Here is an easy to follow 52-Week Money Savings Challenge to save you over $1000 in one year!
We previously gave the option for a 30-Day Challenge, but if the 30-Day option is too hard for your circumstances this 52-Week Challenge may be the solution for you.
Many people might say or think about money challenges, if you have the money, why not just put the $1000 into the account? Well, for many people putting $1000 away all at once can be extremely difficult. Instead depositing small amounts over certain period of time can often be much easier.
Another question may be where can you find the extra $40 towards the end of these challenges.
If you think you can, cut back in certain areas such as reducing your daily $3 coffee for one month. Or instead of getting it every day, you get a coffee every other day for one month, that can be $3 x 15 days over one month, there is one extra $45 towards the end of the challenge.
You have to look at where you specifically spend your money and adjust. Everyone will be different.
The reality of savings challenges are that they aren't for everyone's current circumstances. Only you know your finances and if you can realistically or comfortably complete one. These longer/smaller savings challenges can be a great option for many, even those on the tightest of budgets.
52- Week Savings Challenge
It is simple: deposit or setup an automatic transfer of $1 - $52 weekly for 52 weeks. For example, $1 on week one, $2 on wekk 2 and so on. See the chart above for exact amounts and the balance after your deposits. Just as it is with any challenge the trick is to put the money into an account, or even an old-fashioned piggy bank, and just don't touch it.
This is a simple, realistic and affordable plan that can get you $1378 in only one year!