $1; week two, $2; week three, $3. At the end of the year (on week 52) you will save $52 (illustrated in the photo below).
A lot of people start the 52-week money challenge but never end up finishing. One great way to solve this problem is to find some friends who can help you. A good place to do this is the savings advice forums. Many of the forum members are doing the challenge themselves and it is a good place to discuss any financial questions you might have. Click here to check out the forums.
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Other Fun Money Challenges
Because thousands of people have tried the 52-week money challenge there are many variations on it and the other money challenges out there to try as well. Many people have shortened it, made the savings contribution less or more. Here are just a few 52-week money challenge alternatives:
- Bi-Weekly Money Challenge
- 365 Day Money Challenge
- 12 Week Money Challenge
- $5 Bill Money Challenge
- Alternative 52 Week Money Challenge
- Reverse Money Challenge
- Money Challenge for Kids
- Money Challenge for Couples
- Money Challenge for College Students
You can also create your own money challenge by downloading and creating your own chart and system based on your own personal finances. For instance, if you can save $20 a week through the year you can use the same 52-week chart with alternative numbers.
Photo: Odyssey Online
James Hendrickson is an internet entrepreneur, blogging junky, hunter and personal finance geek. When he’s not lurking in coffee shops in Portland, Oregon, you’ll find him in the Pacific Northwest’s great outdoors. James has a masters degree in Sociology from the University of Maryland at College Park and a Bachelors degree on Sociology from Earlham College. He loves individual stocks, bonds and precious metals.
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